The conveyancing scene in London is not pretty. London solicitors are infamous for providing slow and unsatisfactory services and immerse you with costs that are tall enough to reach the sky. But not to lose hope, this article is in place to educate you about the conveyancing costs in London-
Solicitor’s fees: Solicitors usually stay in contact with their clients at all times which gives them the opportunity to charge high fees. However, the UK government has decided upon a fixed price for a conveyancing solicitor’s work. According to them, your solicitor is allowed to charge you £350-500 for his services.
Search costs: your solicitor must carry out a few searches before getting started with the paperwork or any legal proceedings regarding the title change. These searches include drainage and mining search, environmental search, local authority search, land registry search and chancel repair liability search. The drainage search costs £45 which is done in order to determine if property’s drainage system is in good shape. The mining search is likely to cost £250. An environmental is required to find out if there has been any environmental pollution or violation caused by local firms and industries which costs about £50. A local authority search costs £40-300 depending on what they are searching. Local authority searches are done to establish whether any complaints were made against the property with local authority. Land registry searches are done after registering the buyer as the new owner of the property and to make sure that the buyer has priority over any attempts to change the state of the registration for at least 30 days. Land registry search costs about £3. Another type of search that your solicitor would only be a fool not to carry out is a chancel liability repair fees which often can turn out to be a burden for you once you become the legal owner of the property if you have not known about in the initial stages. The search is conducted to determine whether you are liable to pay for the repairs of the local church and it costs only 10£. Your solicitor may ask for an additional £40-180 for making these searches.
Land registration fees: It costs about £250 to register your name as the new owner. Also, the document that pronounces you as the rightful owner costs £6-12.
Telegraphic transfer charges: If you’re the buyer, this is the money you have to pay to the bank for making the transactions from your account tothe seller’s account. The charge is £40.
VAT: Conveycing agencies charge VAT on their services which changes with the passage of time. Check with government’s price scales for the rates.
Stamp duty land tax: This is fixed by and paid to the government. The rate of the fees rises with price of the property.
Mortgage fees: Regardless you are a buyer or a seller, if the property has a mortgage attached to it, it will cost you £50-75 to pay off the lender. Your solicitor will do it on your behalf.
Bankruptcy fee: You won’t be able to pay off your mortgage loans if you are bankrupt ultimately making the conveyancing deal to fall through. That is why your solicitor will carry out a bankruptcy search which will cost you £2.
Hidden costs: This is the kind of cost that you must try to avoid incurring. Hidden costs are often given the name of disbursements and inflate your bill to the point that you can only imagine. These can come in many forms but the most common are- photocopy charges, phone calls etc.