Understanding the Cost of Conveyancing a Property

Couple standing in front of their dream houseThe most important part of buying a property is when the prices have been agreed upon and the transaction is nearing its completion. This is when the buyer makes payment and hands over the necessary documents for a successful transfer of ownership. At this point, you need an experienced solicitor for conveyancing.

The conveyancing fees vary when buying a property. For a stress-free process, the buyer should understand the costs of conveyancing, which is on top of and paid separately from the cost of the property.

Conveyancing Services

Among the fees to be paid are the solicitor’s fees, which cover the cost of all the documentary and legal work associated with buying a home. Conveyancing involves all the work and documentation required to transfer the property and mortgages from one person to another.

The conveyancing fees, along with other disbursements, are paid through the solicitor. These expenses include anti-money laundering checks, title deeds, searches, property fraud fee, transfer of ownership, bank transfer or telegraphic transfer fees, stamp duty and land tax, optional leasehold properties deed of covenant and solicitor’s fees.

Additional Costs

There are ways to save on the conveyancing fees. The longer that the process takes, the closer you would be to moving out of your old home without a new place to go. The fees cited above are associated with different documents submitted to the proper authorities. They may differ from one county to the next, depending on the property in question.

The solicitor double checks every document and audits the transaction. The bank or the lender might want to use one of their own solicitors who either work on a commission basis or on monthly retainers. You can use your own solicitor, but it would also need the approval of the bank.

Conveyancing is the last stage of buying a house. On average, you would need to shell out an additional £1,000 to £1,500. At the end of the process, you are left with the deed of sale, the keys and full access to the property. A proper conveyancing process allows you to gain peace of mind, knowing that you are the new owner of the property.