Buying a house involves a ton of paperwork, verifying the ownership, transfer of legal documents, filling out tax and land registry request forms. This all makes buying a house much more stressful than say selling a house or a property. When you’d buy a home you’d want to make sure your investment is going to a right cause and you wouldn’t have to regret it later. Most of the residential conveyancing in England and Wales are performed by solicitors or licensed conveyancers. When you use a solicitor buying house fees may be slightly higher than rates offered by licensed conveyancers. Solicitors can offer your legal advice and support while licensed conveyancers merely follow standard procedures of conveyancing.
While looking into conveyancing of buying a house, you have to look into the complexity of the case. If the house you’re buying is owned by a single or multiple owners and if the house is freehold or leasehold. If you are obtaining a mortgage to buy the home and other factors. These add up to the complexity of the conveyancing and solicitors charge additional fees for extra services they have to complete during the conveyancing process.
Here is a list of fees you are likely to find on a conveyancing quote:
Basic Solicitor service Fee:
This amounts to the basic service charge for the solicitor for their professional help. This depends on the complexity of the case and also according to the company you work with.
Land Registry fees:
The fee is also referred as Land Registry Office copies which are required for the validation of the ownership of the house by the seller. Also called priority searches performed before completion of the conveyancing.
Local authority searches:
Before signing the contract for completion, a various number of searches are performed on the house to check its status and integrity. Local authority searches charges defer from place to place in England. While some conveyancing quote gives an estimation, you should look for conveyancing quote which asks for a zip code for accurate rates.
These searches depend on the requirement while they may be optional they are performed to make sure that the house is free from any surprises for the buyer. They include drainage search, Chancel repair liability search, environmental search and location specific searches
Land Registration Fees:
Once you’ve acquired the house, you need to pay for the Land Registration fee which is a set fee scale based on the agreed price of the house you’re buying.
Telegraphic Transfer Fee:
The cost the bank charges you to send money to the seller’s conveyancer after the completion of the conveyancing.
Stamp duty tax:
As a new owner of the house, you’ll now have to pay tax for your house and property. It’s also on a set scale based on the price of the house.
While you skim through the conveyancing quotes, you have to look out for these items. Some conveyancer will not include them with the solicitor house buying fees and will charge you additionally later. This will create a lot of stress during the conveyancing. So it’s a good choice to personally contact them before you start instructing a solicitor.