The legal process of transferring ownership of a property from one homeowner to another is called conveyancing. When buying or selling a home in the UK, you will need to budget for conveyancing fees as part of your overall costs. Here is an overview of what is typically included in conveyancing and how much you can expect to pay.
What are conveyancing fees?
Conveyancing fees are charged for the legal processes involved in transferring property ownership from seller to buyer. These fees are charged by solicitors or licensed conveyancers and cover a range of services:
The bulk of your conveyancing costs will go towards paying your solicitor or licensed conveyancer to do the legal work. Fees often range from £500 to £1,500 depending on the value of the property. Expect to pay towards the higher end for more expensive properties. Before engaging with a solicitor or licensed conveyancers, check that they are licensed by the Council for Licensed Conveyancers.
In addition to solicitor’s fees, you will need to pay disbursements. These are payments made to third parties involved in the transaction, such as HM Land Registry fees and local authority search fees. Disbursements typically add around £700 to the bill. The exact amount will depend on the property’s location and value.
Conveyancing fees are subject to 20 per cent VAT on top of the solicitor’s fees and disbursements. This can significantly bump up the total cost, so be sure to factor it in. If you need assistance with the transfer of equity, contact an expert such as https://www.samconveyancing.co.uk/news/conveyancing/transfer-of-equity-process-3894.
In summary, you can expect to pay somewhere between £1,000 and £2,000 for conveyancing fees for a typical property. The exact amount will depend on your property value and location and the conveyancer you choose.