Home sellers and buyers know it’s smart to shop around for conveyancer quotes before instructing a conveyancing. A conveyancer is a lawyer who specialises in property law and deal with the legal aspects of transferring the ownership of a property. By shopping around for quotes, home buyers and sellers can make sure that they are getting the best price for the services of a conveyancer. It is important to note that the cheapest quote is not necessarily the best, and that the quality of the service should be taken into account when making a decision. On this article, we look at the various types of fees and costs you could typically expect to find on a conveyancing quote.
Legal Fees –
Legal fees are the costs associated with your conveyancer offering the legal advice with regards to your property transaction. These fees can vary depending on the type of property and your personal circumstances. For instance, dealing with a leasehold property will attract a higher fee than with a freehold property due to the additional work required. Equally, if you are using mortgage finance, you will be charged additional fees by a conveyancer for dealing with the lender’s formalities compared to if you were a cash buyer.
Property Searches –
Property searches are an important part of the home buying process. Whether you are buying a new home or an existing one, a property search can provide valuable insight into the history of the property and any potential risks associated with it. A property search can either be carried out directly with the Local Authority or by a search agent. Searches produced by a search agent are known as Personal Searches whilst those prepared by the local authority direct are known as Official Searches.
Although the information revealed on both types of searches are the same. An Official Search however tends to be significantly more expensive than a personal search as a result of originating from the Local Authority directly. A personal search although not carried out by official local authority staff, comes with an indemnity insurance policy attached to it so it gives comfort to a purchaser opting to this route.
If you are purchasing a property using mortgage finance, then it is a mandatory requirement by your mortgage lender to have property searches carried out. If you are a cash buyer on the other hand, then the choice as to whether or not to obtain searches is entirely yours. If you opt out of not having searches carried out, you will naturally not be required to pay for these. It is however worth noting that it is always highly advisable you carry them out as the information revealed in these searches are generally not found elsewhere.
Other Disbursements –
Other than property searches, and depending on what type of property transaction you are carrying out, you will be also be given an indication as to what your land registry costs are, stamp duty where applicable, electronic identification fees and so.
Generally speaking, the above, although is not a non-exhaustive list, sets out what you would be expected to find on a typical conveyancing quote. If you are unsure about any of the fees, you must ensure you speak to the conveyancing provider so you fully understand what these are before you commit to instructing them.