Conveyancing fees explained for buyers

August 10, 2016

Conveyancing fees explained for buyers

Conveyancing is an essential step when buying a house. But during the process you will come across a wide variety of fees and processes.

 

Buying a house is the largest transaction in most people’s lives, so you need to know what the conveyancing process is all about.

 

We’ve put together a list of some of the types of fees you may come across, and why you will be charged.

Basic conveyancing solicitors fee

This is the basic cost of the time we spend assisting you with the conveyancing of your new home.

 

Depending on which solicitor you choose to visit, you’ll be charged one of three ways:

 

  • A fixed fee basis.
  • A per hour basis.
  • Their fee will be based on the value of the property you’re buying.

 

Here at Watsons, we always provide conveyancing transactions on a fixed fee basis. This means that you’ll encounter no hidden costs, and all legal costs, taxes and disbursements are clearly identified.

Land registry office copies

Before the conveyancing process can begin, you’ll need to prove that you are the registered titleholder of the property. To do this you will need to obtain copies of the land registry office documents that you received when you registered the property in your name.

Bankruptcy search

Part of the pre-completion searches include a bankruptcy search. This will give your lender confirmation that you haven’t recently gone bankrupt, and will incur a small charge during the conveyancing process.

Local authority searches

Your conveyancing solicitor will submit a local authority search on your behalf, once the sale contract has been received from the seller.

 

A local authority search will tell you:

 

  • All of the planning decisions that affect your property.
  • If there is any contaminated land in or around your property.
  • Whether or not your property is in a conservation area.
  • Whether or not the footpaths and roads surrounding your property are privately or publicly maintained.
  • Whether or not the local council have any major road schemes close to the property in place.

Drainage search

A drainage search takes place to ensure that the property has connection to fresh and foul water sewers.

 

The cost of your drainage search may differ slightly depending on which water company you use.

Chancel repair liability search

If you buy certain properties, you may be liable to put some money towards repairs on the local parish church.

 

The chancel repair liability search will check whether or not you are liable.

Environmental search

The environmental liability search will check for evidence of contamination on, and in the surrounding areas, of the property you are buying.

Land registration fee

This is the cost of registering the land under your name, and varies depending on the price of your new home. The prices for this year are as follows:

 

Property price            Land registration fee

£50,001 to £80,000 …  £20

£80,001 to £100,000 … £40

£100,001 to £200,000 … £95

£200,001 to £500,000 … £135

£500,001 to £1 million … £270

Over £1 million … £455

Stamp duty and tax

The Inland Revenue will tax you a certain amount, depending on the price of your new home. The percentages are as follows:

 

Property price              Percentage

£125,000 – £250,000 … 1%

£250,001 – £500,000 … 3%

£500,001 – £1 million … 4%

£1 million – £2 million … 5%

Over £2 million … 7%

Conveyancing fees explained for buyers

Contact Us

If you are interested or require any information on any of our services then please get in touch for an appointment on:

 01925 571 212
Mon-Fri: 9am - 5pm

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