Legal fees, stamp duty land tax, and conveyancing fees can all add to the cost of selling a home or purchasing a property. Knowing about the conveyancing process and what to expect is very important; after all, buying or selling a home can be one of the most financially important parts of your life, so you need to know everything that can be involved.
In this piece, we are going to take a look at the average conveyancing fees and what to expect with the conveyancing process.
What are the average conveyancing fees?
When you are buying or selling a property, you will need to instruct a solicitor to carry out the conveyancing process. The cost of conveyancing can vary depending on the value and location of the property, as well as the complexity of the transaction. The average cost of conveyancing in the UK is around £850. However, properties in London and the south east tend to be more expensive to conveyance than those in other parts of the country. It is always best to speak to a few different solicitors to get an accurate quote.
What is conveyancing?
Conveyancing is the legal process of transferring the ownership of a property from one person to another. It involves drawing up and exchanging contracts, as well as carrying out searches to make sure the property is free from any legal issues which could delay or prevent the sale from going ahead.
The conveyancing process can be complex, so it is important to instruct a solicitor who has experience in dealing with property transactions. They will be able to advise you on the best way to proceed and help to ensure that the process runs smoothly.
How can I find a conveyancing solicitor?
Conveyancing solicitors are a huge asset to the sale or purchase of a home, but it does cost money. If you are paying conveyancing costs, then you want to make sure you are choosing a team that can offer a level of professionalism and quality.
Our conveyancing solicitors are well trained, and our team has experience in all aspects of the property market. We can help with the property transaction of selling or buying a house. We don’t have any hidden legal costs, and our average conveyancing costs are incredibly priced for the service that we offer.
How does the conveyancing process work?
The conveyancing process can be divided into two main stages – the exchange of contracts and the completion of the sale.
Stage one – the exchange of contracts
Once you have found a buyer for your property, you will need to instruct a solicitor to carry out the conveyancing. They will carry out various searches on the property and draw up the contract of sale. Once both parties are happy with the contract, it will be signed and exchanged. At this point, you will be legally obliged to sell the property, and the buyer will be legally obliged to buy it.
Stage two – completion of the sale
Once the contracts have been exchanged, the buyer will need to arrange for the remaining funds to be transferred to your solicitor. This is usually done through a mortgage lender or by transferring the money from their bank account. Once the funds have been received, the keys to the property will be released, and you will be able to move out.
What other legal fees and costs come with buying or selling a home?
In addition to the cost of conveyancing, there are a number of other costs which you need to take into account when buying or selling a property. These include:
– Stamp duty: This is a tax that is payable on properties over a certain value. The amount of stamp duty you will need to pay depends on the value of the property and your personal circumstances.
– Estate agent fees: If you are selling your property, you will need to pay estate agent fees. These are typically charged as a percentage of the sale price and can vary depending on the agent you use.
– Removal costs: Once the sale has been completed, you will need to pay for the cost of moving your belongings to your new home.
– Land registry fees: These are fees that are payable to the Land Registry in order to register the change of ownership.
– Mortgage fees: If you are taking out a mortgage to buy the property, you will need to pay for the lender’s valuation and legal fees.
The incurred costs of buying a house can build up quickly, and conveyancing services are one of the many fees you might deal with. From estate agency fees to solicitors fees, budgeting can be tricky. Our team can help you with no hidden fees for your house sale or purchase.
What is stamp duty land tax?
Stamp duty land tax (SDLT) is a tax payable on properties over a certain value. The amount of SDLT you will need to pay depends on the value of the property and your personal circumstances.
If you are buying a property for £500,000 or less, you will need to pay 2% SDLT on the purchase price. For properties between £500,001 and £925,000, you will need to pay 5% SDLT. For properties over £925,000, you will need to pay 10% SDLT.
There are a number of other factors which can affect how much SDLT you will need to pay, so it is always best to speak to a solicitor or accountant before you purchase a property.
When do I need to pay stamp duty land tax?
You will need to pay SDLT when you exchange contracts for the purchase of a property. The amount of tax you need to pay will be based on the value of the property at the time of purchase. Conveyancing solicitors can help you with this.
How do I pay stamp duty land tax?
You will need to pay SDLT to HMRC within 30 days of exchanging contracts for the purchase of a property. The easiest way to do this is by setting up a direct debit, although you can also pay by cheque or credit card.