A Breakdown Of Conveyancing Fees

If you are buying or selling a property, you need to use a conveyancer to handle the legal side. Of course, all conveyancers will charge a fee for their services. But what exactly do those fees cover? Let’s take a look at a breakdown of charges and costs.

Conveyancing Fees When Selling

If you are selling a property in the UK, you will find your conveyancing fees cover the following:

• The Legal Fees
• VAT
• Disbursements

Legal Fees

The legal fee means the charge for the time the conveyancer spends working on your transaction. It also includes a mortgage fee if you have a mortgage on your property.

VAT

VAT or Value Added Tax is a tax that is added onto the price of the service.

Disbursements

Disbursements is a word used to refer to several additional costs that you need to pay when selling a property.

They include:

• Office copies: These are official copies of the Land Registry documents for the property.
• The Telegraphic Transfer of the purchase price: The money is sent electronically and a fee is charged for this.
• Anti Money Laundering Data Link Posting (this is charged per person): all conveyancers must now ensure they are running anti money laundering checks on clients.
• A lawyer check: This confirms the other party’s legal team are reputable.
• File storage: Conveyancers must keep all their clients’ files for at least six years.
• Legal Biometric Identification Data Link Posting (this is charged per person): This checks and confirms you identity.

Conveyancing Fees When Buying A Property

If you are buying a property in the UK, you will find your conveyancing fees cover the following:

• The Legal Fees
• VAT
• Disbursements

Legal Fees

Again, just as with selling a property, the legal fee means the charge for the conveyancer’s time. If you are taking out a mortgage to buy the property, a mortgage fee is included too.

VAT

Value Added Tax is always added onto the cost of legal services.

Disbursements

There are several items included in the overall disbursements cost.

They include the same costs as for a sale:

• Office copies
• The Telegraphic Transfer of the purchase price
• Anti Money Laundering Data Link Posting (this is charged per person)
• A lawyer check
• File storage
• Legal Biometric Identification Data Link Posting (this is charged per person)

As well as some specific costs solely for purchases:

• Local Authority Searches: This checks all of the local authority’s information about the property including planning permissions.
• Land Registry Search: This checks who owns the property as well as any restrictions or charges on it.
• Bankruptcy Searches (per person): This checks whether a bankruptcy order has been made.
• SDLT (Stamp Duty Land Tax) processing: This is the fee to process the VAT payment.
• Land Registry Fee: This fee is paid to the Land Registry to change the property’s legal owner.
• Stamp Duty Land Tax: This is a tax paid to the government when buying a property.

Conveyancing Fees When Buying And Selling A Property

If you are selling one property and buying another, you will need to pay both sets of fees. That means you will need to cover all of the disbursements for both a sale and a purchase.

To get the best quotes for conveyancing fees, visit Conveyancing Supermarket and enter your details. We can help you get the best deal for you.