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      Conveyancing fees explained

      19 March 2018 by Marion Knocker

      Marion Knocker
      Conveyancing Costs

      What is the next step in the buying or selling process once the ball is rolling? The answer is Conveyancing and what you need at this point is a conveyancer, but do you know what you are paying for throughout the process?

      Firstly, having agreed to buy or sell your property, you can complete an online quotation form or ring around for prices. This will give you a rough idea of what charges will be applied throughout the process. These fees will include:

      Solicitors legal fees

      The legal fees will be different for every transaction as they are effected by the property value and the complexity of the process.

      Stamp duty land tax

      As with the legal fees, stamp duty tax is affected by the property value so will be different for each property.

      Search fees

      The search fees are governed by local authorities with varying prices, for example Colchester Borough Council currently charges £106.40.

      The search fees commonly include local authority searches, an environmental search, and a Water and Drainage report. There are additional searches available, such as a planning search, which will be carried out upon your request.

      Land Registry fees

      Land Registry charges are currently £3 per document.

      If you are selling a property, the conveyancer will need to obtain a copy of your title registers and filed plan from the Land Registry.  As the majority of land is now registered, it is becoming less common to have bulky unregistered deeds relating to the properties as the Land Registry now store all documents electronically and the same are available to download for a fee.

      If your title registers refer to other deeds, copies of the same would also need to be obtained to enable the conveyancer to prepare the contract package for the buyer’s Solicitor.

      Bankruptcy search (for buyers with a mortgage)

      If a purchaser is buying with the assistance of a mortgage, the conveyancer will need to carry out a bankruptcy search which are charged at £1 per name or £2 per name if carried out online.

      Timings and other Fees

      • Conveyancers will often ask for money to be deposited into the account at the beginning of the process, this money will be used to cover fees throughout the process.
      • If you have a mortgage there will also be a bank transfer fee applied when redeeming the mortgage as funds are sent electronically on the day of completion.
      • Prior to exchange you will be required to pay your deposit monies to your conveyancer. The average deposit is 10% of the agreed purchase price. If you are selling a property at the same time then the general rule is the deposit received on your sale will be used on the purchase.  You may be asked to top up the deposit if you are purchasing for considerably more than you are selling, but this is rare.
      • Following exchange the conveyancer will obtain the remaining monies from you due to complete the transaction.
      • A Land Registry priority search will be carried out between exchange and completion in order to protect a buyer and their mortgage company’s interest in the property.
      • On completion the conveyancer will pay any Stamp Duty Land Tax to the Inland Revenue on your behalf.

      There is also a fee payable to the Land Registry for registering your purchase.  The Land Registry have their own scale of fees which is calculated on the value of the property.

      The Land Registry now accept registration applications online and therefore a discount to their fee is applied.  If however you are purchasing a new build property or the property you are purchasing is unregistered then a postal application will need to be made and full fee paid.

      To contact the FJG Conveyancing team; call 01206 704043 or email [email protected]

      Request a quote for your Conveyancing here.

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      Fisher Jones Greenwood is the trading name of Fisher Jones Greenwood LLP, a Limited Liability Partnership authorised and regulated by the Solicitors Regulation Authority and registered in England ( Number: OC305854 ). A list of members is available for inspection at the registered office at Charter Court, Newcomen Way, Colchester Business Park, Colchester, Essex CO4 9YA

      We are open for business and working remotely

      Here at Fisher Jones Greenwood Solicitors we would like to reassure all our existing and future clients that even in these uncertain and difficult times we are able to assist you with your current and future legal requirements.

      Like so many others, we are constantly monitoring and acting on Government advice and guidelines and as such our offices are temporarily closed to the public. You may, if you wish, visit our offices to post any correspondence and documents through letter boxes.

      As a result of our commitment to innovation and technology, we can and are maintaining a full service, albeit remotely, with all appointments being held digitally or via the telephone. Our case management system enables us to have full access to your electronic file from any location and we have a core team of staff processing all incoming post directly onto your file so that your legal adviser can continue to work with you. We are pleased to say that we do not currently anticipate any disruption to your matter.

      Please do not hesitate to contact your legal adviser by email or by telephone should you have any worries or concerns. Alternatively, please call our main switchboard number (01206 835300) and a message to return your call will be by relayed to the relevant person.

      Finally, everyone at FJG would like to wish you, your families and your colleagues well throughout this current crisis.

      Best wishes
      Paula Cameron
      Managing Partner