Monthly Archives: January 2016

Conveyancing Fees – Intelligent Approach Can Save Money

Conveyancing Fees
Move house easier

Do you want to transfer the title ownership of your property? You want to execute the task as fast as possible but you are reluctant to start the process as it involves a large amount of money. There is no point in denying the fact that property conveyancing involves a lump sum amount of money and the rates of the lawyers are not the same always. Lawyers form an indispensable part of the entire conveyancing process and it is not possible to execute the task without taking their assistance. However, if you want to save your money you need to find a lawyer intelligently.

When you are looking for the conveyancing lawyers for your property, you need to note one very simple yet important fact that there is nothing called assistance at a cheaper price. You can find different law firms claiming on the internet that they offer the complete legal assistance at a cheaper price. Do not go for them blindly. Conveyancing is not an easy job and the legal practitioners will never charge a meager sum for the job. Therefore, when someone is claiming to provide you the complete assistance at a cheaper rate, he is playing some tricks on you.

In most of the cases, the sites that promise assistance at a cheaper rate often have several hidden clauses and someone who overlooks the hidden clauses will end up paying a huge sum of money for the task. Whenever you find any site claiming to execute the legal proceedings at a cheaper rate, you should rejecting their assistance and opting for some other one. However, in some cases you might find some legal firms’ websites where the entire cost is actually much lower than the other law firms. In that case, you can take the assistance of those firms.

Sometimes the new and inexperienced lawyers offer lower rate for their consultation. In many cases, you can also find lawyers with a poor a track record who offer complete legal assistance at a cheaper rate. If you opt for them, you might initially be happy for saving a good sum of money. However, in the end, you will understand that you have taken a wrong decision for saving few dollars and then you might have to pay more for changing the solicitor for conveyancing the property.

When you are considering about the conveyancing fees of the solicitors, you should make the decision intelligently. You should never jump for an apparently lucrative deal without verifying complete information about it. Transferring the ownership of a property is not a matter of joke. Whether you are transferring the ownership of a free property or a leased property, you should ensure that you have appointed a lawyer, who can execute the entire task in a flawless manner. Always remember, a little mistake can spoil your entire effort.

How to calculate overall Conveyancing fees for buying a house

conveyancing fees for buying a house
Choose a worthy Conveyancer

Houses are sold at higher prices in the UK, especially if you want to buy stand-alone houses. Freehold properties are sold at a higher price than leasehold properties. Buying a house in the UK might cost you £125,000 or it might cost you £500,000, it depends on your money-power, i.e. how far you can go for buying a home in the UK. Banks also provide home loans or mortgage to the people who desire to live in their own properties, but didn’t have the money enough to pay the entire price for buying the home in the UK. Beside mortgage and deposits, there are other merits that buyers should take into count before buying a house in the UK. In this article, I will explain you what are the deposits require to meet the cost of home buying. In addition, you will learn how to calculate overall conveyancing fees for buying a house in the UK.

Summing up conveyancing fees for buying a house in the UK

The total cost of home buying is calculated by summing different costs such as disbursement costs and fees you pay for solicitors/licensed conveyancers. There are other miscellaneous costs that you will also be paying and we will discuss about them in the next headings.

Solicitor conveyancing fees

This cost is further categorized to disbursement costs and solicitor basic fee.

Solicitor Basic Fee

The Solicitor will ask you their service fee to buy a home for you in the UK. The basic fee will be comprised of the solicitor’s service costs and VAT (value added tax charges) on the service. It might lie somewhere between £500-£1500 + VAT (value added tax charges).

Disbursement Charges

Disbursement charges are the costs a property lawyer pays on the behalf of the buyer. There are different types of disbursement charges, including, survey fees, local search fees, removal fees, SDLT (stamp duty land tax), registry fee, and a few other charges.

Mortgage Valuation Fee

A mortgage is the loan that the buyer gets from the lender after a small valuation. People have to pay valuation fee to the surveyor who values the house for the purposes of a formal check if the house is eligible for the mortgage.

Mortgage Application Fee

When people get a home loan, they have to pay fees of mortgage application to the lenders. Sometime lenders allow you to add the application fee in the home loan package so people can pay it in terms of loan back instalments.

House survey costs

There are different kinds of house surveys, build survey or structural survey is the best to be considered. The cost of the survey will also be paid by the solicitor or conveyancer as a part of disbursement charges.

Local Search Services

These are the charges that solicitor will pay for different searches such as environment search, drainage search, contaminated lands, flood risk or different other local searches based on the locality of the house.

Stamp Duty Land Tax

It is a big fee that solicitor will pay on the behalf of the buyer. SDLT (stamp duty land tax) will not be applicable to the house cost less than £125000. It is counted as a percentage of the overall cost of the house.

Land Registry

You will be paying a percentage fee of the overall cost of your house to turn the land to your name as a new buyer of the house.

Removal Fees

You will be moving your belongings, furniture, etc. to the new home and the removal fee is your headache to be paid. It typically counts £300-£600 in the UK.

Running Costs

There are still few costs to be paid such as costs of furnishing, gas and electricity bills, fee of WIFI, water supply bills, etc.

Summary

Conveyancing fees for buying a house is not that big that you can’t afford, moreover, conveyancer will help you to avoid mistakes in the home buying deals. For more information, you can visit our website.