Conveyancing Fees: What You Really Pay For

Conveyancing Fees: What You Really Pay For

Once you have agreed to an offer to sell your house, you need a conveyancer to transfer legal ownership. They will take care of responsibilities such as transferring title deeds, local authority searches, and land registration fees.

They take care of all the paperwork that is necessary to transfer property ownership. Since the process is tedious, many firms have started relying on the internet to produce online conveyancing quotes. They also maintain a platform that allows them to access your information any time of the day.

In their quote, you can expect the following costs:

The solicitor’s fee

This is the money the conveyancer gets for their labour and time. It also covers costs incurred as they process the paperwork. When the property you are selling is leasehold, you should expect to pay more. This is because they come with more work for the solicitor.

Land registry office papers

Imagine you paid money for property and got a title deed. You started to develop it, but then someone showed up claiming that the land is theirs. It turns out that the person who sold you the land did not even own it.

A solicitor should have in your quote the charges they will incur as they confirm that you are the registered title deed holder to prevent fraud.

Telegraphic transfer fees

This charge appears only in specific situations. If you have a redeemable mortgage past a certain amount, depending on location-specific regulations, then you can expect this charge. If your redeemable mortgage is below the limit, you redeem through a free clearing system with your bank.

READ  Survey: More Australians Expect to Gain from Lower Home Prices

For the seller, the conveyancing process is less demanding than it is for the buyer. However, steps such as comparing the quotes among different firms are equally important. That way, you make sure that you are not ripped off.