Property Conveyancing Costs
Conveyancing is a process that is lengthy. It is a process that involves a great deal of money. If you are not careful, you may end up getting snookered in the transaction especially when you receive the final property conveyancing costs.
You should be keen about any extra fees that solicitors charge. Below we present you with an overview of costs involved in the conveyancing practice…
Solicitor’s Fee: the costs that you have to pay your legal representative ranges from three hundred and fifty pounds to five hundred pounds. The price you pay for the conveyancing job that will commence at your behest.
Your lawyer might ask for an additional eighty pounds to a hundred and forty pounds to make searches against the property.
Disbursement Fees: The amount that your solicitor will pay to various sections on your behalf.
Searches against the Property
Mining and Drainage Search: The legal representative of the buyer will undertake a mining search whose costs are not beyond two-hundred and fifty pounds. A drainage search will cost forty-five pounds. The search is done to find out whether the drainage system is working as it should.
Environment Search: the solicitor should conduct a search on the property’s surrounding areas. The search pieces together info including whether or not there might have been pollution incidents. Damage to the area resulting to dumping from industries or local firms. The search costs forty pounds.
Local Authority Search: the search is done to reveal whether there are any complaints. Grievances presently against the property through a Local Council. Fees for this type of search vary ranging from forty pounds to three hundred pounds.
Land Registry Search: The type of search commences after the contract signing. The registration of the buyer as the new property owner. The search helps ensure that the listing state remains as it is. The buy has a thirty-day priority after the registration process to make changes. The fee for this search is three pounds.
Chancel Repair Liability Search: The search necessary for the determination of whether the property owner is liable to contribute to the local church/parish repairs. The search costs twenty pounds.
Buying: When you are buying the property with a mortgage, your instructed conveyancer will work together with your financier. He/she will also represent you in the process. You pay a charge off fifty and seventy-five pounds. This cost does not add to the mortgage price.
He/she will also conduct a search to see whether you are bankrupt or not. The search attracts a two pound fee.
Selling: When you are selling, and the property is under a mortgage; your appointed legal officer will pay off your mortgage lender. The amount paid extra other than the mortgage amount is between fifty to seventy-five pounds.
Land Registration Payment: An amount of two hundred and twenty pounds should go to the Land Registry. The amount paid is purposely for registering you as the property owner. The Land Registry Document to declare your ownership will cost you between six to twelve pounds.
Stamp Duty Land Tax: Payments do through the government. The money you pay on the property’s value. The rates are as follows…
- 0%- £125,000
- 3% if the property price is above £250,000
- 4% if the property price goes beyond £500,000
A twenty-five pound fee additional amount known as SDLT that you give to the HM Revenue and Customs.
Telegraphic Transfer Price: the amount a bank charges after transferring money from the buyer to the solicitor representing the selling party. The transfer costs forty pounds.
Value Added Tax: The amount adds to the solicitor’s fee. The VAT rate changes with time. Currently, the rate is at 17.5%