Conveyancing solicitor London
Conveyancing can be described as the process of transferring the legal ownership of a property from one person to another. A London Conveyancing solicitor is a trained and qualified property specialist who exclusively handles the conveyancing process.
Typically they:
- Complete due diligence on the property
- Advise on any issues with the property as and when they arise
- Negotiate the terms of the conveyance
- Deal with the registration of the property
Conveyancing fees: what can I expect to pay?
Fees for conveyancing depend on the complexity and size of the purchase. The more complex the transaction, the greater the fees are likely to be. Given the purchase of a home is likely to be one of your most expensive assets, it is well worth instructing a qualified conveyancing solicitor who will guide you through the process. Conveyancing fees can range from £400 for a simple no-chain purchase, to £1,400 for more complex matters.
What other costs are there for a buyer?
Conveyancing costs don’t just stop at legal fees, buyers will also be required to pay:
- Stamp Duty Land Tax (calculated on the purchase price of the property)
- Surveyor’s report, which can be anything between £250 and £600
- Searches: these tend to cost in the region of £300 (for all searches)
- Mortgage valuation fee: between £150 and £1,500 depending on the size of the mortgage
- Registration fee: around £50
What are the costs for sellers?
If the seller has agreed to pay their estate agent commission on the sale, this will become payable on completion. Estate agent commission is generally between 1-3% plus VAT of the sale price achieved.
If the property is the seller’s principal residence, they will not have to pay any capital gains tax. However, if the property has not always been used as the seller’s principal residence, or is not the only property the seller owns, there is likely to be capital gains tax to pay.
If a seller is repaying their mortgage early, there may be an early repayment charge due.
Do I need a qualified conveyancing solicitor?
Legally, you do not have to use a conveyancing practitioner and can carry out the conveyancing yourself. However, a property professional has all the training needed to identify and advise you on any legal issues, minor and those of a more serious nature, which doing it yourself may not necessarily get picked up. In addition, should the worst happen, a conveyancing solicitor will have professional indemnity insurance, which will compensate you for any mistakes that are made.
Most mortgage providers will insist on the instruction of a suitably qualified legal professional to ensure their interests are protected. After all, it can be a complicated business and could end in disaster if someone doing their own conveyancing fails to spot a boundary issue, for example.
The vast majority of property buyers are better off employing a conveyancing solicitor to protect their interests, particularly if they are buying a home for the first time.
*This is a collaborative post.
