How Much Are Solicitors Fees For Buying A House?
For most of us, buying a house is the biggest purchase we’ll ever make. It’s also, famously, one of the most stressful things you can do.
This is largely to do with the amount of paperwork involved and the expense. Once you’ve found your dream home, you’ll have to pay for searches, solicitor’s conveyancing, stamp duty, mortgage and estate agent’s fees and potentially more.
It’s important to factor in these costs when budgeting for your house purchase. If you don’t you could be in for a shock when the bills come rolling in.
If you’re wondering how much solicitor’s fees are for buying a house, here’s our quick guide…
How Much Are Solicitor’s Fees For Buying A House?
Solicitor’s fees when buying a house are typically around £850-£1,500 including VAT, depending on the value of the house you want to buy. There could also be additional costs for any third party searches and checks required, known as disbursements.
These can include:
- Local Environment Searches – to check whether there are any problems in the immediate area around the property you want to buy. This could include subsidence, flood risk, or contaminated land.
- Local Authority Searches – to see if there are any planned changes to the local environment that might affect the property you’re trying to buy, such as new housing developments close by
- Conveyancing – paperwork associated with the legal transfer of property from one party to another
- Bankruptcy And ID Checks – to make sure you are who you say you are and that you have not been declared bankrupt
- Mortgage Handling Fee – your solicitor could charge a fee to cover their time spent working with your mortgage provider and the legal work involved in setting up your mortgage
- Telegraphic Transfer Or Bank Transfer Fee – this is a charge which covers the transfer of funds from your mortgage provider to your solicitor
- Land Registry Charges – you have to pay a fee to the Land Registry to check that the seller is indeed the titled owner of the property, and to change the title documents when you are the new owner
- Water And Drains – checking the water supply and drains affecting the property
Are Solicitors Conveyancing Fees Fixed?
Some solicitors fees come as a standard part of the house buying process, usually the cost of the basic conveyancing work your solicitor will carry out. Some solicitors will charge a fixed fee for this, others charge by the hour.
Some costs, called disbursements, vary depending on the type and location of property you want to buy. For example, some properties may need additional searches if there is a history of a particular industry in the area such as mining, or a history of problems such as flooding. Disbursement fees are usually charged by third parties, but you pay the cost to your conveyancing solicitor and they pay these for you.
Buying a house is a complicated process, and there are many fees and requirements to take into account. If you want further advice, get in touch with our conveyancing team for a no obligation chat. We can help guide you through the process and take some of the stress away.