Solicitor Fees Explained

The moving home process incurs a number of fees and charges. Therefore it is important to understand the breakdown of conveyancing and solicitor fees.

Choosing a reputable property lawyer is potentially the difference between a smooth and ill-fated house move. A licensed property lawyer will handle all legal aspects of moving house with tasks involving land registry, stamp duty and much more.

A good property lawyer will keep you informed throughout the process and will notify you when you are required to sign documentation to avoid delays to your move. Paperwork delays are a common problem in house moving chains and an effective property lawyer will help avoid hold-ups.

Below is a list of the most important solicitor fees that you are likely to be invoiced:

Legal fees
The overall cost of your conveyancing is payable directly to the property lawyer. This is generally inclusive of their time, registrations and costs they have had to incur over the entire period. While fees vary depending on the property lawyer, the general rule of thumb is that legal fees amount to 1% of the purchase price of your new house.

Arrangement fees
Arrangement fees are now incredibly common throughout mortgage applications. Sometimes known as the booking fee, arrangement fees can be standard practice amongst conveyancers handling fixed rate mortgages.

Land registry
Your property lawyer can arrange amendments to the documentation of ownership at domestic property for a small cost.

Stamp Duty
Introduced by the Government in December 2003 as the purchase tax of any property in the UK costing £125,000 and above. At the time of writing, the boundaries are:

Up to £125,000 – 0%
Over £125,000 to £250,000 – 1%
Over £250,000 to £500,000 – 3%
Over £500,000 – 4%

Stamp Duty is paid at the point of completion and has to be from your own funds i.e. outside of your mortgage agreement. If you are unsure about this charge we recommend you liaise with your property lawyer to clarify the current Stamp Duty (or Stamp Duty Land Tax SDLT) costs.

Survey fee
Following the Building Societies Act 1986, building societies have been duty bound to report and valuate every property when new advances are made. It is possible to arrange your own survey depending on your requirements. At reallymoving.com we can provide instant survey quotes from regulated surveyors with expert local knowledge of your area.

Energy Performance Certificate (EPC)
Following the suspension of Home Information Packs by the new Government, EPCs have become a compulsory element of moving house. An EPC must be commissioned before the property is placed on the market and needs to be available to view within 28 days of being marketed. Visit the EPC section of reallymoving.com for more information on securing an EPC quote via our network of professional Domestic Energy Assessors available in your region.

Property deeds
In the event that you don’t have the deeds to your current property in your possession you can ask your property lawyer to produce official copies of the deeds to the house from the Land Registry.

Telegraphic transfer fees
Telegraphic transfer fees relate to bank charges made by your conveyancer for the electronic transfer of funds for your house move. Should you require the balance of your property sale transferred to you by bank transfer then your property lawyer will require a telegraphic transfer fee to complete the transaction.

Please note that if your property lawyer does not provide you with all necessary fees, disbursements and expenses before you agree to use their services, they are in clear breach of the Solicitors Regulation Authority (SRA) code of conduct. You also have an obligation to know how much your property lawyer has paid for your referral prior to signing any contract.

Some conveyancing firms may attempt to entice home owners to their practice with cheap property lawyer fees. However it is much wiser to go with a reputable firm that provides a good service, even if they charge that little bit more. You may also ask your property lawyer if they provide ‘no sale no fee’ deals, however this may incur a small supplement.

Using reallymoving.com’s conveyancing solicitors directory you can choose from hundreds of highly professional conveyancers who are up front with their fees and work swiftly and competently with your needs foremost in mind.

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Solicitor Fees Explained

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