A house transaction is usually expensive, whichever side of the deal you are on.
Solicitors’ fees are a significant part of the cost.
But exactly how much will it cost to hire a solicitor?
And do these fees vary based on whether you’re buying or selling?
Read on to learn more.
What solicitors do for buyers and sellers
It is not a legal requirement to have a solicitor to sell your house. But unless you have legal expertise, it is essential.
The importance of conveyancing
Conveyancing is an essential part of a housing transaction.
You can do it yourself (known as ‘DIY conveyancing’), but it’s extremely difficult to do unless you have a deep knowledge of the process it’s wise to hire a legal expert.
Not only do they have more experience and expertise, but they also have insurance to cover them if a mistake is made.
Using a conveyancer
Both conveyancers and solicitors are qualified to do conveyancing.
A conveyancer specialises in property law, whereas a solicitor will have a wider breadth of knowledge. Which is right for you will depend on your circumstances.
Solicitors are often slightly more expensive. However, if your transaction is complicated by divorce or inheritance their extra expertise may be useful.
Instructing your solicitor
Once you’ve accepted an offer on your home the first thing you need to do is instruct a solicitor or conveyancer to begin conveyancing.
Choosing which one is right for you will come down to a number of factors including the cost and how straightforward your sale is.
Either way you should always check:
- They are registered with the Law Society or the Council for Licensed Conveyancers
- They have positive reviews and testimonials online.
Letter of engagement
The person or service you choose will send you a letter of engagement which should give a full breakdown of their fees and other admin costs, known as disbursements.
Once this is signed they will begin acting for you.
Do buyers and sellers have separate solicitors in the UK?
In the United Kingdom, it’s common for buyers and sellers to have separate solicitors.
Both parties’ solicitors will communicate regularly to ensure each party has the necessary documentation to keep the moving house process on schedule.
At the time of writing, it is not illegal for buyers and sellers to have the same solicitor, provided that specific criteria are met. However, this is uncommon.
Activities solicitors carry out
Solicitors typically carry out a range of activities relating to:
- Paperwork and documentation
- Legal adherence
- Regulatory compliance
- Financial transactions
In practice, this means that their work generally covers the following steps:
- Arranging property surveys
- Carrying out property searches
- Sorting out insurance (e.g. buildings insurance)
- Transferring funds after completion
- Updating the Land Registry
- Organising exchange and completion dates
- Signing and exchanging contract
Solicitor costs
According to Unbiased.co.uk, the average Solicitor costs £1,400 when purchasing a property in the UK, and £660 when selling.
(These numbers are estimated for a transaction on a property valued at £350,000.)
How much costs vary (& why)
However, as you would expect, there is considerable variation in this figure depending on:
- The company you use
- Your location in the country
- Your property’s value
- How complex the transaction is
So, a buyer’s solicitor’s fees may go as low as £800 or as high as £2,500.
A UK government webpage indicates how a solicitor’s guideline hourly rates varies based on your location in the country.
For example, in London, a solicitor’s hourly rate may rise to £546. In other parts of the country, it could fall to £189 per hour or less.
Buying vs selling costs
Solicitors usually charge more for buying than selling a property.
This is because more work is involved when buying a house, including property searches, surveys, and mortgage lender communications.
In both cases, solicitors will still charge is a property sale falls through.
How to find a less expensive solicitor
These price comparison websites enable users to find out a solicitor’s average hourly fees.
They can also request price quotations from individual companies. (However, companies often offer a ‘fixed fee’ for their services.)
Reviews and direct recommendations from friends and family are also helpful.
Cost vs quality
The cost of some solicitors could correlate to the quality of the services they provide.
In other words, cheaper solicitors might provide a less efficient service. This could slow down or even obstruct the process of moving home.
Solicitor vs conveyancer costs
Although the rate varies for each company and situation, solicitors typically charge higher rates than conveyancers.
This is because solicitors are a qualified experts in a full range of legal services. On the other hand, conveyancers specialise in property but can’t handle unrelated complex legal issues.
When to pay solicitors
Each solicitor will charge differently. However, the most common practice is to charge a small deposit at the beginning and then the total amount once the contracts are exchanged.
Most companies charge an hourly rate. Since they have yet to determine how long a house transaction will take, it makes more sense to wait until the end.
Some solicitors charge a fixed rate upfront for their services, although this is uncommon. Others may even find companies that offer ‘no completion, no fee’.
Buyers and sellers unhappy with their solicitor’s bill can ask the Senior Courts Costs Office to make a ‘detailed assessment’ of their bill.
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