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Property Conveyancing Costs Explained

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When you are planning to purchase a residential property, it is important to have a clear understanding of the costs involved. Moving house can be expensive, with estate agent, mortgage broker, conveyancing, and removal fees to pay, so saving up and budgeting will help you to stay afloat and not overstretch your finances.

As conveyancing specialists in Burton on Trent, Astle Paterson offers cost-effective fixed-fee residential conveyancing services for home buyers and sellers both locally and nationwide. We provide a clear and unambiguous statement of fees from the start of the process, so our clients can be certain about how much our conveyancing will cost.

How Much Does Property Conveyancing Cost?

Conveyancing fees cover all the legal work that is necessary to ensure the purchase of a property is completed correctly. There are three groups of fees of which you should be aware:

Legal fees: the charges the solicitor or conveyancer makes for their time.
Stamp Duty Land Tax (SDLT): a tax payable on the purchase of property.
Disbursements: expenses paid on your behalf by your solicitor and charged to you on completion.

Legal Fees

The cost of the legal fees when purchasing a property depends on several factors:

The price of the property.
The complexity of the purchase – the more hours needed to complete the conveyancing, the higher the charge.
Whether the property is freehold or leasehold.
Whether the property is purchased as part of a shared ownership, Right to Buy, or Help to Buy scheme.

Stamp Duty Land Tax

The Stamp Duty tax rate is between 2 per cent and 12 per cent of the purchase price of the property, with higher rates charged for more expensive properties. SDLT also varies for first-time buyers or owners of multiples homes.

Disbursements

Common disbursements when purchasing property include:

Bankruptcy search
Local Authority search
Environmental search
Drainage search
Local searches (dependent on locality, for example for coal, tin, or salt mines)
Land Registry office copies
Land registration fee
Telegraphic transfer fee
Indemnity insurance

Some searches cost only a few pounds, while others may run to hundreds. Your solicitor will provide you with an outline of disbursements when you instruct them.

How Can You Save Money On Your Conveyancing Costs?

Astle Paterson can help you to save money on your conveyancing without compromising on quality or efficiency. Our conveyancing team offer a transparent and honest approach which clearly sets out all fees from the start, so you can budget accordingly while being reassured that our experts will manage your purchase professionally – indeed, our legal fees are charged on a fixed fee basis.