Conveyancing Terms

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Conveyance Fee

What is a Conveyance Fee ? This fee is charged by a Solicitors firm or licenced conveyancer. There is a fee charged by the firm for the work they carry out for the sale or purchase of your property.The fees are basically spilt into two types of fee; the fee charged for the work carried out and an additional charge known as a dispbursement. The dispbursement is a charge for additional requirments such as local searches,bank transfer fees and in some cases lenders will charge to settle a mortgage.Always be sure to find out the full cost of the transaction, some firms offer what looks like a low base fee but the final cost of your transaction will be alot higher.Once you have instructed your chosen conveyancer the firm will normally ask for monies on account,these monies will be deducted form your final bill at the end of the transaction, if purchasing a property some of the funds will be used to order the searches normally including a local authority search, water and drainage search and an environmental search.

The solicitor has to liaise with the buyers or sellers solicitor and also the bank or building society to ensure all the legal documents are correct, they will often raise enquiries to the other side and the solicitor will answer any enquires raised.The solicitor will send you a contract that will require your signature, this contract will be prepared by the sellers solicitor.Once the solicitor on the other side  has answered the enquiries and the searches have been received and your solicitor has recieved confirmation from the bank regarding your mortgage offer you are ready to set a date to complete your transaction, it is normal to exchange contracts and complete the transaction a week or even two weeks later.

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