Our Conveyancing Solicitors in Colchester, Essex, explain what conveyancing is, different types of conveyancing, and the fees associated with conveyancing.
Whether you’re purchasing a commercial or residential property or selling your current property, you will need to work with an experienced conveyancing solicitor. Conveyancing solicitors ensure the process is not only legally binding but, also, effortless. Conveyancing covers all the steps a solicitor must take to see your purchase or sale through to completion and beyond, including preparing documentation and contracts, as well as arranging surveys.
Every year, at John Fowlers Solicitors, our experienced conveyancing solicitors in Colchester are the first point of call for hundreds of buyers and sellers thanks to our personable, professional approach.
Your conveyancing solicitor will be the main point of contact for your seller or buyer’s solicitor, which means you don’t have to deal with complex questions and enquiries. Instead, you can leave everything to the professionals.
Now you know what conveyancing is, how much does conveyancing cost?
Mortgage Lender Fees
When purchasing a property, dealing with your mortgage lender, such as your bank, is something you’ll handle directly. When you apply for a mortgage, before approving your loan, your lender will survey the property to determine its ‘true market value’. If your loan application isn’t approved, you may need to dig deeper for your deposit or, in the worst case, find a different property entirely. Regarding fees, typically, the more your prospective property costs, the more your mortgage valuation will be. For a property that costs around £200,000, you’ll pay around £350 in fees.
As well as your valuation, you will need to pay an ‘arrangement fee’ which is an admin fee charged by your mortgage lender. Arrangement fees range from £1,000 – £2,000. You will repay your arrangement fee as part of your loan.
Solicitor Fees
Solicitor fees vary depending on whether you’re buying or selling a property and the type of property, which will determine the complexity of the conveyancing process. At John Fowlers Solicitors, our specialist conveyancing solicitors in Colchester strive to offer an affordable and competitive service that sets us apart from the crowd.
To ensure you’re ready to tackle the conveyancing process, it’s best to have at least £2,000 set aside to cover both conveyancing and extra services such as structural surveys and local authority searches, which cost around £300.
To discuss your needs, contact one of our specialist conveyancing solicitors in Colchester for a free, no-obligation phone consultation in which we can answer all your questions and provide a quote.
After Completion
Once you have completed, which means you have legally sold or purchased a property, you will still have a variety of fees outstanding. If you’re purchasing a property, after-sale fees include Land Registry Fees and Stamp Duty which you will pay to HMRC. We can handle after-sale fees for you as part of our conveyancing service. Land Registry Fees for the average UK home are £135; however, Stamp Duty amounts to around 2% of the property’s value. Once again, the more the property costs, the higher the fees. However, for properties below £125,000, Stamp Duty is waived.