One of the biggest & most important costs when selling your house is the solicitor costs. But how much are solicitor costs for selling a house?
When thinking of selling your house we all work out a budget and calculate how much it will cost us. The largest cost is often your estate agent commission but make sure you account for your solicitor costs too, they are just as important. But how much are solicitor costs when selling your house? Below we tell you what kind of costs you should expect.
How much are solicitor costs?
Likely to be anywhere between £500 – £2,500 (+ vat)
Qualified and trained solicitors are the professionals who help transfer the ownership of a house from one owner to another. This is a very specialised occupation and a really important one too. And for that you have to expect to pay.
They will take all the pressure and stress of the legal formalities off your shoulders and ensure the process is completed correctly, professionally and in a timely manner to align with any other purchase/sale.
Solicitor fees for selling a house are often cheaper than when you buy a house.
How are solicitor costs calculated?
Before providing you with a quotation for completing the legal work, the solicitor will ask you various questions. This allows them to understand the level of work they are undertaking and helps them provide you with an accurate quote.
The main factor will be the value of the property being sold or purchased. The size of the property will be important too and whether it includes the sale of land. There may be other complexities like solar panel lease transfers for example
The solicitor will also prefer to do both your sale & purchase and this is often cheaper for you. It’s a good idea!
In England they will also account for whether the property is freehold or leasehold. Leasehold they will always charge you more money.
Is a fixed fee best for solicitor costs?
Some solicitors charge a percentage of the sale or purchaser price and some charge an hourly fee for their professional time. The most common solicitor costs when selling is a fixed fee.
Fixed fees are great because you know the cost from the very beginning. Meaning you can budget easily. Even if the solicitors need to spend additional time due to hurdles that pop up or situations that occur, they should not deviate from the original fixed quote.
I would certainly avoid hourly solicitor costs when selling your house. If your solicitor is perhaps on the slow side then this cost could add up very quickly! Equally, it could get out of hand if additional work crops up.
A percentage of the sale or purchase price is rare but occurs. This can be a good choice if you are buying or selling a low priced property.
Am I charged solicitor costs if my sale falls through?
Unfortunately sales and purchases can collapse throughout the legal process for varying reasons. You will often find your solicitor has spent a lot of time on the legal work and may charge you a fee for their work so far. Read their terms of business to fully understand what you may have to pay and discuss it with them before you instruct them.
Peanuts = Monkeys when selling!
You pay peanuts and you get monkeys!
This saying is so true. Remember the importance of the job they are undertaking. When looking at solicitor costs for selling your house you can be sure to find a very low, fixed conveyancing fee from a solicitor. But this may not be for the best.
Make sure you choose a solicitor who undertakes conveyancing work regularly and are experienced. Make sure they are up to speed on the process and new laws.
Are they easy to get hold of and do they respond promptly & timely to your emails and calls? Are they a huge corporation where you are on hold for hours? Or a local family run business where you can pop in at anytime? Read their reviews online and speak to friends & family for recommendations.
Doing your research is important and often middle range solicitor costs will deliver the best service when selling a house.
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