Conveyancing means transmitting legal ownership from one to another. It is legal definition of conveyancing. In other words, conveyancing is the legal processes, activities and procedure of selling and buying properties, houses and any property assets. Conveyancing can be done by oneself without any help of other media. But in this advanced era of technology and developed lifestyle, most of the buyer and seller contact with a conveyancer to buy a property or to sell their property. Conveyancer is a person who has legal knowledge and expertise in this specific sector and legal works. As DIY Conveyancing takes a lot of time and pushes extra work loads, everyone prefers to contact with a conveyancer to minimise the stress and loads, at the same time sell their property.
If you are not doing your own conveyancing then you must spend some dollars when you hire a professional and licensed conveyancer. The cost of conveyancing is very tough to specify or estimate. We just can give an approximate idea of the costs that occur in conveyancing. There are always some variations as the legal complication of the property is concerned.
So when working on your conveyancing budget you must keep in mind some most common and certain sectors. If you assign a conveyancer for buying or selling of your property or house, then there will be a basic fee of the conveyancer. It may range from £300 to £1,200 + VAT. You may find some conveyancer that will keep a fixed charge against their service, but there are some firms which can charge you accordingly the price of your property. So you should determined your priorities and ask your conveyancer about their pricing strategies. You should also keep a draft of the contract where the fee is mentioned. Then to ensure you legal title over your property you need land registry office copy which will cost you £4 to £8.
When you are up to buying a property you will also have some search, queries and verification costs. There is a list of searches that your conveyancer may do for you. Bankruptcy search determines if the seller of the property has recently gone bankrupted, which will cost about £2 to £4. Then, Local Authority Searches may cost £100 – £200. Environmental search is important to ensure the condition of the land you are buying. Contaminated land may harm you in the long run. The cost range of this search is £30 to £35. There is also drainage search, chancel repair liability search, location specific local search which you need to take into account when making your budget.
Land registry fee is another basic cost that you need to spend when buying a house or property. This may range from £40 to £700. There is also telegraphic transfer fee which comes along with registry fee and will be charged by your bank. Stamp duty land tax is charged according to the value of your property. Some of the conveyancing quotes don’t include stamp duty tax in their quote. But you have to pay the stamp duties eventually. So it is very important for you to check the percentage of duty and make a room in your budget for stamp duty. There are some surveyor’s fee, other legal fee, and estate agent fee and removal costs that you need to consider when making your budget.
Choosing conveyancer is a big step which can affect your cost of conveyancing. You should always keep in mind that a proper conveyancer can reduce your cost of buying or selling property and also make your conveyancing experience a pleasant one.