You may have heard of the conveyancing process, but how much do you know about what happens? What exactly does a conveyancer do? And more importantly, what do solicitor fees look like when buying a house?

At LTC Mortgages, we’re here to help. Read on to learn all about conveyancing – including what to expect from solicitor fees, when you pay the solicitor, and what other costs to expect when buying a home.

What is Conveyancing?

Conveyancing is the point during the home purchase process at which the property is legally transferred from the seller to the buyer. It is considered the legal aspect of purchasing a property.

Upon agreeing on a sale, you will need to hire a conveyancing solicitor/ a property solicitor to complete the transaction – conveyancing is arguably the most important part of the home purchase process.

The conveyancing process begins once an offer has been accepted on the property, and the process ends once the property has officially been signed over from the seller to the buyer – and once the property has been registered with the Land Registry.

If you are selling a property in a non-traditional way (for example, at an auction), you’ll need to have a conveyancer arranged in advance before listing the property for sale – which also applies if you’re buying a property to avoid delays.

The key stages of the conveyancing process involve the exchange of contracts and completion. Exchanging contracts may feel tedious, and plenty of legal knowledge is required to proceed.

It also involves admin and reading through documents – which is why most people leave it to the experts – property solicitors. In essence, a conveyancing solicitor will act as the middle man between the buyer and the seller to streamline the process.

How Much Are Solicitor Fees?

If you’re wondering about property solicitors’ fees, then you should be aware that the fees vary from solicitor to solicitor. However, most conveyancing solicitor fees will be a percentage of the value of the property.

Typically, this works out roughly between £500 and £1,500. Some property solicitors will charge a flat fee instead, which can make things clearer when calculating your finances during the property-purchase process.

There are many expenses to consider when purchasing a property, and solicitor fees are one of the biggest – and most essential. They take care of the legal requirements when buying a home – for example, the contract, liaising with the seller, and dealing with paperwork.

Most people will agree that a solicitor is worth the fees. Paperwork can be not only tedious but difficult to understand – and a solicitor can ensure that all paperwork is dealt with thoroughly and efficiently.

What About Other Costs?

There are many costs to consider when purchasing a property aside from solicitor fees. For example, you’ll need to save funds for Stamp Duty Land Tax, which is often a major cost when buying a home.

The amount of Stamp Duty you’ll pay depends on the property cost – but your solicitor will let you know how much you need to pay.

You may incur extra costs if you purchase a leasehold property instead of a freehold property – which will be chargeable to your property solicitor.

Likewise, you may also have to pay bank transfer fees when transferring money, whether it be from your mortgage lender to your solicitor, or from your solicitor to your seller’s solicitor.

To avoid being shocked by solicitor fees or left with no money after buying a home, be sure to ask your solicitor for a breakdown of fees when buying a house so you know exactly how much you’ll be paying and what you’re paying for.

At What Point Do I Pay The Solicitor?

All solicitor firms work slightly differently, so the point in the home purchase process that you pay your solicitor may vary from company to company.

Some firms may take payment via small increments to cover costs throughout, whereas others may prefer a bulk payment at the end. Some conveyancing solicitors will even work on a no-completion, no-fee basis.

Most firms will take some money at the start of the transaction in order to cover costs – for example, the cost of upfront disbursements for the seller and the buyer. The conveyancing solicitor will need the deposit before the contracts are exchanged.

Then, in most cases, the balance of fees and disbursements will need to be paid and cleared two working days before completion is expected.

Buying a Property

At LTC Mortgages, we can provide you with the house purchase advice you need when buying a property, and give you guidance throughout the process from start to finish. As well as finding the best mortgage deals for you and your circumstances, we can also source the best insurance possible for you.

Whether you’re looking for a Liverpool Mortgage Broker or you live elsewhere around the North West, have a quick conversation with us today to learn more about how we can help you.

We know how to get things done, and can streamline the house-buying process for you, whether you’re a first-time buyer, you’re moving home, or you’re looking to buy-to-let.