Clutton Cox Solicitors - Where Does The Money Go When You Pay For Conveyancing?
for a free copy of the book head to http://wWw.Cluttoncox.co.uk People often say their solicitors fees were thousands and thousands of pounds. What they really mean is that the overall cost of moving was thousands and thousands of pounds which included their Solicitors fees. Different thing entirely. Do you actually know what proportion of the overall legal costs of purchasing a house in the UK goes to your Conveyancing Solicitor? You may be surprised. Say you were buying at £350,000. OK that's a bit above the average but by no means in the realms of the super rich. The answer and at the risk of exploding an urban myth is approximately 5-6% of the total legal costs of buying a property goes on your Conveyancing solicitor's fees. I am afraid there are no prizes for guessing where the rest goes? A whopping 90% to the government in Stamp Duty Land Tax and VAT, with a further 2 and a bit % to another Government Department, the Land Registry. It is incredible that out of a total cost of approximately £11765 that around £10600 goes on Stamp Duty Land Tax and VAT. Read more in my free conveyancing book.