Conveyancing is name for the legal process of transferring the ownership of a property from the seller to the buyer. This includes contractual agreements, payment transfer and the registration of the ownership change with the land registry. Does this sound complicated to you? Yes, well it definitely can be. Therefore your best course of action is to instruct a conveyancing solicitor to oversee the proceedings. You will have to pay this solicitor a fee for their services.
Conveyancing fees may be daunting to a first time buyer, but they are in fact simple when broken down into their component parts. This article will give you some idea of what to expect when you get quotes from different solicitors for your conveyancing costs.
This is the quote you will receive from the legal firm for the time and knowledge of the solicitors who will be working with you. The fee will tend to fluctuate depending on the reputation of the firm who are quoting you, in general the better the firm the more they will charge for their services. This basic fee may be calculated in one of 3 ways:
– Fixed Fee – This is increasingly uncommon. This is due to unseen circumstances often occurring during the conveyancing process making it a lot timelier than initially thought. This has the potential to cost the firm a lot of money.
– Hourly – You are generally ill-advised to go with a quote for an hourly rate due to the above reasoning.
– Sliding Scale – This results in a quote being calculated in relation to the price of the property you are buying, the more expensive the property the more you will pay in conveyancing fees proportionally.
These are fixed costs incurred by the solicitor of processes which must be carried out. You will pay these fixed fees in all conveyancing transactions as they are the costs of necessary processes. The cost of these things will be added on to the basic solicitor’s quote you have received.
1. Bankruptcy search: This will prove to your mortgage lender that you have not been declared bankrupt recently and will therefore seek to ensure the best likelihood that you will not default on your mortgage repayments.
2. Land registry office copies: Your solicitor will request copies of the paperwork which proves that the property you are seeking to buy is legally owned by the individual selling it.
3. Environmental search: A search of the land highlighting any environmental issues contained within it. As owner of the land you may become responsible for any environmental problems.
These are common disbursements to be added to your fee but there are more, so further may be added to your bill by your firm. You will be able to discuss all costs in full with your solicitor.