Conveyancing Fees Wales: A Guide

If you’re looking to buy and sell property in North Wales, you need to include the costs of a solicitor or licensed conveyancer into your home mover’s budget.

Conveyancing is the legal process that transfers ownership of the property from seller to buyer. Research by the HomeOwners Association for National Conveyancing Week suggests that just two in five adults know what conveyancing is. However, understanding your estimated conveyancing fees, and the work they cover, can really help you budget for your property sale or purchase in Anglesey & Gwynedd.

Your final bill will be a mix your lawyer’s fees for their time and professional expertise, coupled with necessary charges for searches and other elements of the home buying process – called disbursements.

How much your conveyancing fees come to will vary depending on the firm you use, the size of your property, how complex the sale is and other factors. These include whether your conveyancer charges a fixed fee or a percentage of the sale, or using a solicitor rather than a licensed conveyancer – the latter is an expert in selling residential property and should have the expertise to manage your transaction unless there are major legal complexities.

To give you a good idea of how much you are likely to pay in conveyancing fees for your Welsh property, we answer some of the top frequently asked questions on legal fees and charges.

How much are conveyancing fees in Wales?

Fees really do vary but for selling expect to pay between £800 to £1,500 plus disbursements. You’ll pay more for buying and more again for selling and buying at the same time. However, using the same conveyancer to buy and sell – as most people do – often brings these costs down.

You will also pay more for buying or selling a leasehold property and you may pay an extra charge if buying with a mortgage for liaison with your lender.

How much will I pay in disbursements?

There are lots of disbursements which you may need to pay as part of buying or selling property. Your conveyancer should only pass on the cost of the disbursements, with no mark up. These are some of the disbursements you’ll need to factor in.

For buyers:

• Land Registry fees: for transferring ownership of the property. Fees are calculated on a sliding scale up to £455 for properties of over £1million, as shown on gov.uk.
• Searches: you’ll need to pay for local authority searches for issues such as listed building status, tree preservation orders and planned road or rail links – as well as drainage and environmental searches. Expect to pay between £150-£300. If you are buying in a former Welsh mining area, you may need to pay for addition searches to check whether historic mine workings could affect the property.
• Bankruptcy searches: to check whether you have been declared bankrupt – around £4.

As a buyer in Wales, you’ll also need to pay Land Transaction Tax (stamp duty land tax in England) at a rate dependent on the purchase price. Some Firs time buyer purchasers will have nothing to pay depending on the purchase price. You can use our useful LTT calculator on tppuk to estimate the total – simply select an individual property in our database and you will find the option available to calculate your LTT. This is not a disbursement but a tax on buying factor in.

Buyers and sellers will also pay:

• ID check fees: £6–£25. To check you are who you say you are and prevent money laundering.
• Bank transfer fees: £20–£30. To cover the bank transfer fee, also known as telegraphic transfer fees, of moving money between accounts.

What influences the conveyancing cost?

Your legal costs when buying a property depend on the price, location and complexity:

• House price: Legal fees are linked to selling price, so a higher priced property can attract larger fees.
• Location: You may be charged more in popular areas and city centres.
• Conveyancer or conveyancing solicitor: Conveyancing solicitors’ fees are usually higher due to their wider legal expertise.
• Complexity of the case: If you’re buying a shared ownership property, there’s a covenant, or it’s in a conservation area, this can increase your conveyancing costs.
• Buying and selling: Expect higher conveyancing fees with a sale and purchase to handle.
• Leasehold or freehold: Average conveyancing fees when buying or selling a leasehold property add £200-£300.

How are conveyancing fees charged?

Each pricing structure for conveyancing may suit some buyers more than others. Only your conveyancer can advise what exactly is included in their fee, though, so always seek clarification.

• Fixed fee conveyancing: A flat rate is set at the start of the conveyancing process, but find out what it covers and whether disbursements are included.
• No completion, no fee conveyancing: Also known as no sale, no fee, you won’t pay unless your house sale completes. Though expect to pay for disbursements either way.
• By the hour: You will be charged an hourly rate for conveyancing services that were carried out.

How much are conveyancing fees for leasehold properties?

You’ll pay more in conveyancing fees for buying and selling a leasehold property because there is extra work for your lawyer around the agreements with the landlord and management company, and checking the length of the lease. The extra leasehold costs can include:

• Leasehold management information pack: around £200-£500
• Landlord sales pack: around £200-£300
• Notice of transfer fee: around £200-£300
• Notice of charge fee: around £100-£200
• Certificate of compliance: around £250-£300
• Deed of covenant fee: around £200-£450

Conveyancing fees when remortgaging with another lender

Legal fees can add around £300 to £400 when you remortgage with a different lender. Your conveyancer will provide a copy of the deeds and register a charge with HM Land Registry declaring your new lender’s interest.

When do you pay conveyancing fees?

You will usually pay something upfront and the balance on completion. You may be asked to pay ‘funds on account’ of around £500, meaning the conveyancer won’t need to come back to you to pay for searches as they go, slowing down the process.

Your conveyancer may offer to work on a “no sale, no fee” guarantee. This means that, should the worst happen and the sale falls through, you won’t need to pay to the full conveyancing bill. However, you would still need to cover to cost of disbursements so far. Some conveyancers may also waive the costs of their time so far, if you use them to buy another property.

How to assess a conveyancing quote

Examine your conveyancing quote carefully for hidden fees, find out if disbursements are included and the fees include or exclude VAT (this can add a chunk to the total). If something is unexpectedly cheap, consider why – and look up customer reviews, which may reveal issues.

How can I save on conveyancing fees?

Shop around and get quotes but check what each firm is offering, how their fees are worked out and what is and what isn’t included. Don’t go on cost alone as this could be a false economy – look for personal recommendations and good reviews.

Online firms are likely to work out cheaper but you won’t get the same level of service. When getting quotes, give the conveyancer as much information as you can, to help ensure that their quote is accurate.

If you’re wondering about conveyancing fees, or any other costs of buying and selling property, we’d be happy to advise. And if you have a home to sell in Holyhead, Llangefni, Menai Bridge, Llanberis or Amlwch or the surrounding areas of north Wales, we’d love to give you a market appraisal to help you understand your budget. Contact us today.