How much are solicitors fess when buying a house in 2024?

Buying a house is an exciting milestone, but it also comes with various costs that buyers aren’t always aware of, including solicitor fees. Understanding these fees is crucial for budgeting effectively and avoiding any surprises during the conveyancing process and beyond. In this article, we’ll break down everything you need to know about solicitor fees when buying a house in 2024, including at what part in the conveyancing timeline you need to pay your fees, the different types of fees involved, and how to find a conveyancer near you.

What is Conveyancing?

When you buy a house, you will appoint a solicitor or conveyancer. Conveyancing is the legal process of transferring property ownership from the seller to the buyer. The conveyancing process involves several legal and administrative tasks, including legal searches, to ensure a the sale can take place without any issues. If you are looking for a conveyancer please click here

What are Conveyancing Fees?

Conveyancing fees are the costs associated with hiring a solicitor or licensed conveyancer to handle the legal aspects of buying a property. These fees typically cover the solicitor’s time, expertise, and administrative expenses incurred during the conveyancing process. The legal fees are what you pay for the services of the conveyancer during the conveyancing process. The disbursements are what you pay for third pary work, such as the Local Authority searches.

How Much are Conveyancing Fees?

The cost of conveyancing fees can vary depending on several factors, including the value of the property, the complexity of the transaction, and the conveyancer’s fees structure. On average, conveyancing fees for buying a house can range from £500 to £1,500 or more.

How Much are the Different Conveyancing Fees?

In addition to the solicitor’s basic fee, there may be additional legal fees for services, otherwise known as disbursements. These include:

• Local authority search fees to check for planning, building, and environmental issues-typically £350+
• Land Registry fees for registering the property in your name – £45+
• Stamp Duty Land Tax – Value over £425k for a First Time Buyer
• Bank transfer fees – £20+
• ID verification checks – £6+
• Help To Buy Supplement – £200+

Will I Have to Pay One Set Fee for Conveyancing?

Conveyancing fees are typically split into two components: the solicitor’s basic fee and disbursements. The solicitor’s basic fee is usually a fixed fee, typically payble at the end of the transaction or hourly rate, while disbursements are third-party costs incurred during the conveyancing process. If your conveyancer is charging by the hour, be mindful that if there is extra work involved along the way, you may be billed for this during, or at the end of the transaction. 

Are Conveyancing Fees Higher for Leasehold or New Build Properties?

Yes, conveyancing fees may be higher for leasehold or new build properties due to the additional legal work involved. A good estimate is around £300 for the additional work, but this can vary depending on complexity and the amount of time the extra work adds to the conveyancing timeline. Leasehold properties often require extra checks on the lease terms and service charges, while new build properties may involve handling additional paperwork from developers.

Are There Any Hidden Conveyancing Fees?

While reputable conveyancers should provide transparent fee quotes upfront, it’s essential to clarify any potential hidden fees before proceeding. Be sure to ask about additional charges, such as charges if the sale doesn’t proceed or unforeseen complications.

Can I Negotiate on Conveyancing Fees?

In some cases, you may be able to negotiate conveyancing fees with your chosen solicitor or conveyancer. However, be cautious of excessively low quotes, as they may mean that additional costs may be added along the way and may even indicate a below-standard service. A single fixed fee that is in line with other companies provides peace of mind from the offset.

When Do I Have to Pay Conveyancing Fees?

Conveyancing fees are typically paid in stages throughout the conveyancing process. Some solicitors may require an upfront deposit or ask for search fees upfront, while others may bill you upon completion of specific milestones, such as exchanging contracts or completing the purchase.

What is a Fixed Conveyancing Fee?

A fixed conveyancing fee is a set price agreed upon upfront for the solicitor’s services. Fixed fees provide clarity and predictability, allowing you to budget for conveyancing costs more effectively. It is important to ask any conveyancer who provides you with a quote, how their fee structure works.

What is a No Sale No Fee Conveyancing Fee?

Some conveyancers offer a “no sale no fee” arrangement, where you only pay their fees at the end of the conveyancing process if the property purchase successfully completes. This can provide peace of mind and financial protection in case the transaction falls through.

How Can I Find a Conveyancer Near Me?

When choosing a conveyancer, always ensure you choose a conveyancer who is registered with a professional body. Also, be sure to ask the right questions to make sure you are getting a good quality serivce that will make your conveyancing journey an enjoyable one. You can find a conveyancer near you by asking for recommendations from friends, family, or your estate agent. Alternatively, you can search our directory to find a conveyancer in your local area.

What Things Can Increase My Conveyancing Fees?

Several factors can impact conveyancing fees, including property value, location, property type, the complexity of the transaction, unexpected delays and any unforeseen additional legal work required.