When Do You Pay Conveyancing Fees?
When do you pay conveyancing fees? Your conveyancing solicitor will likely ask for a payment on account before starting their service. If you’re selling your current property and wish to purchase another, the conveyancing process starts as soon as an offer is made on your property.
This offer signifies the beginning of the chain, enabling you to start making offers on your new dream property. Once you receive an offer, it's time to contact a conveyancing solicitor - who will then probably require payment. The property buying process can take a while, making it costly. To learn more about conveyancing fees, continue reading.
What Do Conveyancing Fees Include?
Conveyancing fees will include third-party expenses, such as:
- ID checks
- Searches (like local authority searches, and environmental searches)
- Purchasing official copies from the HM Land Registry
The conveyancing cost will also depend on several factors, including the property involved in the process, its cost, and whether it's a freehold or leasehold property.
Different Types of Conveyancing Fees
The conveyancing process involves two main types of fees - legal fees, and disbursement fees.
- Conveyancing legal fees - the amount of money paid to the solicitor for the time spent processing the transactions. This fee is paid to your conveyancing solicitor and covers their legal fee for handling the process of buying or selling a property
- Disbursement fees - includes all administrative fees, such as those that your conveyancer will sort out on your behalf from third parties. They’re paid in payments or taxes and must be made as part of the home-buying process. The Stamp Duty Land Tax (SDLT) is paid to the government when you purchase any land or property valued over a certain amount in England
There are several other examples of disbursement fees that you should be aware of. Let’s continue reading to find out.
Examples of Disbursement Fees
Common examples of disbursement fees include:
- Money laundering checks - conveyancing involves moving around lots of money, making it a potential target for money launderers. As such, you are legally required to provide documents verifying your identity and the origin of your funds
- Bankruptcy search - to see if the person who’s applied for the mortgage or the purchaser is bankrupt or on the verge of bankruptcy. It’s done exclusively for the lender. Once a buyer is found to be bankrupt for a given period, the lender may decline to provide the loan
- Copy of title deeds - checking title deeds that prove property ownership incurs fees charged by the Land Registry for every downloaded document
- Searches - it’s mandatory to carry out certain searches on your property, (including local search, water/drainage search, and environmental search), particularly if you have a mortgage
- Transfer fee - you’ll be charged for the electronic transfer of funds, which your conveyancer arranges on the completion date
- Land registry - when purchasing a house, you will need to pay a Land Registry fee to officially transfer the property into your name
- Stamp duty - paid as a lump sum on the completion date when purchasing a property. Your conveyancing solicitor will calculate and include it in their quote
- Leasehold fees - with a leasehold property, additional costs must be covered. The process can be complex, so it is essential to check the terms and conditions with your conveyancer
What is the Average Cost of Conveyancing Fees?
The average cost for conveyancing fees in the UK ranges from £990 to £1500. However, it’s important to note that this amount does not include the stamp duty fees. As mentioned, the amount you pay to your conveyancing solicitor will largely depend on the value of the property you intend to purchase. The costs of legal fees will vary depending on:
- The property price
- Whether the property is freehold or leasehold
- If you’re purchasing with shared ownership, right to buy, or help to buy
- Whether additional searches are required for the property
Expert Conveyancing at Bell Lamb & Joynson
At Bell Lamb & Joynson, we offer expert conveyancing services. Our dedicated team of professional conveyancing solicitors are here to guide, support, and advise you. We will assist you with all aspects of conveyancing.
With clients spanning across England and Wales, we specialise in all aspects of residential property transactions. Whether you’re looking to buy or sell property, do a property transfer, or remortgage your home, trust us to help.
Our Conveyancing Fees
You’ll be informed of our conveyancing fees upfront, and you can even receive an instant quote via a specialised service on our website. If you’re worried about the price of conveyancing fees or how to pay them, don't worry.
Our friendly and knowledgeable team of conveyancing can explain the costs to you to help put your mind at ease. We also have a secure online payment system in place, so you can transfer your conveyancing fees safely and without any risk.
This is perfect in today's climate, with conveyancing fraud on the rise. At Bell Lamb & Joynson, we are covered by an official Government-backed scheme that protects us and you from various cyber-attacks.
Contact us today for more information or to find out more about our fees and what you can expect to pay based on your circumstances.