If you’re thinking about buying a house, you don’t only have to think about the cost of buying it in terms of the deposit, but also the solicitors fees you will need to pay in order to push the sale through.
The cost of solicitors when buying a house can vary greatly, but you might be looking for a ballpark figure on what you will have to pay. In this article, we’ll talk through the costs of buying a house in terms of what it will cost in respect of legal fees.
What are the costs associated with buying a house?
There are lots of different fees you will have to pay before and after you buy a house. These should not be underestimated. It is not as simple as saving up the deposit for your home and then moving in. You’ll also have to pay mortgage fees and charges, valuation fees (if you are selling), property survey costs, conveyancing fees, and removal costs (if you are moving from one home to another).
You’ll also have to pay a solicitor to conduct the searches you need and arrange the contracts.
You might be wondering what all of this will cost. To help, we’ve laid out a summary below.
- Mortgage costs
- More than half of all mortgages come with a fee for arrangement, and they are usually somewhere around the £100 to £1,500 mark. A mortgage advisor can help you with this, usually by adding a commission onto the overall mortgage you are awarded, or by receiving payment from the mortgage company they recommend.
- Valuation fees
- When you buy a house, it will need valuing from someone on your side to make sure that the amount you are buying it for adds up to what the house is worth. This valuation costs money, usually between £205 and £675, depending on the cost of the property you are buying.
- House survey costs
- This part of the process looks at any issues there might be with the actual building of your house. That’s handy, because you do not want your home to fall down when you move in. A good independent property survey will examine the general condition of the house you are going to buy and look at the structure of your house to make sure it is safe and sturdy. Again, the cost of having this done depends on the value of your home, but it is usually somewhere between £500 and £3,500, depending on the extent of the survey you choose to have and how much the home you are buying is worth.
- Conveyancing fees
- You’ll need to hire a property solicitor or licensed conveyancer to handle the legal aspects of buying your home. Their work will include things like ID verification, legal fees, money transfer and land registry. The cost of legal fees is somewhere between £500 and £1,500 depending on the size of your property, land registry fees are typically somewhere between £90 and £140.
What is the total amount my solicitor will charge me for buying a house?
If you’re looking for a ballpark figure, you’ll pay between £800 and £1,500 to a solicitor to buy your house, including VAT of 20%.
Local searches will cost between £250 and £300 to check for any local problems and will be paid through your solicitor.
How do I get the best rate?
Unless you are one of the very few people who is lucky enough not to have to worry about money, you’ll be looking to pay the very best price to your solicitor to cut down costs.
You should shop around, calling several solicitors and giving them the information they need to determine how much they will charge. Make sure you make a list of all the elements above and ask them for rough costs for each of these items, so that you can make sure there are no hidden fees.
It is good practice to call at least four or five solicitors to figure out who is offering the best price.
But don’t only take that into consideration. You should also look at the reviews of solicitors who have done similar things and for a solicitor’s firm with a long reputation for delivering on this type of work. You do, to a point, get what you pay for.
JMR Solicitors can help
We’ve helped countless people buy their dream homes for a very reasonable price and we would love to help you.
We’re experts, so we’ll make the process as quick and as cheap as possible, without compromising on quality. With our help, you’ll be in your new home before you know it.
For more information, email firstname.lastname@example.org or call 0161 491 3933.