[ddang]

We are wanting to sell our house to family. I have started contacting solicitors but I'm curious of what an average solicitor fees for selling a house?

Our family that's buying the house was quoted £750 on their end but we haven't been quoted yet. I just figure anything above £500 was high but I'm new to this here in the UK.

 

[Joppa]

If it's a domestic transaction, then why don't you use a cheaper licensed conveyancer instead of solicitor? £700 is about par for a solicitor, roughly half of which will be disbursements, such as land registry, searches and bank fees. You can probably save at least £100, perhaps more, by using a conveyancer. Using an online solicitor/conveyancer will be even cheaper.

 

[ddang]

If it's a domestic transaction, then why don't you use a cheaper licensed conveyancer instead of solicitor? £700 is about par for a solicitor, roughly half of which will be disbursements, such as land registry, searches and bank fees. You can probably save at least £100, perhaps more, by using a conveyancer. Using an online solicitor/conveyancer will be even cheaper.

Well I'm not sure what you mean by domestic transaction? I'm a bit new to this. We are basically just handing over the house(switching names) so that we can move. The family won't let us sell since it's co owned with the mom so we are getting out from it and aren't making any profit. From what I understand they'll have to apply for a new mortgage in order to take it. What is it that a conveyances does? We just want to get out of this and hand them the house as cheaply as possible and be done with it so that we can move out.

 

[Joppa]

Domestic = between family members, not outsiders.
Conveyance refers to all the legal steps needed when a property changes hands, which must be registered with Land Registry and any stamp duty (tax) paid. If the house is still mortgaged, you need the lender's permission in writing about the change of ownership and probably a new mortgage agreement will be needed. While there is nothing to stop your doing all the legal side yourself, conveyancing is fraught with difficulties and you must get things right, so you should entrust to an experienced professional.

 

[ddang]

Ok thanks again Joppa. Now that I know the difference I think I'll take your opinion and stick with an experienced professional as I'm still new to this solicitor and selling a house. I was just making sure the avg cost seemed about right as I didn't want anyone pulling a fast one us and taking more money than needed.

 

[Joppa]

Conveyancing fee is usually fixed according to the value of your house so you are unlikely to be fleeced. There is a lot of competition among solicitors for your business so fees tend to be competitive within the same area.

 

[ddang]

Yeah I kind of figured they'd be about the same fee in one area so I have contacted 2 solicitors in different boroughs to see what there fee is. I just can't believe that it so expensive to just transfer the name over. Ugh losing more money but it's got to be done.

 

[Joppa]

Just to add that even though you are selling it to a relative, legal and financial details you have to go through are the same, and any mistake or oversight will get you into trouble with Land Registry, and possibly HMRC (tax office). So good legal advice is essential.

 

[ddang]

Just to add that even though you are selling it to a relative, legal and financial details you have to go through are the same, and any mistake or oversight will get you into trouble with Land Registry, and possibly HMRC (tax office). So good legal advice is essential.

Ok thanks! So want the solicitor draw up all the papers himself and basically my husband just signs it over? I don't want any screw ups as we want to apply for a mortgage ourselves to move out once all this is said and done.

 

[Joppa]

If you want to sell the house at below market price or give it away, there are financial and tax implications (such as Capital Gains or Inheritance tax), so you must discuss it with your solicitor.

 

[ddang]

If you want to sell the house at below market price or give it away, there are financial and tax implications (such as Capital Gains or Inheritance tax), so you must discuss it with your solicitor.

Ok thanks I'll definitely do that!