Solicitors' Fees - Selling a House
What do property solicitors do?
Conveyancers have a similar process to selling a house as they have when seeing through a property purchase:
- Constant communication with your buyer’s property solicitor.
- They will provide the required documents of your home to your buyer’s conveyancer, who will then check them for any irregularities with your property.
- They will confirm that all the relevant documentation is signed.
- Communicating with your bank regarding the sale payment.
- They will put together the official contract for sale.
- Enabling the exchange of contracts.
How much are property solicitors’ fees when selling a home?
When it comes to selling your house, one of the main costs you will be considering is the conveyancing fees.
Conveyancers are solicitors that will see your house move goes through lawfully, making sure the contracts are all watertight before completion.
Thankfully, property solicitor fees are generally much less when selling a house. This is due to the lack of disbursements: costs that will occur when a conveyancer goes about completing the various local searches required when buying a house.
As a legal process, it's easy to struggle with some of the terms and jargon surrounding conveyancing.
Therefore, we've created a handy guide that you can easily skim through to brush up on your knowledge!
Conveyancer’s Set Fee
Generally, the conveyancer’s fixed fee depends on the property’s value. The general rule is: the higher the value, the higher the fixed fee.
HELPFUL TIP: It’s highly recommended that you use the same property solicitor to sell your home as the one you use to buy your next house. It can be much easier to negotiate these flat fees.
Leasehold vs Freehold: Which is Cheaper for the Conveyancer?
A good point to remember is that leasehold is more demanding for conveyancers than freehold – and therefore more expensive. There is an increase in paperwork required to fulfil the sale.
Average Conveyancing Fees When Selling Your Home
Property solicitors have comparatively less to do when you’re selling a home than when you’re buying one.
As a start, they do not have to undergo any local searches or land registrations, as that is down to purchaser’s conveyancer.
The contract is the main issue that they will be dealing with, making sure understand all the little details involved. This level of communication is also kept up with the buyer’s solicitor.
One disbursement still remains, however, and that is the bank transfer.
This disbursement is done by telegraphic transfer. This basically means that the finds will be guaranteed to reach the account on a certain day. The transfer incurs a charge by your bank (mortgage lender). This is done to cover the cost of transferring the money used to buy the property, over to the buyer’s conveyancing solicitor.
We’ve sorted out a table below that shows you the average fees you can expect to pay a conveyancer when selling your house. This data takes into account the property valuation, additional fee (bank transfer) and VAT applied on top of the fixed fees (something that a lot of conveyancers don’t make clear enough in their initial quotes).
Source: Conveyancing Calculator
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