Conveyancing is a process that is included in every estate sale. It involves reviewing the necessary documents, researching the property, paying for documentary stamps on legal documents, and checking on the buyer or seller and the property.
There is a wide range of costs for conveyancing depending on the solicitor or conveyancer you sign up for. Conveyancing Supermarket and other experts suggest that buyers and sellers look at property conveyancing fees from various conveyancers before signing up for their service.
A typical conveyancing procedure includes the following:
- Searches. These include local property searches, drainage search, planning search, and environmental search. Others include items that may or may not be in the environmental search, including those for future development plans or mining development in the area.
- Title Deeds. This is the deed to the property, which is kept in the Land Registry. The seller has to have a copy to prove ownership.
- Property Fraud Fee. This is to check that the lawyer of the other party is legitimate and not perpetuating a land scam.
- Anti-money Laundering check. This is an online identity checking to ensure that the persons involved in the transaction are not involved in money laundering.
- Bank Transfer or Telegraphic Transfer Fee.
- Ownership Transfer. This is a fee paid to the Land Registry office to transfer the owner’s name to the buyer.
- Stamp Duty Land Tax. This is a progressive tax for buying residential property. The larger the property, the bigger the tax due.
- Leasehold Properties. This is a tax for properties, which are on lease with a management company.
- Conveyancer’s Fees. This is the payment to the conveyancer for the services rendered. It may be a separate line item or a bulk payment along with other expenses.
Fees and Other Expenses
Each step of the conveyancing process may require some out-of-pocket expenses, such as photocopying fees, notarial fees, and others. These small expenses may pile up to a significant amount so better take note of them as well.
The conveyancing process may seem confusing at first, but with some research and by asking the advice of professionals, you will get through this process with little to no problems.