Posted on

Conveyancing Fees & Quotes Guide

Conveyancing Fees & Quotes Guide

Looking at conveyancing fees, the average conveyancing fees, and the difference between solicitors and conveyancers.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Whether you are buying or selling a house, chances are that you are going to be dealing with conveyancing fees at some point. The amount you will have to pay, the type of conveyancer you use, and are all points you will have to navigate. 

 

In this blog, we will be looking at the average cost of conveyancing, hidden costs to look out for, and how you can sell your property without the conveyancing fees. 

What is the difference between a conveyancing solicitor and a conveyancer?

Whilst a conveyancer and a solicitor complete the same job, there are differences between the two professions. It is the job of your conveyancer or your solicitor to guide you through the process and progress the legal side of your property sale. The real difference between the two professions lies in the specific knowledge that each one holds. A solicitor is a qualified lawyer who has excessive knowledge of a wide range of subjects, is able to tackle complex legal issues, and can offer a full scale of legal services. A licensed conveyancer on the other hand has specialised knowledge of property law but is not as well versed in wider aspects of the law. 

Is it better to use a solicitor or conveyancer?

Whether or not it is better to use a licensed conveyancer or a solicitor is completely down to personal choice. Both conveyancers and solicitors are knowledgeable in progressing property sales, but as selling and purchasing a house is one of the most stressful events in life, it is important you are comfortable with your legal representation throughout. 

What is residential conveyancing service?

Whilst the term residential conveyancing sounds quite complicated, it is actually referring to the process of progressing a house sale. If a conveyancer is residential, then it means that they specialise in the legal side of property sales or purchases. 

What is fixed fee conveyancing?

Fixed fee conveyancing is the same as run-of-the-mill conveyancing except all of the work is being done for a fixed fee. This way, the amount that you are quoted at the start, should be the amount that you pay at the end. A fixed fee conveyancing quote will usually be made up of the following: 

  • VAT

  • Conveyancers legal costs 

  • Estimate for third-party services 

The advantage of using fixed-fee conveyancing is that allows for easier budgeting and allows you to remain informed of the process and how much it will cost, however, surprise charges can still occur and not all agreements will be the same so the solicitor may make a profit. 

What is no sale no fee conveyancing?

No sale no fee conveyancing is exactly what it sounds like on the tin. It means if your property purchase does not go through, you will not be left paying all of the charges. A lot of buyers and sellers will use a no sale no fee conveyance service in order to save on conveyancing fees. You will have to pay a small deposit, but other than that you will have nothing to pay until your house sale is complete. 

What is online conveyancing?

Online conveyancing works in a very similar way to traditional conveyancing, except it is all performed online. They will still undertake all of the legal work behind your house purchase or sale, but it will usually be for a cheaper fee. Other advantages of using an online conveyancer are that it is usually easier to track progress and they often have flexible working hours. However, on the flip side, you run the risk of falling victim to hidden costs and they may be harder to get in contact with. 

Can I complete the conveyancing process myself?

Whilst it is possible to conduct the conveyancing process yourself, it is not recommended that you do this. Unless the house purchase or sale is a very straightforward process and you are confident that you can understand the legal jargon, paperwork, and documents you will need to send off and sign for. However, you need to understand that any mistakes made will fall on your shoulders, and you could end up facing financial repercussions or even risk your house sale falling through as a result.

What is the average cost of conveyancing fees UK?

According to data from ReallyMoving, the average conveyancing fees in 2023 can range from around £500 – £1150 without including disbursements. Disbursements can add up to £700 more to your bill! 

 

Exactly how much you will pay in conveyancing fees depends upon a variety of factors, such as: 

  • Whether you are using a solicitor or a licensed conveyancer
  • If the property is leasehold or freehold 
  • The price of your property 
  • Where about your solicitor or conveyancer is based 
  • If you are using an online conveyancer 
  • The location of your property 
  • The type of property you are purchasing (Right to Buy, Help to Buy, Shared Ownership, etc)

How much should a solicitor charge for buying a house?

Whilst the exact amount you will pay in conveyancing fees depends upon a wide variety of factors, according to Homeowners Alliance, if you are selling a property, the same research has shown that you can expect to pay an average of £610 – £950.    

 

It is worth bearing in mind that if you are dealing with a leasehold property, then you can end up paying an average of around £300 more. 

What are disbursements and legal fees?

When it comes to conveyancing, the fees that you pay to have your house sale progressed can be split into two groups: legal fees and disbursements. These are categorised as: 

 

  • Legal fees – This is the basic rate that the conveyancer or solicitor will charge for doing the work
  • Disbursements – This is what third parties charge for certain services like searches

Disbursements

These are some of the disbursements you can come across during the conveyancing process: 

If you are purchasing a property, then whether you are using conveyancers or solicitors they will recommend that you get local authority searches done. These searches cover a wide range of areas however they will usually include a drainage search and an environmental search as well as a planning search if you wish to find out if any development has been planned for nearby. These will typically cost between £250 to £450. 

If you are buying a property through the Help-to-Buy scheme, then you’ll have to pay between £200 and £300 for the Help to Buy supplement. This is a fee that is charged due to all the extra legal work involved with the conveyancing work. 

If your deposit has been gifted, you will need to beware that you will likely have to pay extra money to cover the paperwork. This is necessary to prove that the money has come from a legitimate source and can cost up to £100. 

One of the key points in the conveyancing service is the transferal of ownership from the seller to the buyer. This will take place on completion and involves paying between £200 – £300 to the Land Registry. 

When you are selling a property, you will need to obtain a copy of the title deeds to prove you are the registered owner of the property. If you do not have a copy you will need to pay for a new copy, most likely from The HM Land Registry. The average cost of new Title Deeds is an average of £6 however if the property that you own is a leasehold, then you will likely have to pay more than this. 

Your mortgage lender will require the funds on a certain day, so in order to ensure that they arrive on time you will need to use a telegraphic transfer. Your solicitor will be the one in charge of transferring the funds and will charge a fee for the process, as well as the bank’s charge. The bank’s charge ranges from £20-£30. 

If you live abroad or you are a foreign national then you may end up paying slightly more to have these checks performed. These are legal checks to verify your identity and are often performed by online companies. You will usually pay between £6-£20. 

In order to make sure that the company you are hiring to progress your purchase or sale is legitimate, you will need to get a fraud check done. These are usually around £10. 

If the property that you are planning on purchasing costs more than £125,000, then you will need to pay stamp duty. Exactly how much you will have to say will depend upon a variety of factors, so it is a good idea to discuss with your conveyancer. 

If you are using a Lifetime or Help To Buy ISA, then your conveyancer will charge you extra for the work involved, but the amount is capped at £50+VAT. 

In the unlikely event that the property you are selling is unregistered, you will have to get the property registered with the HM Land Registry. This will cost you anywhere from £120 to £140.

Hidden fees and costs

When it comes to a property transaction there are some extra costs you will need to be wary of, as sometimes conveyancers will overcharge you for services you should not have to pay for. These are often disguised as ‘potential additional costs’. 

These are another case of overheads being passed off as additional charges and should be covered in the basic legal fee. If your case involves international phone calls and postage but other than that, this should not be part of the bill that you will need to foot. 

The SDLT is an important document that needs to be filled in and returned to HMRC by law. Even if you are under the threshold for SDLT, you will still need to fill in the form. This is a cost you are going to incur, so be sure to look out for it in your conveyancing quote. Your conveyancer will usually charge around £20-£50+VAT. 

This is called ‘professional indemnity’ and it is a very tricky charge. conveyancing fees cover this in the basic charge and so you should not be made to pay for it. This is an overhead of their business and some conveyancers will try charging you between £50-£100+VAT for it.  

Once your case is completed your conveyancer should hold onto your documents for a set number of years and whilst most will do this free of charge, some will need payment to keep them. If your solicitor wants a fee in exchange for keeping the documentation then it is a good idea to pay them as you never know when you may need them. They will often request between £15 – £50. 

Can you negotiate solicitors fees?

Negotiating conveyancers fees can be a tricky area, so if you plan to do so you need to be sure you know what you are doing and are well-versed enough in the law to be able to know how much you will need to pay for the progression of your sale or purchase. In the early stages of buying or selling, your conveyancer will give you a quote of how much roughly the process will cost you. It is at this stage that you must look over your quote, check for hidden fees, and compare the number against other law firms. From this, you will be able to access how much negotiation power you have. 

 

If you have already agreed to a quote from your solicitor, then it is unlikely that you will be able to negotiate your end fee. As a rule of thumb, it is a good idea to negotiate your bills before you agree to a quote. 

How quickly can conveyancing be done?

The amount of time it can take to complete conveyancing can vary from conveyancing team to conveyancing team. It depends upon a variety of factors such as the type of property, and complexity of the case. As a good rule of thumb, conveyancing usually takes around 12 weeks to be fully completed but it can be done in as little as 4.

Does the seller pay conveyancing fees?

Both the buyer and the seller will be paying the conveyancing fees, however exactly how much each party will pay depends on what work they need to do in order to progress the sale, as well as the size of the property, and price. As a rule of thumb, the more complex your property transaction is, the more you will have to pay in conveyancing fees. 

How to compare conveyancing quotes?

When it comes to conveyancing quotes, there are things you will need to be wary of. Some conveyancing firms may try and add disbursements that should be covered in your basic fee, by hiding them in the small print or labelling them ‘potential additional disbursements’. So it is important when you get your conveyancing quote that you ask for a full breakdown of the prices involved with the progression so that you can check for hidden costs. 

 

Before you agree to any quotes, you should read over them carefully, checking for any hidden fees and reading about what will be included in the service, as well as shopping around and getting a wide range of quotes from a variety of conveyancers. This way you can get a balanced view of which route is the right one for you. 

Is there a way to avoid conveyancing costs?

Here at The Property Selling company, we believe that selling a house should be three things: fast, effortless, and free.

 

We offer you a full online estate agent service, without the fees – because it’s our mission to change the way you sell houses. 

 

We will be working alongside you every step of the house-selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there, even after the process is complete.

 

We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals all for free! 

 

If you are ready to sell your home in as little as 28 days, then get in touch today and fill out one of our fast, free, no-obligation forms for your house valuation today!

Posted on

What Does SSTC Mean?

What Does SSTC Mean?

Looking at what SSTC means in a property sale means, what happens if a house is sold subject to contract, and how it can affect both buyers and sellers.

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

Whether you are buying or selling a home, the term SSTC is one that you need to get familiar with. Whilst you may have accepted on offer, or had your offer accepted, there is still a long way to go in the house-buying and selling process. 

 

But what exactly does sold STC mean and how will it affect your sale? 

 

In this blog post we will be looking at what sold subject to contract means, how it can affect you as a buyer and as a seller, and what it means for your house purchase or sale. 

What does SSTC mean?

If a property is marked as SSTC or as STC it means the same thing, that property is ‘Sold Subject To Contract’ and that the owner of the property has accepted an offer but it is not yet legally binding. After a property has been marked as SSTC the seller and the buyer will begin the conveyancing process and put in the groundwork towards the exchange of contracts. Up until the contracts are exchanged either the buyer or the seller can pull out without legal consequences. 

 

 

When it comes to the cost of the property, the price may have been negotiated before or this may happen whilst the property SSTC. This could be the result of an issue pulled up in the survey results. It is also worth noting that some estate agents will use the term ‘sale agreed’ instead of sold SSTC. 

What does sold subject to contract mean for the buyer?

If a house is sold STC, it means you have made an offer on a house and that offer has been accepted by the seller.  After your offer has been made and accepted, it is time to instruct your solicitor. One of the first steps of this process involves your solicitor examining your draft contract and supporting documents and raising any enquiries you may have with the seller’s solicitor. You will need to look over all of the forms that your seller will have completed, and pass on any concerns or questions you may have to your solicitor. Your solicitor will be able to apply for the necessary property searches when you purchase a property, regardless of whether it is stc or not. 

 

At this stage in the buying process, it is also a good time to book a house survey to. Not only will it show the seller that you are a committed buyer, but it will also highlight any issues in the property before you are legally committed to buying it. 

 

It is also a good idea to get the property listing marked as SSTC as soon as possible as this is a good way to avoid gazumping. 

What does sold subject to contract mean for the seller?

If you are a seller and your property is SSTC, then you will have accepted an offer on your house. Once the buyer has provided here proof of funds, you will be able to request that your home is listed as SSTC. Your property will still appear on property portals unless the buyer requests that you remove the property from the site and you agree. Once you have listed your home as SSTC, a ‘ sold STC ‘ sign will replace the ‘For Sale’ sign outside your home. 

 

Whilst you may have a buyer in the pipeline, the work is far from over. There will still be various forms, documents, questionnaires, and paperwork that will need to be filled out, and you will need to provide the buyer with all the information about the property and the sale. 

 

You will also have to negotiate the draft via your solicitors, as well as work with the buyer to decide upon a timeline between exchange and completion as well as fixtures and fittings will be included. 

Can I make an offer on a house that is SSTC?

If you find the property of your dreams, but it just so happens to be a house that is sold stc, then fear not. Whilst the seller has accepted an offer, it does not mean they wouldn’t be open to a higher offer. Estate agents are legally obligated to pass on all offers unless the seller has asked them not to do so.  If another party swoops in and offers a higher price for a property when an offer has been accepted, it is called Gazumping. It is not a particularly nice or fair tactic on the housing market; however, it is incredibly common. 

 

 

When a property is gazumped, it is usually because a higher offer has been made, however, this is not always the case. Gazumping can also occur in house sales where timing is becoming an issue. If your solicitor is dragging their feet, or if selling your own home is taking longer than anticipated, you may find the seller accepts the other offer in favour of a buyer who is in a better position. 

 

 

As a sale is not legally binding until the exchange of contracts, which occurs quite late in the house-selling process, buyers can find themselves out of pocket the later on in the process that they are gazumped. This is why it is a good idea if you live in England or Wales to take out home buyers insurance to protect you in case your dale should fall through. 

 

 

If you spot a property that you like, you should register interest in the property with the estate agent in case that the sale should fall through when it is SSTC. According to data from Rightmove, around “15% of Sold STC or under offer properties” are back on the market after the sale falls through.

Can I avoid Gazumping?

Whilst unfortunately there is no sure-fire way to guarantee that you won’t get gazumped, there are steps that you can take to help lessen your chances:

By taking the property off the market, you are reducing the number of potential buyers who may see it and gazump you. However, sellers are not always keen to do this so it is wise to offer something in return, such as getting the survey done as soon as you can. 

Acting quickly and being prepared are two of the best ways you can help to protect yourself against gazumping. Before you go in with your offer, it is a good idea to have your mortgage in principle finalised, as this will show the seller that you are a serious buyer. You should also have your conveyancing solicitor lined up and ready to go, as well as keeping all the necessary documentation you may need to hand. Once your offer on the property has been accepted, you should aim to keep in regular contact with both your conveyancer and mortgage broker so that your case progresses as fast as possible. 

As we have already mentioned, insurance is a great way to help protect you in case the worst-case scenario does happen. By taking out home buyers’ insurance, you will be able to recoup some of the loss you will face for surveys, solicitors fees, and any other costs you may have had to pay. 

 

Can a house that is sold subject to contract fall through?

As with any house sale, the sale of an SSTC property can fall through. Some of the most common reasons why an SSTC or sold STC property sale may fall through is because: 

  • The buyer cannot secure a mortgage 

  • The buyers’ property chain has collapsed 

  • Unforeseen problems have been highlighted in the housing survey 

You can help to avoid your property sale falling through by being clear and open upfront about the condition of the property, whether you are in a housing chain or a cash buyer and answering any enquiries as promptly as possible. 

How long does it take to go from sold STC to completion?

According to data from Rightmove, it takes an average of 150 days from when a property is marked as ‘sold subject to contract’ to reach completion. This figure is not set in stone though, as how long it takes to complete the sale will depend upon a variety of factors, such as how long it will take you to arrange your mortgage, how long it takes property searches to come back, and how complex your property chain is. 

How we can help

Whether you are trying to buy a house that is SSTC and need your own property selling quickly, or you are looking for your next property whilst your is STC, then we are here to help. Here at The Property Selling Company, we specialise in fast, effortless, and free sales, because we believe that buying or selling a home shouldn’t be complicated. 

 

We will be working alongside you every step of the house-selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there, even after the process is complete. 

 

We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, cover legal fees, and negotiate better deals all for free! 

 

So, if you are looking at purchasing a house marked as SSTC, or you are looking to find your next home, we can help you get sold in as little as 28 days! Fill out one of our fast, free, no-obligation forms for your house valuation today!

Posted on

Solicitors Fees For House Sale

Solicitors Fees For House Sale

In this blog post we will be looking at the solicitors fees involved with selling your home, how much they are, and if there is a way to avoid them. 

Alexandra Ventress

Alexandra Ventress ★ Digital Content Writer

Table of Contents

When it comes to selling a house, it feels like all you seem to do is pay fees and bills. Forking out for EPCs, removals costs, and mortgage charges, to name but a few.

 

And just when you think you are finished with paying for fees, you have to pay the conveyancing solicitors fees. But how much are conveyancing fees? How much do solicitors fees for selling typically cost? And is there a way to avoid paying them?

 

In this blog post, we will be looking at conveyancing fees when you sell your home, how much they can affect your total profit, and how they compare to estate agency fees.

What is a conveyancing solicitor?

Before we get into the solicitors fees for selling a house, we will first look at what a conveyancing solicitor is and what their role involves. Whether you are selling or buying a house, chances are you will need a conveyancer or a conveyancing solicitor. Once you have found a buyer for your home, you begin the legal process of selling your house. This process is also known as conveyancing and this is where conveyancers and solicitors become involved.

 

Whether you use a solicitor or a conveyancer to progress your house sale, the role they play will be pretty much identical, as it is their job legally progress and undertake all legal aspects of your house sale. The main difference between solicitors and conveyancers is the knowledge that they hold. A licensed conveyancer has specialised, in depth knowledge of property but is not well versed in other aspects of the law. On the other hand conveyancing solicitors have a wide range of knowledge on lots of different aspects of the law and can tackle complex legal issues.

What are the average solicitors fees for house sale?

When it comes to conveyancing fees, there is no straight answer. There are many different types of solicitors, from no win to fee, to online, fixed fee and high street.

 

The average conveyancing fees for a typical house in 2022 were £1046. According to data from SOLD, these are what the average cost for conveyancing fees in 2022 look like, depending on house value, and excluding disbursements:

Property Value Average Solicitor Fee FreeholdAverage Solicitor Fee Leasehold
Up to £100,000£820£990
£100,001-£200,000£880£1050
£201,000-£3000,000£1000£1170
£301,000-£400,000£1090£1260
£401,000-£500,000£1160£1340
£501,000-£600,000£1390£1550
£601,000-£700,000£1600£1770

Whilst it can be tempting to go with the solicitor with the cheapest conveyancing fees, this does not always guarantee quality. Similarly just because a conveyancer has more expensive fees is also not a guarantee of quality. The best way to ensure you are getting good value for money is to shop around and ask for different quotes from various firms as well as reading reviews from multiple sources to ensure you are getting a well rounded opinion.

How are legal fees calculated when selling a house?

A good rule of thumb for calculating how much you should expect to pay in solicitors fees is to look your property sale. Is it a fairly straightforward transaction or are there bumps in the road? The more complicated your house sale will be, the more you can expect to pay. Properties with an easy ownership structure with straight forward buyers will require very little additional costs and so therefore will be cheaper.

 

Whilst both solicitors and conveyancers can handle the legal progression of your house sale, it is typically cheaper to use a conveyancer as they only handle land transfers. However, should you be selling because of a divorce, probate or bankruptcy then you may be better off using a solicitor as they are trained in all aspects of the law.

What is the difference between legal fees and disbursements?

When you get your bill from the conveyancer, you will see the conveyancing costs will be divided into two sections, legal fees and disbursements. Legal work is the standard rate that conveyancers and solicitors will charge for progressing your house sale. Conveyancing disbursements are third party costs that cover services such as searches.

What do conveyancing solicitors do?

Now we know how much you would need to pay your solicitor for conveyancing process, we will take a look at what it actually involves. As we have already discussed, the legal fees will cover the standard rate whereas disbursements cover the third party work.

 

These disbursements are work that your solicitor may undertake, including:

 

  • Anti money laundering checks
  • Drafting contracts
  • Responding to enquiries
  • Liaising with the land registry to ensure your property is properly registered
  • Approve deed of transfer
  • Organising property searches
  • Transfer ownership
  • Communicate with buyers solicitor
  • Conduct the bank transfer fee
  • Should you still have a mortgage, your solicitor will liaise with your lender on your behalf

 

There are extra legal fees that you may need to be wary of, which we have listed below: 

DisbursementAverage Cost
Title deeds£25
Property fraud fee£10
Transferring of ownership£200 - £500
Money laundering checks £8
CHAPS fee£20 - £30

What is fixed fee conveyancing?

A no sale no fee conveyancer is another alternative from your standard conveyancer. With a ‘no sale no fee conveyancer, you don’t risk having to pay hundred in legal fees if your house sale falls through. The conveyancer will also not be paid until they complete the sale so it gives them extra motivation to complete. However you will need to be aware that there can be extra fees involved with this method of conveyancing. These additional fees are in the form of deposits and other hidden costs that will be charged regardless of whether or not the sale goes through. Another disadvantage is not all conveyancers offer a ‘no sale no fee option.

What happens if I don't pay the solicitors fee for selling a home?

If you do not feel as though you received the level of service that you agreed to, then you are within your rights to complain and request a reduction or a refund. However you need to bare in mind that this can be a bit of a grey area in the world of property as once you have moved house, it is often viewed that the job of the solicitor is done. Once you have received your conveyancing bill, you have one year to register any complaints that you may have.

 

If you have forgotten to pay your bill or have been putting it off due to money issues then you may find yourself in trouble. If you owe a solicitor or a conveyancing firm money then they will contact you requesting settlement. If you still do not pay you can find yourself being given a County Court Judgement (CCJ). This will negatively impact your credit and will mean additional costs such as interest and additional charges.

 

If your conveyancer or solicitor does chase you for payment, you will receive a letter that includes a statement laying out what is owed, including interest charges. There will also be an information sheet which must be filled out and completed within 30 days. On this form you will be given the option to either accept or contest the debt. If you accept, then you may be able to agree a payment plan with your solicitor but if you contest you may end up in court.

 

When do I pay conveyancing solicitors fees?

As with an estate agent, you pay the conveyancing solicitors fees when the house sale is complete. However, there may be a basic fee that you may have to pay at the start of the process. Typically, payment is due the day before completion, however, every conveyancer is different and it is always worth checking. The upfront fees you might expect to pay are usually between £190-£300 with the rest of the payment due once the sale of your house is complete.

Can you avoid legal fees for selling?

There are a couple of ways that you can avoid costly solicitor fees when selling a property. The first is by progressing the sale by yourself. This is called diy conveyancing and is not recommended. Whilst it is not a legal requirement to use a conveyancer it may be within your best interest to use one. You would need to have a good understanding of the legal side of the house sale as well as feeling confident to liaise with your lender and undertake all of the other tasks that a conveyancer would. And if there was an issue with the conveyancing you put the house sale at jeopardy and risk financial loss.

 

If you don’t fancy having to fork out for pricey solicitor’s fees for selling your home, but don’t want to progress the sale yourself then there is no need to worry! There is a way to avoid those all consuming solicitor fees!

 

Here at The Property Selling Company we believe that a house sale should be three things; fast, effortless, and free. Because its our mission to change the ways you sell houses, we will cover all of the fees involved with selling a house for you- even the solicitors fees!

 

We will be working alongside you every step of the house selling process, covering everything, so you won’t have to. The days of expensive solicitor fees and legal work are over, and our team of property experts will continue to be there, even after the process is complete.

 

 We will market your property on popular property portals such as Rightmove and Zoopla, organise viewings, negotiate better deals all for free!

 

If you are ready to sell your home home in as little as 28 days, then get in touch today and fill out one of our fast, free, no obligation forms for your house valuation today!

Sell your house for free