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.
