What Fees Really Cover
Buying or selling a property can both be a baffling and demanding process if you do not have a good idea what is expected of you. Fortunately, conveyancing is a mandatory part of this process despite many finding it nerve-tinkling. The payments made for this process are called conveyancing fees and covers six main tasks as well as some minor but relevant issues.
The conveyancing quote you get covers vital searches conducted with utility companies, local authorities as well as any other relevant bodies to ensure there aren’t any financial liabilities or future plans that hang over the property you are interested in disposing or buying.
The fee also buys you advice regarding all incurred costs including those that you might be privy to like stamp duty as well as the unlikely charges such as chancel repair liability especially for people who own property near churches.
The fee covers the cost of the solicitor checking with your mortgage lending company to ensure they have all the relevant information they should have about the property. Both sides of a property transaction, the buyer and the seller should furnish the lender with all the required information.
The cost of checking and if necessary, drafting the contracts regarding the transaction on the property is also covered by these fees.
The conveyancing solicitor is supposed to pay certain relevant fees at the end of the transaction. These fees include stamp duties and estate agency costs. For his/her troubles, the solicitors’ payment for this are covered with the fees you pay.
The fees also cater for the necessary registration with the land registry especially for new owners.
There obviously is a lot of paperwork involved in this process. One of the best ways to sort all the paperwork well in advance and minimise last-minute rush is to appoint a solicitor, probably around the same time you settle on a mortgage lender. You can then agree with the solicitor on when and how to pay the conveyancing fees.
