Guide to Understanding Solicitor Fees

What is the Role of a Solicitor in Property Transactions?

You need a solicitor to cover all the legal work involved in buying or selling a property, be it a residential property, commercial or others. You are supposed to hire and pay solicitors for varied services usually called as conveyancing process. A solicitor generally performs the following duties:

1. A solicitor drafts all types of contracts associated with the selling or buying process and responds to queries if any from a buyer or seller. solicitors can also investigate issues if any arise while processing the deals.

2. If you are a seller your solicitor will communicate with the buyer's solicitor and handle works such as exchanging contracts and transfer of funds.

3. You also need a solicitor to obtain title deeds and act as the recipient of the deposit.

Average Conveyancing Solicitor Fees: What it Includes?

Solicitor fee depends upon various factors like what kind of property a solicitor is dealing with, the value of the property, location, and complexity involved in processing the deal. The average fee for a solicitor in the UK ranges between £500 - £1,750, you can also refer to the UK Government's guidelines on solicitors' hourly rates.

When you hire a solicitor, he/she may charge you for two types of fees, the solicitor's basic fee and disbursements. Legal fee is the charge that you pay to a solicitor for their time and services in handling the transactions. Disbursements are the additional expenses that are incurred on the client's behalf such as stamp duty, Land Registry fees, search fees, etc.

What are the Factors that Impact Solicitor Fees?

Several factors can impact the solicitor fees ranging from location, property type, valuation of the property, and others. Some of the common factors that may impact your solicitor fees are:

1. Property Location and Type: When you hire a solicitor, the fees are determined by the location of a property e.g. properties located in cities or urban areas may involve higher solicitor fees than properties located in far-off areas. Similarly, the solicitor fee is impacted by the type of property whether you are dealing with leaseholds, new builds, freehold, or remortgage.

2. Property Value and Transaction Complexity: You are supposed to pay a high solicitor fee if the property you are dealing with has a high valuation. Solicitors also charge you more if there is any complexity involved in processing the transaction.

Explore Some Tips for Reducing Conveyancing Costs:

• Research the average solicitor fees in your area and engage with multiple solicitors, then compare the cost of the conveyancing fees received through quotes from solicitors.
• Look for the fixed fee quotes as many solicitors ask for a fixed charge for the conveyancing process. You may save some amount by turning to a fixed-cost solicitor.
• Ask for discounts under different categories. For example, if you are a first-time buyer or seller, you can ask for a first-time discount from a solicitor. If you are going to deal with multiple properties, ask for a volume discount.