The cost of conveyancing can vary depending on the factors mentioned above. However, as a general guide, you can expect to pay between £500 and £1,500 for a standard conveyancing transaction. If you are selling a commercial property or a property with multiple units, the cost of conveyancing will be higher. You can expect to pay between £1,500 and £3,000 for a commercial conveyancing transaction.
It is advisable to take the assistance of licensed conveyancers in Leicester to get the best deal on property buying and selling.
If you are selling a leasehold property, the cost of conveyancing will also be higher. You can expect to pay between £750 and £2,500 for a leasehold conveyancing transaction. This does not include other associated costs such as searches, stamp duty, and Land Registry fees.
Disbursement costs usually amount to several hundred pounds on top of the Solicitor’s fee. The exact amount will depend on the property you are selling and its location. Your Solicitor will give you an estimate of the total cost of the disbursements when you instruct them to act on your behalf.
Searches are a type of disbursement that is usually required when selling your house. They help to identify any potential problems with the property that could affect the sale. The cost of searches varies depending on the type of search and the property’s location. Searches include a local authority search, water and drainage search, environmental search, and chancel check. The cost of these searches ranges from £100 to £250.
Stamp duty is a tax that is payable on properties over a certain value. The amount of stamp duty you will need to pay depends on the value of the property and its location. For properties in England and Northern Ireland, you will need to pay stamp duty if the property is valued at over £125,000. For properties in Wales, you will need to pay stamp duty if the property is valued at over £180,000.
If you are selling a leasehold property, you may also need to pay a Land Registry fee. The amount you will need to pay depends on the location of the property. For properties in England and Wales, the Land Registry fee is £40. For properties in Scotland, the Land Registry fee is £70.
The total cost of conveyancing will also depend on the type of service you require. If you instruct a solicitor or conveyancer to carry out a basic conveyancing transaction, the cost will be lower than if you instruct them to provide a more comprehensive service. A basic conveyancing transaction involves the transfer of ownership of the property from the seller to the buyer. A more comprehensive service can include things like drafting and negotiating the contract, carrying out searches, and dealing with stamp duty.
Mortgaged Property Supplement Fee (£50 – £150) +VAT
If the property being sold is mortgaged, your Solicitor will need to contact the Lender for a ‘Mortgage Redress Indemnity Guarantee. This is a document from the Lender which confirms that the mortgage will be discharged on completion of the sale. A fee is usually payable by the Lender for providing this document.
Arrangement of Indemnity Insurance (£20 – £200) +VAT
If the property being sold is leasehold, and the lease requires the purchaser to have an ‘Indemnity Policy’ in place to insure themselves against any unknown or undisclosed defects in the title to the property, your Solicitor can arrange this on your behalf. The cost of the policy will depend on the value of the property being purchased.
Bankruptcy Search Fee per name (£2 – £10) +VAT
A bankruptcy search will be carried out against the names of all parties to the transaction as part of the money laundering checks that your Solicitor is required to carry out.
Property Information Form (£0 – £200) +VAT:
If you are selling a leasehold property, the Freeholder or Managing Agent may charge a fee for providing a ‘Property Information Form. This form sets out information about the property, such as the terms of the lease, service charges, and any restrictions on the use of the property. The fee payable will depend on the Freeholder or Managing Agent.
ID checks per person (£10 – £30) +VAT
Your Solicitor will need to carry out money laundering checks on all parties to the transaction. This will involve taking copies of your passports or driving licences, and your utility bills. They will also need to verify your identities by checking your details against an independent source.
Unregistered Property Supplement Fee (£100 – £200) +VAT
If the property being sold is unregistered, your Solicitor will need to carry out additional work in order to register the property in your name at the Land Registry. This will involve carrying out a title search and preparing and submitting the necessary application forms. A fee is payable to the Land Registry for registering the property.
Official Copies of Title & Lease (£6 – £12) no VAT
Your Solicitor will need to obtain official copies of the title deeds and lease from the Land Registry. A fee is payable for each document.
The above list is not exhaustive, and there may be other costs that you will need to pay in relation to your conveyancing transaction. Your Solicitor will be able to give you more information about this when they provide you with their quotation for work.