Conveyancing Fees Explained
13 October 2016
Buying and selling property can be expensive. Once you know how much you are selling and buying for shop around not only for competitive fees but also a quality service that meets your needs. Read how to choose a Conveyancer to help, support and guide you through the process.
Check if the Conveyancer will charge a fee if your transaction does not proceed referred to as an Abortive Fee. At Co-op Legal Services we do not charge any legal fees if you do not exchange contracts. However, if you have instructed us to proceed with any disbursements, such as payments for property searches, and then the matter is subsequently aborted, you will be responsible for these disbursements.
You should always get a minimum of three Conveyancing quotes and compare the headline legal fee, any additional fees and disbursements. Quotes can be obtained online from comparison websites, Conveyancer websites, contacting the estate agent who may be affiliated with a law firm or contacting a local law firm yourself.
Many internet sites will provide an online quote and either email the quotation to you or provide an instant quote.
At Co-op Legal Services we provide transparency in Conveyancing quotations and do not include any hidden fees or charges. The Conveyancing quote will show a breakdown of all the Conveyancing costs involved so you can fully understand what our quote includes. The Conveyancing fee we quote you is the Conveyancing fee you pay. To get a Conveyancing quote please click here.
This is the cost the Conveyancer will charge to complete the work on your behalf and is subject to VAT. Some Conveyancers will calculate their legal fee based on the value of the property. At Co-op Legal Services we quote a competitive standard fee regardless of the value of the property.
Additional Fee Examples
Some Conveyancers will charge additional fees for completing and submitting your Stamp Duty Land Tax form on your purchase. This can range from £30 to £75 depending on the firm and is usually added to the headline fee. For more details see Stamp Duty Land Tax Explained.
Another additional fee may be charged if you are buying with a mortgage, this can be referred to as 'Acting on behalf of your lender', this fee can range from £40 to £100 again depending on the firm.
If the property is not registered with the Land Registry the firm may also charge an additional fee for dealing with this work. There is more work involved reviewing unregistered Title Deeds and the fee can range from £30 to over £150.
Law firms will usually charge a fee for transferring money from one Conveyancer to the other on the day of completion e.g. sending your purchase money to the seller's Conveyancer to buy the property. These fees are referred to as Telegraphic Transfer or CHAPS fees. This fee can vary from £30 - £75, check the cost of these fees when obtaining a quote. At Co-op Legal Services we do not charge any additional fees for transferring funds to a Conveyancer, this work is included in our fixed fee quote.
At Co-op Legal Services we do not charge any additional fees for completing your Stamp Duty Land Tax return, unregistered title checks, transferring funds or dealing with your mortgage.
It is standard practice that an additional fee is charged when dealing with a leasehold property as there is more work involved. Leasehold fees can range from £100 - £250 depending on the law firm.
Always check for hidden or additional fees when obtaining a quotation.
Disbursements are third party charges the Conveyancer will pass on to you. Disbursements will range from Stamp Duty Land Tax, land registry fees and searches. The majority of charges will be standard and set by the third party such as Stamp Duty and land registry fees which are set by HM Government.
When getting quotes, search fees may vary depending on searches being submitted and the area where the property is located. The fees for a search package can vary from £250 - £325 depending on the law firm/area.
At Co-op Legal Services we have negotiated a competitive search fee package at £250 which is one of the best value quality property search products on the market. This fee is charged regardless of where the property is located in England or Wales.
Depending on where the property is you may be required to submit specialist searches which will be added to the quotation.
The Bigger Picture
Quality, service and cost should all form part of your decision when choosing a Conveyancer. Do not focus purely on low cost or cheap fees. Ensure you review the market and are aware of any additional fees that may be charged. Compare different Conveyancer costs and service before you instruct one to deal with your property transaction.