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How Do Conveyancing Solicitors Charge Their Clients?

By Albert McGhee / Published on Friday, 29 Jun 2018 01:00 AM / Comments Off on How Do Conveyancing Solicitors Charge Their Clients? / 1241 views

For sale signConveyancing fees for buying and selling properties in the UK depend on different factors, although any person should know what they pay for when asking for quotes, notes Conveyancing Supermarket.

You can divide the charges into two categories, which are the legal expenses and the disbursements. When choosing a conveyancer, it is important to hire someone who can answer your questions based on these two aspects.

Where Your Money Goes

Disbursements comprise expenses that your conveyancer or solicitor has to pay to third parties. A verification of your identity will be required via anti-money laundering checks, which may cost up to £20 for locals. You may also need to pay around £10 for a property fraud fee. For sellers, prepare at least £6 to procure the basic set of documents such as title deeds from the Land Registry.

On the other hand, buyers should be aware that they will have to pay a stamp duty land tax for properties that cost more than £125,000. It may cost at least £100 more for those who plan to buy leasehold properties.

Choosing a Conveyancer

It makes sense to be selective of conveyancers since fees can be quite expensive. The Council for Licensed Conveyancers (CLC) advised property buyers and sellers to check a company’s regulatory status. This is particularly important when the involved property is tied to a mortgage.

If you narrowed down the list to two conveyancers yet you still cannot decide, the CLC said that you should choose the company with a better service in your opinion. You are going to spend money one way or the other, so what better way to do so than spend it on a more competent firm.

Conveyancers and conveyancing solicitors will each have their own rates for certain transactions. Before signing a deal, you should consider taking a quick look online to compare rates and find the best deals for your budget.