Conveyancing fees are the legal fee that you pay for buying or selling your property. Conveyancing fees include the amount you will pay to the Conveyancer or Solicitor for their legal services. In addition, conveyancing fees include the amount that is paid to third parties (these are often called disbursements). Third party payments are for things such as the cost of searches, Land Registry Fees and Stamp Duty.
Costs and Fees
The legal costs for buying or selling a property can vary for lots of reasons. This might be due to the location of the property (where extra searches and checks may be required), the price you are paying and if the property is freehold or leasehold. When getting a quote make sure you give as much accurate information as possible and ensure there is no small print or hidden fees for things like bank charges and acting for your mortgage lender. For a transparent quote with no hidden fees click here.
Disbursements are charges payable to third parties as part of the conveyancing process. These include things like Searches, Land Registry Fees and Stamp Duty. The payments are paid to your Solicitor or Conveyancer who will make the necessary payments on your behalf throughout the course of the transaction. If you receive a quote for conveyancing you should check to make sure it includes all third-party payments that will be paid by the Conveyancer on your behalf.
Here at Lets Move Conveyancing we ask for a small upfront payment on your sale and purchase which will cover the cost of our initial checks and enquiries to get things underway for you. Our Legal Fees together with payments for larger items such as stamp duty and Land Registry fees are payable at the point a completion date has been agreed.
We can confirm that if your sale or purchase does not proceed then you would not be responsible for legal fees for dealing with your transaction. Please note that this does not include the Legal Fees for carrying out Identification Checks or Source of Funds checks for either you or any donor. You would also be responsible for any payments made on your behalf for example the cost of searches and Land Registry fees.
Stamp Duty Land Tax (SDLT) is a tax on land and property purchased in England and Land Transaction Tax (LTT) is a tax on land and property purchased in Wales. The tax is paid on completion by your Conveyancer or Solicitor directly to HM Revenue and Customs or the Welsh Revenue Authority. Stamp Duty is paid by the buyer of property.
The amount you pay depends on things such as the purchase price, if you are a first-time buyer or if you own more than one property. Stamp Duty is one of the biggest expenses you will have to pay when buying a property so you should ensure that you have taken this in account when calculating your finances. Check the amount of Stamp Duty Land Tax payable at https://www.gov.uk/stamp-duty-land-tax for properties in England or at https://gov.wales/land-transaction-tax-calculator if you are buying a property in Wales.
If you are a first-time buyer paying £300,000.0 or less for a residential property in England, then you will not have to pay SDLT. If you are buying in excess of £300,000.00 and up to £500,000.00 then you would get a reduction equivalent to £5000.00. If you are buying a property in Wales, there is currently no relief from Land Transaction Tax for first time buyers.