How Much Will Your Solicitor’s Fees Cost When Buying A House?
Careful budget planning is one of the critical aspects of buying or selling property – including finding out how much will your solicitor’s fees cost. Buying or selling a property is a significant life event and you will need clear and reliable information at all stages of the transaction. The conveyancing process can often run smoothly but there can also been situations which result in unforeseen complications, meaning that the process can take longer than expected, so it is important to know all costs beforehand to help you stick to your budget.
Why do I need a solicitor?
When going through the legal process of buying or selling a house, a solicitor is needed. Choosing the right solicitor can help ease your stress and ensure the process runs as smoothly as possible. Conveyancing can be complex, which is why a solicitor is always recommended. It is important to instruct a qualified individual who will advise you and keep you updated thought out the process.
What will the solicitor do?
The main role of a solicitor during a conveyancing transaction is to review your title documents, advise you on their contents and most importantly to ensure there are no red herrings or surprises. Reviewing documents includes advising on the contract, property searches, ownership of the boundaries at the property and checking to see if any building work has been undertaken at the property which required consent from the local planning authority.
It is also prudent that the information that is provided to you, has been given in a clear and concise manner so that you can easily understand this. If you are unsure, you should always ask for clarity.
As well as solicitor’s fees, are there other costs?
During the course of the conveyancing transaction, it is likely that your solicitor might incur a third-party cost (known as a disbursement). They may pass on the disbursement costs to you, such as local authority searches, or searches relating to the title. These should be set out in the initial quote for conveyancing services that you will receive from your solicitor. You should review this to make sure you are comfortable with the figures quoted before proceeding – and always ask if you do not understand anything on your quote.
Should I pay for a homebuyer survey?
Whilst it is not a compulsory requirement, it is recommended that a survey is carried despite the extra cost, as your home is likely to be one of the largest, if not the largest, purchase you will make. The survey will set out a surveyor’s findings relating to and including ceilings, bathrooms, walls, gutters and the roof.
This can help highlight if there are structural issues with the property, which could in turn impact the value of the property and ultimately your decision to buy.
So, how much will your solicitor’s fees cost when buying a house?
After stamp duty, your solicitor’s fees are likely to be one of the highest costs to consider and one that is unavoidable. The costs for conveyancing services in most law firms will vary as this can be dependent on various factors such as location, the price of the property you are buying or selling and the complexity of the transaction. When seeking quotes from solicitors for conveyancing, we recommend asking the solicitor for a breakdown of expected and potential fees to let you see what the total cost will be. You will then have clarity about any fixed fees, variable costs, likely disbursements, as well as costs you may incur if things do not go to plan, or if the transaction does not go through to completion.
How much do Longmores charge for conveyancing?
We publish all our conveyancing fees on our website. The fees vary depending on the value of the house. We also list all the disbursements you may need to pay and how much they will cost. You can read detailed information here on the various transactions:
- Freehold Residential Sale
- Freehold Residential Purchase
- Leasehold Residential Sale
- Leasehold Residential Purchase
So, when you are thinking how much your solicitor’s fees will cost when buying a house, it is crucial to have clarity early in the process so you know you have a sufficient budget overall. Buying a house is one of the single biggest transactions you are likely to make in your lifetime and we believe you should not take any risks with the quality of advice that is being given to you.
Here to Help
If you are planning on buying a property, Uzma Saleem, in our Residential Property team will be able to provide you with a quote and then guide you through the best process to protect yourself and your property.
Please note the contents of this article are given for information only and must not be relied upon. Legal advice should always be sought in relation to specific circumstances.