In the United Kingdom, many people look to purchase a house in the facilitative area. The acquisition of the house could be from any Real Estate Agent and can be from the other individual sellers as well. However, purchasinga house is not only about the purchasing amount. Many other costs shouldbe taken care. The entire process of transferring of the house from seller to the buyer is called as conveyancing. The entire cost for the whole process is called as the conveyancing cost, and that is different from the purchase amount. However, the biggest chunk of the conveyancing cost is the solicitor fees and here comes the most common question how much are solicitors fees for buying a house? The solicitor fee varies from one law firm to another, area to area and property to property. Here are the complete solicitor fees details in the United Kingdom.
How much are solicitors fees for buying a house?
A solicitor charges to complete the legal process of transferring one title holder to another. The process starts with preparing the draft contract and ends at the exchange of the contract after the property or the home gets registered on the new title holder name. The solicitor fees can be paid in multiple ways as well; however, that does not include another part of the conveyancing cost. Here are the solicitor fees for different properties and of different methods.
The freehold property is a property majorly Residential that has the land associated with the building or structure. So, the entire property belongs to the buyer, and it does not need to pay any other cost to anyone for anything else. The average cost for a solicitor for the Freehold Residential Conveyancing is generally around £850. However, as said earlier, the fees can change as per the region and legal complexity of the property.
A typical example of leasehold property is an Apartment where the buyer leases it from the owner. The buyer has to pay for the land and maintenance separately to the owner every year, apart from the entire conveyancing. There are different disbursement letter required for the leasehold properties as well. Many legal challenges and complexities are to be answered in this conveyancing process, and thus the fees are generally higher for it. The normal fees of the solicitors for the leasehold conveyancing are near around £1050.
Commercial properties are even more complex and often get complicated during the conveyancing process. The Commercial ownership should be well registered, documented and well maintained for such properties. The charge of the conveyancing solicitors for commonhold properties is generally higher. The normal cost of the solicitor is around £1300 and more for commonhold properties. The commercial property can be freehold and can be leasehold as well. The price also fluctuates as per the type of property as well.
Method of Solicitor Fees
There are many Law Firms in the United Kingdom that have different methods of solicitor fees. The most common method is the per hour fees where the solicitors get paid for the hours they have worked for the conveyancing process. However, the law firms like NBM Law Firm has started new methods for the solicitor fees for particular cases. This is called Fixed Price conveyancing fees. The fixed price conveyancing is a pre-decided amount of fees for the solicitor, and the solicitor charges the fixed amount irrespective of the time taken to complete the conveyancing. The conveyancing fees can be guaranteed with different other solicitor fee offers like No Conveyancing No Fee, No Solution No Fee and many others. The fees of the solicitor have further reduced due to the latest online conveyancing and the new online solicitor facilities. The total fees of the solicitor can be around £500 - £800 for the online conveyancing depending on the cases and the complexities. Top firms like NBM Law Firm can provide the integrated and efficient online conveyancing for the potential buyers and sellers.
The fees of the solicitor are different from the conveyancing fees. It is, in fact, a part of the total cost of the conveyancing process. The buyer or the seller needs to pay separately for the other process during conveyancing like search, disbursement, and others.