When you receive a conveyancing quote from a solicitor it'll be made up of two parts: the basic fee and a list of disbursements. The basic fee covers the solicitor's time and knowledge. Disbursements are fixed costs incurred by the solicitor and passed onto you to pay directly. They typically revolve around statutory checks and tasks the solicitor has to perform that incur a charge from a third party provider.
If you're in the middle of your conveyancing process, or are about to instruct a solicitor and want more of an idea of the disbursements they will be passing onto you, please carry on reading.
Bankruptcy search - before your mortgage lender will provide you with finance they need confirmation you haven't been made bankrupt recently. If you have there's a possibility you may default on payments. This check is a formality of the initial conveyancing searches, known as pre-completion searches or priority searches.
Local authority searches - these searches protect you from council plans that affect your property up to its legal boundaries. The cost of these will vary depending on which Borough your property resides in. These searches are designed to protect you from council plans that may affect your property in the time after you've moved in.
Environmental search - this important search checks for ground contamination in close proximity to your property. If it is found you may be liable for it even if you haven't caused it.
Land registry office copies - another priority search, this confirms the seller owns the property you are trying to buy, and helps ensure you don't run into legal difficulties further down the road.
Telegraphic transfer fee - your bank charges this fee, which covers the cost of electronically transferring the finances for the house to the seller's conveyancing solicitor.
Land registration fee - the cost of this depends on the overall value of the property being bought.
Local searches - you may not require any location searches as they are dependent on where the property is based, and may include checking for the presence of coal mining and limestone mining.
Drainage search - this is a formality to ensure the property is connected to both fresh water and black water supplies. The cost is dependent on the water company servicing the area.
Chancel repair liability search - the location of your property will determine if you are liable to pay a contribution to the upkeep of the local parish church.
Stamp duty - all buyers pay stamp duty based on the value of the property being purchased. It varies between 1% and 4%.
If you need more conveyancing information, please log on to reallymoving.com to browse our comprehensive conveyancing quotes section, filled with useful advice that'll help your house move go as smoothly as possible.
Jamie Lawrence is a contributing writer for Reallymoving.com, one of the UK's leading moving house quotes websites.
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