Conveyancing is the act of transferring the ownership of a property from one party to another. Every buyer or seller of a home will need a conveyancer for the job. Some standard conveyancing fees include transfer fees, local authority fees and land registration fees.
The act of buying or selling a property always includes complicated processes and documents that a conveyancer handles best. Moreover, there are legal aspects that must be addressed promptly.
Common Conveyancing Costs
There are primarily two types of conveyancer fees you will have to pay for: basic fees for the conveyancer doing their actual work and disbursements for payments the conveyancer makes on your behalf.
Basic fees depend on multiple factors, such as the firm’s location and the complexity of the transaction. Meanwhile, disbursements include all expenses related to the ownership transfer, such as:
- Local authority searches for planning applications or restrictions
- Drainage search to ensure the property has correct sewers
- Land registration fees
- Title deeds copies
- Bankruptcy search to guarantee the lender that the buyer or seller has never been bankrupt
- Transfer fees that cover the cost of sending money
- Stamp duty land tax
How Much Will a Conveyancer Cost You?
As detailed above, the overall costs of a conveyancer will vary significantly for every deal. It’ll also depend on whether you’re buying, selling or both. Moreover, disbursements can come with a wide range of fees.
For instance, Stamp Duty can run into the thousands since its cost is based on the property’s price. Meanwhile, other elements can only cost a few pounds. Basic fees can range from £850 to £1,500, while legal fees can be between £250 and £300. So, you must clarify what is included when requesting a quote from the conveyancer.
Is a Conveyancer Necessary?
While you have the option to handle the legal work yourself, professionals don’t recommend it. Most mortgage lenders suggest using a professional conveyancer to handle the legal aspects of the ownership transfer. This is because they want to be guaranteed that the transaction will be handled properly.
Still, there’s no guarantee that the deal will go exceptionally smoothly when you have a conveyancer. Sometimes a lousy conveyancer can make a property deal more stressful, especially if they don’t communicate well regarding the full details of the transaction.
While you can directly complain about the conveyancer to the conveyancing firm, you may also raise your concerns with independent organisations like the Law Society, the Legal Ombudsman or the Council for Licensed Conveyancers.
Finding a Conveyancer
Different legal firms provide conveyancing services, so it’s unlikely for you to encounter a shortage of choices. If you bought a property in the past, you might want to consider using the same conveyancer as before.
Other people also prefer asking those they trust for recommendations. So, if your family, friends or their estate agent can suggest some conveyancers, you might want to grab that opportunity. However, if you do ask your estate agent, check whether they’re earning a commission for the recommendation.
Perhaps the best place to find a conveyancer is through the Council for Licensed Conveyancers, the industry’s regulatory body.
If you want to ensure you are getting a conveyancer for the price you’re paying, there are comparison sites that let you compare quotes for conveyancers in your area, just like how you would get a quote for a car or home insurance.
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