Estate Agents and Letting Agents in Orpington, Langford Rae, Orpington, Estate Agent, Letting Agent, Kent, Chelsfield, BR6, BR5, TN14, Sales and Lettings, Property, Market Appraisal

Fri 14 Jul 2023

Conveyancing Costs Tend To Increase In Line With The Property’s Value

If you’re selling your home, one of your most important considerations is likely to be: ” how much are conveyancing fees?”

The conveyancing charge to sell a property will increase in line with the property’s value, and additional fees called disbursements are also added on, so there are several things to consider when it comes to calculating an approximate amount to budget for this aspect of your home move.

Here, the expert team at Langford Rae Property Agents in Chelsfield share our valuable insights regarding conveyancing fees so that you can be better informed.

What Are Typical Conveyancing Fees?

If your property has a value of under £500,000, you can expect your conveyancing fee to be between £500 and £1000. If your home has a higher value, the fees will increase to around £2000. It will be more expensive if you choose a solicitor instead of a licensed conveyancer, and some parts of the country have higher fees too. If you’re selling a leasehold property, you may need to pay an extra charge of £100 – £400 on top since it involves more work. Leases are often complex to handle, so more time will need to be spent on conveyancing, thus resulting in a larger fee.

What Disbursements Must Sellers Pay?

There are fewer disbursements for sellers than for buyers and, in the case of many sales, there are only three additional charges – TT (bank telegraphic transfer) fees, identity proof for money laundering regulations compliance, and Land Registry Title Register and Plan. All three fees shouldn’t be over £100 in total.

What Will My Conveyancer Do During The Sale?

Your conveyancer will handle all legal aspects of your property sale including:

Obtaining the title deeds
Drawing up the sale agreement
Completing the property information form
Responding to the buyer’s solicitors’ enquiries
Investigating issues arising during the process
Drawing up the draft sale contract
Receiving and handling the deposit
Completing the signing of contracts
Exchange of contracts
Approving the transfer deed

What Happens If My Sale Doesn’t Go Ahead?

If your property sale falls through, you may still need to pay your conveyancer’s fee. Some firms will offer their service on the basis of “no sale, no fee”, but if you didn’t agree to this arrangement beforehand, you may be required to pay your conveyancer’s hourly rate for the work they have done before your sale fell through or a percentage of their quoted fee. Even if your conveyancer was operating on a no sale, no fee arrangement, you’ll still need to pay for the disbursements.

Must I Hire A Conveyancer For A Property Sale?

Although you’re not legally required to use a professional conveyancer, it’s certainly sensible to do so. It’s stressful and complicated to manage the legal side of selling your home, and any errors you make could be extremely costly to rectify.

If you’re selling your home in Chelsfield, Orpington, Sevenoaks or the surrounding villages and need some advice, or want to list your property on the market, give us a call on 01689862770.