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Our specialist conveyancing solicitors are often asked “How much will conveyancing cost when buying a house?”
In this article, Conveyancing Associate Kym Gaisford answers that question
In this article, residential property solicitor Kym Gaisford explains:
If you are buying or selling your home in these challenging times, you can also read Jennifer Smith’s article on Buying a Home during the coronavirus pandemic here.
The majority of solicitors charge fees on a sliding scale based on the property value. This is often referred to as the basic fee. The more expensive the property the higher the fees will be. This is usually down to the amount of risk incurred on a higher purchase.
In addition to the basic fee some solicitors will charge additional fees. These are outlined below.
If the property is a flat, also known as a leasehold property, or a share of freeehold, the solicitor may charge an additional fee because there is extra work involved such as:-
Frettens are one of only a few solicitors in the area with a specialist leasehold team. Any issues or complications with leases, extensions and enfranchisements can be handled by our team of specialist lawyers.
If the property you are purchasing is a new build the solicitor may charge an additional fee because there is extra work such as:-
If you are purchasing the property with the assistance of a Help to Buy Loan the solicitor may charge an additional fee because there is extra work involved to ensure we comply with the separate Help to Buy requirements.
There are very specific deadlines to adhere to and forms that need to be completed accurately in order to request the funds for a Help to Buy purchase.
If you are buying the property with the assistance of a mortgage the solicitor may charge an additional fee. Your solicitor also acts for your lender and therefore must comply with the mortgage offer and conditions contained therein.
We are required to report matters to your lender in accordance with the UK Finance Lender's Handbook such as gifts and any discrepancies that arise.
All fees will be subject to VAT.
In addition to solicitors’ fees you will be required to pay third party charges, known as disbursements. These are payments made to third parties by your solicitor as part of the home-buying process and include the following:
This search reveals planning permissions and building regulation approvals that affect the property. It also confirms whether the road which gains access to the property is adopted and therefore maintained by the local authority.
This search reveals whether the property is connected to foul and surface water and whether the property is connected to mains water.
This search reveals matters such as whether the property is in an area potentially affected by subsidence and flooding.
We carry out a bankruptcy search (known as a Land Charges Search) before exchange to ensure you are not bankrupt. This is a requirement of your lender which must be carried out for each individual purchaser on each transaction. We also carry out a Land Registry Search between exchange and completion to obtain priority.
This means we have a period of time in which to submit your application for registration and no one else can change the register within that period.
Once completion has taken place we will submit an application to the Land Registry to transfer the property into your name. The Land Registry charge fees on a sliding scale basis based on property value.
The cost of the searches (Local, Environmental and Drainage and Water Search) depend on the local authority the property falls within. The typical cost of these searches is between £240 and £270.
If you are getting a gift we must report this to your lender.
We will need to take ID of the person(s) who is gifting you the money (known as the gifter) and obtain a letter from them confirming that the money is a gift and not a charge or a loan.
SDLT is a self assessed tax that you need to pay when purchasing a property. The rate that you pay depends on many factors such as the property price and whether you’re a first-time buyer.
Buying a property can be a complicated process and many people aren’t aware of all the stages involved, particularly for first time buyers.
At Frettens we have an easy-to-use online conveyancing cost calculator. You can fill in a few details and get an immediate estimate of legal fees for buying your house.
Get an immediate conveyancing quote
We also have a dedicated ‘Ask Us’ team who handle all of our conveyancing enquiries and quotations.
They offer friendly, straight-forward advice in plain English. You can contact them here or call us on 01202 499 255.
The content of this article, blog or video is not intended as specific legal advice. For tailored assistance, please contact a member of our team.