How Much Conveyancing Fees Cost

Buying a house can be full of unexpected fees on top of your deposit if you’re unprepared for them. Paying for conveyancing fees is an essential step in the house-buying journey. As first-time home buyers, you might be wondering what these fees are and how much they cost. Within this guide, we’ll cover all of the important details about conveyancing and how much money to set aside for this expense.

What is conveyancing?

Conveyancing refers to the legal process involved in transferring ownership of a property. Your conveyancer, or conveyancing solicitor, will act on your behalf to handle various tasks such as:

• Detailed property searches: These checks uncover restrictions, liabilities, and potential problems associated with the property, such as outstanding debts or planning issues.
• Land registry fees: These fees cover registering you as the new legal owner of the property with the Land Registry.
• Stamp Duty Land Tax: This is a tax levied by the government on purchases of property in England and Northern Ireland. The amount you pay depends on the property value.
• Transferring funds: Your conveyancer ensures the purchase money reaches the seller’s solicitor securely.
• Exchanging contracts: This legally binds both parties to the sale and purchase of the property.

As you can see from all of these actions, your conveyancer plays a vital role in your homebuying journey. 

What do conveyancing fees cover?

The total cost of conveyancing can be broken down into two main categories:

• Legal fees: This covers the cost of your solicitor’s time and expertise in handling the conveyancing process. Fee structures can vary, with some conveyancers charging a fixed fee, an hourly rate, or a percentage of your property’s purchase price.
• Disbursements: These are payments made to third parties on your behalf throughout the conveyancing process. 

Common disbursements include:

• Land Registry fees
• Local authority searches
• Environmental searches
• Drainage and water searches
• Bankruptcy searches
• Stamp Duty Land Tax

Getting a quote and understanding costs

When obtaining quotes from potential conveyancers, ensure they provide a detailed breakdown of all fees, including both legal fees and disbursements. This transparency allows you to compare quotes effectively and understand exactly what you’re paying for. 

The final cost of your conveyancing can be influenced by several factors:

• The complexity of the transaction: A straightforward purchase with no chain will typically cost less than a complex transaction involving a chain of buyers and sellers or a property with outstanding issues.
• The type of property: Conveyancing costs for leasehold properties, new builds, or shared ownership schemes might be higher due to additional legal work involved.
• Your chosen conveyancer: Conveyancing fees can vary depending on the solicitor’s location and their experience level.

Cost breakdown by property type

As mentioned, the complexity of a transaction and the type of property can impact your conveyancing fees. Here are some examples:

• Freehold vs. Leasehold: Freehold properties generally have simpler conveyancing processes compared to leasehold properties. Leasehold transactions often involve additional legal work related to reviewing the lease agreement, ground rent, and service charges.
• New Build Homes: Purchasing a new build property might involve additional documents and checks related to warranties, building regulations, and potential National House Building Council guarantees.
• Shared Ownership: Shared ownership transactions can be more complex due to the involvement of a housing association and additional documentation related to the shared ownership lease and restrictions.

How much does a conveyancer cost?

According to Property Solvers, average conveyancing fees in 2024 are £1,187.98 for a freehold property sale and £1,265.65 for a purchase (inclusive of VAT). For leasehold properties, a sale costs £1,401.99 and a purchase is £1,491.83.

What to look for in a conveyancer

While cost is an important factor, choosing the right conveyancer shouldn’t be solely based on price. Here are some key considerations:

• Qualifications and accreditations: Ensure your chosen conveyancer is registered with a professional body such as the Council of Licensed Conveyancers.
• Experience in your property type: Opt for a conveyancer with experience handling transactions similar to yours, such as those involving new builds or shared ownership.
• Online conveyancers vs. traditional high-street solicitors: Online conveyancing services can sometimes offer lower fees, but they might not be suitable for complex transactions. Explore what it means for you to use an online conveyancer before jumping in.

Questions to ask your conveyancer

Once you’ve found the right conveyancer to help you, it’s time to ask them important questions so that you’ll all be on the same page. These include: 

• How long will the conveyancing process take? – the time it takes can impact how long it takes to move into your house, so understanding the timeframe helps you plan your move effectively
• How will you keep me informed of progress? Discuss preferred communication methods (email, phone calls) and how often you can expect updates.
• What happens if there are unexpected delays or issues? A competent conveyancer will anticipate potential problems and have a plan to address them.

Complete your homebuying journey with confidence

Here at County Town Homes, we are committed to helping you navigate the homebuying process as smoothly as possible. For more information on other key aspects like improving your credit score or saving for a deposit, explore our blogs.