When buying property, it is important to know all the conveyancing costs beforehand to help you stick to your budget. Hidden costs can throw your plans off and ultimately take you over budget. Conveyancing fees are likely to be one of the highest costs to consider and one that is unavoidable, so it is crucial to know what you are likely to be charged for.
Why do I need a solicitor?
When going through conveyancing, the legal process of buying a house, a solicitor is needed. Choosing the right solicitor can help the process go smoothly, saving you both time and money. Conveyancing can be complex, which is why a solicitor is always recommended. They offer you protection, ensuring the legal process is all correct.
What will the solicitor do?
The role of a solicitor during conveyancing can be summarised as collecting all relevant information. Various surveys and checks can be carried out by them to ensure the property is to the standard you believe it to be, and they should be making sure there will be no surprises for you after the sale is completed.
Providing you with the information clearly and understandably is also part of the solicitor’s role. From helping you understand the contracts and processes or if there are any risks involved, your solicitor should be reporting these back to you.
Sometimes, no matter how well you plan, there can be an unexpected cost associated with your solicitor and the conveyancing process.
Sometimes, your solicitor might incur a third-party cost they may pass to you, such as local authority searches. These are known as disbursements and are not of benefit to your solicitor but the cost of the additional searches. Your team should work with you to decide what is necessary in order to gather all the information you require to feel comfortable purchasing your property.
As your home is likely to be one of the largest, if not the largest, purchases you will make, a homebuyer survey is recommended despite the extra cost. For around £500, the property you want to buy will have a visual inspection of everything inside and out, including ceilings, bathrooms, walls, gutters, and the roof.
This can help highlight if there are any damp or structural issues, how they will impact the value of the property and an estimation of how much it would cost to be repaired. This can help you negotiate further on the price of the property and prevent unexpected costs in the future.
So, how much will the solicitor’s fees be?
Each solicitor will vary in their cost, and some properties will require more work than others. It is always best to ask your solicitor for a breakdown of expected and potential fees to let you see what the total cost could be and where your money is going too.
Because of this, it is hard to say just how much you will be paying. In the UK, the average solicitor fee for buying a house is £2,339, including all extra costs. Your solicitor will collect their fee, the disbursements will be issued to the relevant third parties and any other extra costs will also be settled. As mentioned, this will vary from property to property, it will always be best to speak with your chosen solicitor to see what they estimate the time and cost to be for your conveyancing process.
This is not legal advice; it is intended to provide information of general interest about current legal issues.