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. If you’re wondering just how much your conveyancing fees are likely to come to, remember that your final bill will be a mix your lawyer’s fees for their time and professional expertise, coupled with the 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. You may also pay more for 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 – is likely to bring 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. Remember that your conveyancer should pass only the cost of the disbursements on to you, 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.
Searches: you’ll need to pay for local authority searches – that look 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 in England) at a rate dependent on the purchase price. This is not a disbursement but another cost of buying to factor in.
Buyers and sellers will also pay:
ID check fees: £6–£20. To check you are who you say you are and prevent money laundering.
Bank transfer fees: £20–£30. To cover the telegraphic transfer fees of moving money between accounts.
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 to do around the agreements with the landlord and management company, as well as in checking the length of the lease. The costs could range from £100 to £400.
When do you pay conveyancing fees?
You will usually be asked to 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 that have happened so far. Some conveyancers may also waive the costs of their time so far, if you use them to buy another property.
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, as this will help ensure that their quote is accurate.
If you’re wondering how much are 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 Anglesey, Bangor Gwynedd 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.
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Williams & Goodwin The Property People are members of the Guild of Property Professionals, National Association of Estate Agents, Association of Residential Lettings Agents, National Association of Valuers and Auctioneers and are Chartered Valuation Surveyors we are members of a National Network of approximately 800 independently owned and operated Estate Agents.
Well what can we say, a brilliant service from Caron Sally and Gemma and Amy , they went out of their way to make our journey less stressful, Caron was always there to listen to me when I was worried about anything, and thank you also to Dafydd .
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John Lewis
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Llinos
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John Lewis
Williams And Goodwin at Llangefni provided an excellent service throughout the process of selling our property. Caron and her colleagues were very efficient and helpful. Initial valuation was well organised turned out to be very accurate. Enquiries were handled quickly and effectively. Very useful t...
Dean
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Very pleased with the service provided by Williams & Goodwin in selling my parents’ house. Everyone was helpful and professional, all along, starting with Matthew at the initial meetings and Jamie throughout viewings, reviews etc. in the later stages Charlotte has been especially dedicated and...
Alison Wakeman
The professionalism of the staff at Williams-Goodwin (Holyhead) in particular Charlotte is absolutely superb. We were in a very sad situation of having to sell my father's bungalow to support his residential care. Although Jamie and Matthew were also involved, initially with the valuation and phot...
