Conveyancing: What are the Costs?

Real estate agent in front of a houseWhen in the process of purchasing a home, everybody will be talking to you about conveyancing quotes comparisons. However, the big question remains, what are the numbers you need to compare?

If you are purchasing or selling a home, you will require a conveyancing solicitor or a conveyancer who will handle the legal part of the entire process. For you to find cheap conveyancing, look at the solicitors fees and how much you expect to pay in each step of the process.

Anti-Money Laundering Investigations

These are mandatory legal investigations set by the anti-money laundering regulations that are meant to verify your identity and clear you of money laundering. Often an independent online company verifies your identity. They match your identification details with various independent sources.

If you are a UK citizen by birth and living in the country, it will cost you approximately £6 to £20 However, if you are living abroad, or a foreign national, detailed checks will be needed and might be more expensive.

Proof of Ownership

You must prove that the home you are selling is indeed yours. As such, you will need to provide documents including copies of the title deeds and the plan for the lot. These documents of ownership should cost £6 each, and each additional document about £3. However, a title deed for a leasehold property will approximately cost £25 to obtain.

Searches

Conduct a search that has critical information about the piece of land that you are purchasing, as well as the area surrounding it. A minimum search comprises an environmental search, drainage search, and a planning search to check items such as mining and farming. Search costs depend on the local authority, but the approximate cost is £250 to £450.

While the above highlight the most common fees associated with home purchasing, there can be more additional costs specific to a particular property. For instance, if a seller lacks the building regulation certificate for the already installed double glazed house windows, you will need an insurance policy for the same. Check with your conveyancing solicitor on what you need to complete when purchasing or selling a house.