Quick guide to understanding conveyancing costs

Getting legal quotes for your conveyancing can be a challenge.

There is a lot to understand and you may be thinking what’s included in the quote.

Our quick guide is designed to clearly show what your conveyancing costs will be and what additional disbursements and fees may apply.  

Often conveyancing companies will show their fees differently, some as a single fee and others are itemised.

At Arrow Conveyancing  we show you an itemised breakdown so you know exactly what’s included. no hidden charges!

Most quote tools ask you a series of questions to get the information needed to provide you with a quote. These questions will vary depending on who is quoting but it is useful to know that more detailed questions will probably give you a more detailed quote.

Quotes show the costs of legal fees (what a conveyancer or solicitor charges for doing the work), VAT charged, some show stamp duty liability and the cost of disbursements (third parties charge for certain services).

Your quote is based on the information provided, there are instances where additional disbursements/fees may apply. See our terms and conditions for additional disbursement/fess.

What should be included in a conveyancing quote?

Conveyancer or solicitors basic fee

This is the cost for a conveyancers or solicitors time & expertise to complete your transaction.

You are only charged on work relevant to your transaction and accordingly you will be provided with a quote which is tailored to your circumstances.

Search pack

if you are buying a property, searches include - local authority, drainage and water, environmental and chancel reports. The searches quoted can sometimes vary – so it’s worth checking what’s covered. these are important to protect you, read our article on conveyancing searches to find out more about what they cover.

Our searches bundle covers local authority, drainage and water, environmental and chancel reports.

Search pack from £200 - not subject to VAT

Bank telegraphic transfer (TT) fees

Most transactions will involve the transfer of funds electronically for sales, purchases and remortgages. CHAPS is most commonly used to transfer large amounts on the same day. Each transaction attracts a fee, if you need multiple transfers then you may need to pay additional fees.

We include one transfer fee in our quote. Additional bank transfer fees may be incurred, you will be advised of this.

Identity checks

To meet Money Laundering Regulations conveyancers must get proof of your identity. Each person involved in the transaction needs to be checked. costs will vary as there are a number of ways these checks can be done.

We charge a fee for each individual involved in the transaction (including Giftors).

Bankruptcy & pre completion searches

These searches are made after exchange of contracts to make sure nothing has changed with regard to the property or your ability to purchase the property.

We include this in Land Registry fees.

Land registry fee

Paid to the land registry to update the detail for the property with your information on completion. Our system will automatically generate the land registry fee depending on transaction type and property value.

Land registry searches

Search for information regarding land ownership, mortgages, charges, easements, restrictive covenants, property boundaries, rights of way and current and past ownership.

Stamp duty land transaction (SDLT) admin fee  

Fee needs to be paid even if you are a first time buyer not paying stamp duty.

SDLT Calculation

You can get a Stamp Duty Calculation by visiting https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Common extras – calculated based on the answers you provide in quote tools

Mortgage fee

If you take a mortgage to fund the purchase of the property or redeem a mortgage then there will be an additional fee for your conveyancer to liaise with your lender. You may see this as a standalone fee or as part of a higher basic fee.

We show this fee as a separate fee per offer.

Leasehold fee

Buying a leasehold property is more complicated and requires more work from a conveyancer. You may see this as a standalone fee or as part of a higher basic fee on quotes.

We show this fee as a separate fee.

Help to buy fee

if you are taking out this type of equity loan there will more work for your conveyancer. you may see this as a standalone fee or as part of a higher basic fee on quotes.

We show this fee as a separate fee.

Shared ownership

There is an additional fee where a property is shared ownership as there is more time involved in liaising with the party you are sharing ownership with, for example the Housing Association. You may see this as a standalone fee or as part of a higher basic fee on quotes.

We show this fee as a separate fee.

New build fee

We have to apply an additional fee for new build properties as there are extra checks and work to be done. New build purchases are often much tighter on timescales, these imposed by the developer so it’s important to instruct a conveyancer as soon as a deposit is paid.

You may see this as a standalone fee or as part of a higher basic fee on quotes.

We show this fee as a separate fee.

Buy to let or purchased for investment

Separate fees are charged for buy to let or investment properties. Please note this will impact on your stamp duty costs.

Additional fees that arise after quote

Gifted deposit

If you are receiving a gifted deposit, this will require additional checks from your conveyancer.

This charge will generally not be included in the initial quote but discussed with you prior to instruction when we discuss deposit funds.

We show this fee as a separate fee.

Help to buy ISA fee

There is a statutory fee if you have a help to buy ISA, as this will required additional work from your conveyancer.

You may see this as a standalone fee or as part of a higher basic fee on quotes.

We show this fee as a separate fee.

Help to buy on new builds

There is some additional work required by your conveyancer if you are using Help To Buy scheme on a new build property.

This charge will generally not be included in the initial quote but discussed with you prior to instruction when we discuss deposit funds.

We show this fee as a separate fee.

Referral fees

If your case has been introduced to us via your Estate Agent or Mortgage Adviser with whom we have a business relationship, we are required by the Code of Conduct published by the Council For Licensed Conveyancers to notify you that we will pay them an amount (depending on agreement) on completion of your case from our own funds. This amount will be outlined in your initial documentation. This cost is a standard authorised charge that a law firm may make to attract business. Any advice that we give will be independent and you are free to raise questions on all aspects of the transaction. If a matter arises where we are acting for the introducer as well and a conflict of interest arises we might be obliged to cease acting.

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Disclaimer

The materials on this website do not constitute legal advice and are provided for general information only. Whether express or implied, no warranty is given concerning such materials. We shall not be liable for any technical, editorial, typographical, or other errors or omissions within the information provided on this website, nor shall we be responsible for the content of any web images or information linked to this website.

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The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.

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