What are Conveyancing Fees?
What are Conveyancing Fees?
They are a group of legal costs you will pay when buying or selling a house. They cover the cost of exchanging contracts, and carrying out all the steps needed to complete your purchase or sale.
They are the basic fee that you pay the conveyancer for their actual work. This figure can vary based on all sorts of different factors, from the location of the firm to how complicated the transaction is.
How much are Conveyancing fees?
Conveyancing fees do vary but are typically between £550-£1500, plus the cost of disbursements. Legal fees for leasehold properties are slightly more.
You can use our free conveyancing calculator.
https://www.versuslaw.co.uk/services/conveyancing/conveyancing-calculator/
Which will give you a ballpark figure for you to work with
Are Conveyancing fees negotiable?
Most conveyancers work on tight margins to but Versus Law will always try to price match if you have found a better offer elsewhere.
Are conveyancing fees paid upfront?
Unlike other solicitors where you might have to pay an upfront deposit when you hire your conveyancer or solicitor, we only ask that you pay for your searches in advance.
You’ll then pay us the final amount once the sale of the house is completed.
If the sale falls through or the seller backs out, you might have to pay some or all of the conveyancing fees for legal work already completed.
Are Conveyancing fees tax deductible?
Legal fees of this nature are added to the cost of acquisition and cost of sale when calculating taxable gains on the eventual disposal of a property.
Most conveyancing fees are not deductible from rental profits. Legal fees for the acquisition of a short lease are not tax deductible, whereas fees regarding the renewal of a short lease can be deducted from taxable profits.
Legal costs related to letting agreements can only be deducted from taxable profits where the tenancy is for one year or less. Legal fees relating to evicting a tenant are tax deductible.
Final Note
By understanding what’s involved with conveyancing fees, you can start preparing your budget and enjoy a smoother journey to your big moving day. Best of luck with your final steps!