When you're buying or selling property, one of the most important aspects to consider is conveyancing costs. At Dezrezlegal, we understand that navigating these costs can be challenging. This guide aims to clarify what conveyancing involves, the typical costs you might encounter, and how we can help make the process smoother, and better value for money for you.
What is conveyancing?
Conveyancing is the legal process of transferring property ownership from one person to another. This process involves a number of steps, including:
Conducting property searches
Preparing legal documents
Liaising with mortgage lenders
Ensuring all conditions of the sale are met
Registering the new ownership with the Land Registry
Each of these steps takes time and therefore add cost to the transaction. We’ll break down how these costs are calculated below.
Breakdown of Conveyancing Costs
Conveyancing fees are determined by several factors, including the value of the property, its location and the complexity of the transaction (as well as any disbursements).
Here’s a comprehensive breakdown of the typical costs involved:
Legal Fees
These are the fees charged by your conveyancer for their professional services. These fees are impacted by…
Whether the property is leasehold or freehold
The price of the property
If the property has a registered title
If you’re buying a Shared Ownership, Help to Buy, or Right to Buy property
Disbursements
Disbursements are additional costs that your conveyancer will incur on your behalf. These may include:
Search fees - Property searches are conducted to check for any issues that might affect the property, such as local authority searches, environmental searches, and drainage and water searches.
Anti-money laundering (AML) checks - Legal checks to verify your identity in order to establish whether you are involved in money laundering activities.
Land registry fees: This is the fee for registering the property in your name.
Stamp Duty Land Tax (SDLT): This tax applies to properties above a certain value threshold.
Other Potential Costs
Bank transfer fees - If your conveyancer needs to transfer funds on your behalf, there may be a small fee.
Indemnity insurance - This may be required if there are any issues with the property that need to be covered by insurance.
How much are conveyancing fees on average in the UK?
Conveyancing costs in the UK are on the increase, in fact, the cost of conveyancing rose by 10.2% in the second quarter of this year compared to Q1.
According to an article published by Today’s Conveyancer, “The average conveyancing fee when buying a house in 2024 is £1,567”. However, it’s important to be aware that the price of conveyancing will differ a great deal depending on location and several other factors, as shown above.
We understand how important it is to have a thorough understanding of how much it will cost when moving home. That’s why we always provide our clients with as accurate an estimate as possible of the reasonable legal fees and disbursements involved.
The estimate we provide is not intended as a “quote”, however, as there may be unforeseen costs and disbursements that arise throughout your transaction that we would not have been aware of at the start.
How DezrezLegal Can Help
Conveyancing costs can be daunting, but finding the right conveyancer that fills you with confidence and certainty throughout your transaction is priceless.
At Dezrezlegal, we believe that moving home can be one of the most stressful moments in people’s lives. And that’s why we help people through their move, every step on the way.
Imagine having a dedicated and approachable conveyancer for your file; a single point of contact who fosters trust. A conveyancer who uses technology to bring speed and certainty. Who puts nothing in the way to stop you talking to them directly. A conveyancer whose customers’ rave about them, and personally recommend them to their friends and family. There’s no need to imagine, because that’s Dezrezlegal.
More Certainty: We believe in full transparency when it comes to our fees. You'll receive a detailed breakdown of all costs upfront, so there are no hidden surprises. We offer payment options to suit you, including no sale no legal fee.
Less Hassle: Our team of experienced conveyancers are experts in the field, ensuring your transaction is handled efficiently and professionally. Our commitment to the quality of our service is reflected in the high ratings by our Clients on Google and Trustpilot
People at the Centre: Every property transaction is unique. Our services are tailored to meet your specific needs, providing you with peace of mind, and real people to talk to, throughout the process.
Understanding conveyancing costs is crucial for anyone involved in buying or selling property. At Dezrezlegal, we are committed to providing you with an effective, timely, and efficient conveyancing services, that is excellent value for money. Contact us for more information or click the link below to get a personalised quote.
