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Web-based conveyancing – Things you need to know

Johnwdavies427 25-Apr-2019

What is conveyancing?
Conveyancing, performed by a licensed conveyancer or solicitor, is the legal work involved in transferring a property from one owner to another.
What does conveyancing mean?
•    There are various strands to Conveyancing in South Wales but ultimately, it is a system of checking that the transaction is legal and, for the buyer, that there are no hidden issues with the property.
•    The primary objective of the conveyancing process is to make sure a buyer is buying the house they think they’re buying – That’s it!
Why your bill may vary
The amount of your bill will depend on various factors including:
•    Property value – many conveyancing firms (ones stuck in the past in our opinion) still charge a percentage or a fee based on the value of your property – Avoid!
•    Property tenure – conveyancing costs an extra £50-£250 more when buying a leasehold property due to the extra legal paperwork involved.
•    Disbursements – if extra searches are required (eg. if you are in a mining or flood risk area), this will cost more.
•    Indemnity Insurance – in some cases you may not be able to find essential paperwork such as guarantees or permissions, requiring either the buyer or seller to purchase an insurance policy to protect you if the missing paperwork becomes an issue.
Get conveyancing quotes for Newport: What you need to know
A conveyancing quote should consist of two parts:
•    The Basic Fee – This is the legal company’s fees for their conveyancer’s or solicitor’s time.
•    Disbursements – anything which they pay to outside agencies on your behalf, such as search fees, stamp duty etc. Really, they should be roughly the same from one conveyancing quote to the next.
How much are Disbursements?
The common disbursements you’ll encounter are:
•    Land Registry office copies (£4-£8 per transaction, ie one for buying, one for selling).
•    Telegraphic Transfer fee (£20-£30 per transaction, ie one for buying, one for selling) – only payable on amounts of £60,000 or more as lower amounts can be sent free of charge via BACS.
•    Bankruptcy search (£2-£4) – if you are buying with a mortgage.
•    Local authority searches (£100-£200) – this varies according to authority, so providing a postcode will allow the legal company to give you a more accurate quote.
•    Drainage search (£30-£40) – this varies between water companies.
•    Chancel Repair Liability search (£10 + VAT), to check if you are liable to pay towards the upkeep of the parish church.
•    Environmental search (£30-£35 + VAT) – to check for land contamination.
•    Location specific local searches (£40-£70 per search) – depending on the location of the property you are purchasing, additional searches may be required, such as mining. Make sure these are included in the quote by checking with your legal company as soon as possible.
•    Land Registration Fee (£40-£700) – this depends on the value of the property you are buying. Fees are detailed here.
•    Stamp Duty Land Tax (SDLT) – this should be calculated automatically and included in your quote. Find out what you will have to pay here.



Updated 27-Apr-2019

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