Tuesday, 14 July 2009

Property purchase legal costs

Different solicitor/conveyancer will charge differently sometimes in their fees, sometimes in their other costs, so have a look at several quotes when you are thinking of purchasing a property.

For property purchase, the solicitor/conveyancer fees and charges include the following:
  • Legal service fees
  • Mortgage costs
  • Leasehold administration
  • Stamp duty land tax return
  • Telegraphic Transfer fee
  • Land Registration fee
  • Stamp duty land tax
  • Possible other miscellaneous fees
Also there will be searches costs, but depending on the Seller's HIP (Home Information Pack), which should have done most of the searches for you therefore if they are still indate and valid you won't have to pay to redo them.
  • Local search £90.00
  • Bankruptcy search £2.00
  • Land registry search £4.00
  • Coal minining search £39.00
  • Drainage search £42.50
  • Home environment search £41.95
Usually the solicitor fees is about £350 to £450 (includes VAT) up north, more expensive if you are in London where once i got charged around £700. The searches should be around or under £200. And the overall cost should be between £500 to £800 for a normal house purchase, plus the stamp duty tax.

As well as costs, you should also look at the quality of their service, because some will make the whole purchasing process a lot easier for you. They can update you regularly, be very active to highlight and chasing items of concern, send you all the documents you should have and reply very quickly to your enquiry. Best to get recommendation from people you know who have used a good solicitor or conveyencer.

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