Conveyancing made simple
Conveyancing is the name for the legal process of transferring the ownership of a property from the seller to the buyer. Any solicitor can act as a conveyancer, but there are also specialists who concentrate just on this area of the law.
Put simply, the process not only ensures that you become the legal owner of the property, but also confirms that the seller is the legal owner entitled to sell it to you.
You don’t need to understand all the legal ins and outs of buying a home –that’s what your solicitor is for. But knowing more or less what should be happening and when will give you a better idea of whether everything is going smoothly – or not.
How much?
Costs vary, but on average your conveyancer or solicitor will charge fees of between £400 and £600 plus VAT. There will also be disbursements on top. These are expenses they incur on your behalf, such as fees for local authority and Land Registry searches. You will probably have to pay some money upfront to cover these costs. Before choosing a conveyancer or solicitor call a few and ask them to break down the costs so you can make a comparison.
Stamp Duty
You will also have to pay stamp duty if your property costs more than £125,000. This is charged at:
- 1% - from £125,001 to £250,000
- 3% - from £250,001 to £500,000
- 4% - above £500,001
- Telephone: 01443 209 436
- Fax: 01443 841 723
- Address: Suite 7, Greenword Drive, Llantwit Fardre, Nr. Cardiff, CF38 2LJ
- info@mortagefinancial.co.uk
