Solicitors & Conveyancing Fees Explained
If you are planning on selling your home soon, you will find out that there are a lot of costs involved, especially if you choose the more traditional methods of selling, either privately or through a real estate agent. Besides the costs involved in hiring a real estate agent (a subject we’ve covered in another recent post), you also need to pay out for what are known as the conveyancing fees and legal fees.
These can really increase the amount you need to pay out in the end just to sell your property. To help you understand what you ae potentially getting yourself in for selling your home the traditional way, we are going to explain these fees, while offering you an alternative option that means you can completely avoid paying them.
Conveyancing Fees – What Are They?
The conveyancing fees is what you need to pay to ensure that all the legalities of the sale of your house are followed properly. Essentially, they are split into two different parts – the legal fees (what you would pay the solicitor or conveyancer for their services) and disbursements (what you need to pay to third-parties for specific services, like searches for instance)
How Much Do Conveyancing Fees Cost?
The cost of conveyancing fees cost can vary greatly and depend on different factors. One factor that greatly affects the cost of conveyancing fees, for instance, is where your property is located. If your property is situated close to a coal mine or river (as many are in the UK), you will have to pay more for extra searches.
How Much Do Legal Fees Cost?
As the conveyancing fees are the part of the bill that cover the work carried out by the conveyancing solicitor you hire, they can vary from one individual or firm to another. Generally speaking you can expect to pay between £850 and £1500, without even factoring in the disbursements.
Typical Disbursements
We’ve mentioned disbursements a few times, and the reason why is because these can really sky-rocket the price of selling a home. What is the kind of disbursements you can expect to pay?
- Title Deeds – you need to obtain a copy of the Title Deeds of a property if you want to sell it, from the Land Registry and this costs £6.
- Anti-Money Laundering Checks – these are checks carried out to verify you are who you say you are and are normally carried out by a company online. If you are a foreign national or living abroad, you can expect to pay more. Generally these checks will cost between £6 and £20.
- Transferring Ownership – as part of the sale of a property you need to pay a fee to the Land Registry to transfer your name with the buyers once the sale has closed. This can cost between £200 and £300.
There are many other disbursements involved too, we just highlighted some of the most common.
Is There an Alternative?
As you can see, even without considering how much you will need to pay to the estate agent or agency, the sale of your home will already cost you a lot. Is there an alternative, as we hinted at the outset?
Yes, you can completely avoid conveyancing and legal fees related to your property sale, by choosing a property buying firm like Cash Home. You don’t need to pay them anything, as they cover the legal and conveyancing fees.
You just get the benefit of selling your home for a reasonable price, quickly and easily.