How Much Is Conveyancing When Selling A House?

What is conveyancing?

Conveyancing is the term given to the process of transferring the legal ownership of a property from one party to another. A solicitor would handle the legal and administrative work associated with the transfer and this is where the cost arises. Solicitors are fully trained in legal services and some specialise in conveyancing, the transfer of property ownership. Although you are able to act as your own conveyancer to save costs, it is a complicated legal process that can be difficult to execute correctly. That is why it is always recommended to use a qualified and experienced professional to handle the process. The process begins once the offer on a property has been accepted.

Fees

Generally, fee’s range from £800 – £1200 including disbursements for a house with a value of £250,000 – £300,000. However, the price and location of the property and the solicitor you use are all factors which can affect the cost that you may incur.

The fees are split into two parts:

  • The legal fees – what the solicitor charges to complete all the work necessary to complete the transfer of ownership.
  • The disbursements – these are third party charges that will be incurred to complete the transfer.

Some disbursements include, but are not limited to: 

Anti-money Laundering Checks – These are protective measures taken to reduce the risk of money laundering. A third-party company will be used for these checks which incurs costs from £6 – £10.

Bank Transfer Fee – This is for the solicitor to instruct the transfer of the money and includes the bank charge, this can be for things such as paying off a remaining mortgage. This type of fee can range from £20 – £40.

Title Deeds – When selling, you will need to get up to date copies of the Title of Deeds, which are held by the Land Registry. To obtain possession of these documents it costs £6.

Other fees are dependent:

Outstanding Mortgage – If your property has a mortgage remaining on it when you wish to sell, the solicitor will spend more time corresponding with the mortgage lenders for things like settling outstanding finance. These costs can range from £50 – £100.

Leasehold Properties – These properties are more complex, additional time and checks are necessary to complete the process, and this extra work will be reflected in the final bill. This can cost upto anywhere from £100 – £500.

When do I have to pay?

When selling, the conveyancing fee is usually paid once the sale of the house is complete. Depending on the policy of the solicitor you use, you may have to pay a deposit, usually around 10% of the total cost, and this should be deducted from the final bill. Another important consideration to make would be the implications if the sale was to fall through; so be sure to check if the offer comes on a no sale no fee basis. This means if the sale did fall through you would not be liable to pay the legal fees.

For those looking to sell their home in the quickest, cheapest and most convenient way, then using FastCash4Houses can help. With us, you can sell your property in a quicker time frame with no estate agent or legal fees to pay. To get your free no obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/ or get in contact with us to speak to a member of our team directly on 01204 294356 or [email protected]. At FastCash4Houses, we want to support you every step of the way as you sell your property.

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