imageUnderstanding the Breakup of Conveyancing Fees

Understanding the Breakup of Conveyancing Fees

22Jan 2010

Assessing conveyancing fees is important in hiring your conveyancers. But how will you be able to do that if you haven't seen what these costs are or you don't even know what they're about? Well here are some basics on knowing about these fees.   * The fees table is divided into two sections   These two sections include one for the basic fees and the other for expenses. Take note that the conveyancer may charge you on a per commission basis or a fixed fee. Well, there are also those that charge per hour. Never go for that.   The expense section on the other hand includes details on costs that the conveyancer may incur during the process. These are those that they will pay for other people they will ask help for on your behalf.   * Conveyancing fees for sellers   This one includes solicitor's basic fee ranging in between £300 and £1,200. Also added on the list are:   1. Land registry copies. You need to pay for this to vouch that you are the holder of the property before you sell it. This costs between £4 and £8.   2. Telegraphic transfer. This costs £20 to £30 and is needed if you are still to redeem mortgage worth £60,000.   * Conveyancing fees for buyers   If you are a buyer using conveyancers, you also need to pay for the same solicitor fee as those paid by sellers. In addition, you also need to pay the following:   1. Land Registry Copies. The conveyancer will check if the seller is still the owner of the house before you buy it. The cost is also in between £4 and £8.   2. Bankruptcy searches. This is done by the expert to find out if you haven't gone bankrupt yet. This will be of help if you're obtaining a loan to buy the property you want. This costs £4 to £8.   3. Other fees. You may need to pay for other things such as those for drainage, local authority, chancel repair liability, location specific and environmental searches. You should also set aside some cash for telegraphic transfer as well as stamp duty land tax.

You may also like:

5 Things to Keep In Mind When Investing On a Real Estate
Buying a House for Investment Purpose
What You Should Know Before Leasing Your Property

Request a quote