Conveyancing is the legal process you go through when buying or selling a property, remortgaging or extending a lease.
The conveyancing process begins after an offer has been accepted on a property. It ends once the final contracts have been signed and the money has been transferred to complete the purchase (completion)
You’ll need a solicitor or licensed conveyancer to carry out all the legal work when purchasing a property. (Complete this form to get a quote from our carefully selected Conveyancing partner Mullis & Peake.)
Conveyancing costs vary depending on the work involved and the value of the property, and normally range from £500 to £1500. On top of your basic conveyancer fee, you will have to pay disbursement costs. These are fees that your conveyancer pays on your behalf through the selling process. These costs include:
Bankruptcy Searches – £2 per name – This search will reveal if any of the buyers are currently bankrupt or are about to be made bankrupt by virtue of any pending court actions.
ID Check / AML Checks – Between £5 – £15 – Due to Anti Money Laundering (AML) Regulations, your conveyancer will need to verify the identity of all parties involved in the purchase of a property.
Telegraphic Transfer Fee (TT Fee) – Between £15 – £40 – Your solicitor will be responsible for the electronic transfer of any money from yourself to the lender and from the mortgage lender, to the seller’s solicitors / conveyancing firm.
Property Searches – Between £150 – £400 – Your solicitor will conduct searches relating to the property you are looking to purchase. These searches are a combination of environmental reports, flood reports, water / drainage reports, local authority reports and chancel liability checks.
Stamp duty and the Land Registry fee – Between £20 – £455 – This is for registering ownership of the property this normally ranges from £20.00 – £455.00 and goes on a scale in accordance with the purchase price.
PC Note: On 22 November the chancellor abolished Stamp Duty for First Time Buyers purchasing properties up to £300,000.
Those buying a home worth up to £500,000 will not have to pay stamp duty on the first £300,000
PC Note: This list is not exhaustive, and other fees may be payable for some properties.
*This article is for general awareness only and does not constitute legal or professional advice. The law may have changed since this page was first published.