What are conveyancing fees?
Conveyancing is the generic term used for describing the legal and administrative work required to transfer ownership of a property from seller to buyer. Conveyancing fees are simply the costs associated with this process, whether it is buying, selling, remortgaging, or transferring equity. These fees cover a wide range of services including legal advice, document preparation, and property searches. The costs associated with these services vary depending on the property value, complexity of the transaction, and the location, making the total expense different per client.
To understand more about the fees that we charge, use our free online Conveyancing Quote Calculator.
When should I instruct a conveyancing solicitor?
Solicitors should be sought out as soon as possible, ideally occurring at the time the buyer sees a property they would like to purchase. Once instructed, the solicitor will act on your behalf through the entire process from requesting the necessary initial property searches to registering, ensuring the keys are handed over without any legal troubles. By instructing a conveyancing solicitor early, you ensure that there is a minimal potential for complications to occur throughout the duration of your transaction, as the solicitor will be able to guide you every step of the way.
How much are the conveyancing fees?
There is no standard price for conveyancing, as the cost can vary depending on the property value, location, transaction complexity, and the type of property/ownership involved. At Starck Uberoi, our legal fees begin around £1000 plus VAT for purchases and sales, and approximately £500 plus VAT for remortgages and transfers of equity. These prices represent an average starting rate, as costs will vary significantly depending on the services required.
If you’re planning a move, it’s a good idea to estimate your conveyancing costs early so you can budget accurately.
Instant Conveyancing Quote
At Starck Uberoi we are committed to providing you with efficient and clear legal advice. We understand that finding a reliable conveyancer can be a time consuming and difficult task; to make it easier for you, we provide a free, online conveyancing quote calculator to save you time on your search.
Breakdown of the conveyancing fees:
Conveyancing fees are made up of the legal costs involved with actually performing the sale and the disbursements, which are the expenses paid out to third parties for their assistance with the process.
- Legal Fees
Throughout the transaction process, solicitors will provide you with legal advice, identify any potential issues, and work to protect your interests through the development of contracts and other legal documents. It is essential that this initial stage of the process is completed with care, in order to avoid later legal complications.
- Disbursement Fees
Disbursement fees are costs incurred on behalf of the client in order to support third party resources. Outsourced companies assist us by providing land registry documents, conducting various searches, and performing anti-money laundering checks. Some examples of these fees include:
- Anti-money laundering checks – £6.60
- Search pack (estimated) – £350
- Stamp Duty Land Tax and Land Registry Admin Fee – £14.40
- Land Registry OS1 – £4.20
- Bankruptcy search – £3.20
- Online passport verification – £29.40
- Online address verification and banking statement – £41.40 including VAT
- Land Registry fee – £150
- Stamp Duty Land Tax – £6,600
These documents and searches are essential for the transaction, as they provide important details regarding the property itself as well as the status of the surrounding area including the drainage systems, proposed developments, flood risks, and any other elements that could potentially change the value or desirability of the property.
- Additional Fees (only if applicable)
It may be possible that in addition to the legal and disbursement fees, there are other charges made to your account due to the increased complexity of the transaction. In situations where the solicitor is required to conduct extra searches and checks, initiate supplementary processes, or if the buyer requires further insurance, these costs will be added. Some examples of circumstances that will induce additional fees are:
- Unregistered land – £500
- Dealing with a separately represented lender – £500
- Preparing a Deed of Covenant – £150
- Reviewing a newly drafted Deed of Variation – £450
- Arranging indemnity policies – £75
- Preparing a Statutory Declaration or Statement of Truth – £200
- Dealing with the removal of a restriction and/or a Certificate of Compliance and/or landlord consent – £200
- Dealing with retention, arrears, and other payments – £200
- Delayed completion – £250
- Expedited completion, simultaneous exchange and completion, or completion being within 5 days after exchange – £200
- Updating and/or upgrading the title – £200
- Registering a restriction – £100
- Foreign source of funds compliance checks – £250
- Obtaining a share of freehold – £250
- Dealing with a management company – £150
- Advising on joint tenancy/tenants in common- £100
- Anti-fraud restriction for the title – £150
- Buy to Let fee – £75
- Lender management fee – £40
- Gifted Deposit Fee – £150
- Reviewing assured short hold tenancy agreements (often for House in Multiple Occupation properties)- £50 per agreement
- Help-To-Buy Redemption- £495
- Acting for Lender- £200
- Help to Buy ISA- £50
- Irrevocable Nomination- £800
It is important to note that, with most of these additional fees, you will also need to pay VAT, meaning you should expect your fees to be higher than stated.
Please understand that this isn’t an exhaustive list, and fees may differ depending on the services required on each individual matter.
To get an accurate quote for your personal matter, refer to our online conveyancing quote calculator.
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Trusted Residential Conveyancing
“We are a five-partner practice, with five SRA-approved managers, accredited under the Law Society’s Conveyancing Quality Scheme (CQS). We maintain professional indemnity insurance cover of £4 million and are members of the residential conveyancing panels of all major mortgage lenders and specialist bridging finance providers.”
Are there any hidden costs?
At Starck Uberoi, there are no hidden costs. All of our legal fees are fully transparent and presented to you in a comprehensive quote prior to instruction.
Who pays the conveyancing fees and when?
Both buyers and sellers pay their own individual fees for their part of the transaction. The solicitors or conveyancers on either side will work directly with one another to ensure the interests of their respective clients are met. This results in different legal and disbursement fees, thus resulting in varying expenses.
What information must I provide?
In order to use the conveyancing quote calculator, you must provide us with basic transaction information such as the value of the property, the required services, whether or not it is a new build property or if you intend to purchase with a mortgage.
What kind of transactions does the quote calculator provide for?
- Buying a property
- Selling a property
- Buying and selling a property
- Remortgage
- Transfer of equity
- Buy to Let
- New Build conveyancing
Do I need separate quotes for conducting a sale and purchase simultaneously?
Yes, but our quote calculator makes it a seamless task. You won’t need to develop separate quotes for each transaction, as the online projection combines the necessary information for you in one quote. Our conveyancing quote calculator can provide full quotes for a simultaneous purchase and sale with all of the relevant disbursements. We can handle both sides of the transaction carefully and efficiently, so you can complete the sale in time for your purchase without worry.
How can Starck Uberoi help?
At Starck Uberoi, we have experienced property solicitors working on both residential and commercial property matters. Accredited by the Law Society’s Conveyancing Quality Scheme (CQS), our firm prides itself on providing transparent, proactive legal care throughout the entire length of the matter and beyond. We consistently remain effective by way of clear and direct communication, making sure clients are never left unsure about any step in the process.
To book an appointment with one of our property lawyers, please call 020 8840 6640 or email solicitor@starckuberoi.co.uk. Our offices are located in Brentford, Richmond, Ealing, London Belgravia, and Canterbury, all within easy reach by public transport. Our partner, Raminder Uberoi, can also provide a Notary Public service at any of our offices.
