Why Use a Conveyancing Solicitor to Handle the Closing Costs of a Property Sale?
One of the most important aspects, and potentially biggest headaches, of selling or buying property is conveyancing. This is when the title of the property is ‘conveyed’, or transferred to the new owner during ‘closing’. Legally, this is when the sale becomes final, the property is paid, the fees are paid, and the solicitors file the papers with the land registry.
The cost of filing all the legal papers can range widely between solicitors, and can become more expensive if not done properly. Therefore, before making any commitments, conduct a conveyancing solicitors comparison.
Associated Sales Costs
Although conveyancing is paid at the end of the transaction, when the sale is being finalized, there are some associated costs which have to be paid before the property is sold. These include a mortgage valuation, survey and broker fee. These fees are left to the conveyancing solicitor to track, check and handle.
Other fees are paid to finalize the sale. Closing fees typically range from two to five per cent of the total property price. They include the land registry fee and the conveyancing fee itself, as well as other completion costs. These include any additional service charges such as inspection fees for pest control, and appraisals, where a surveyor appraises the market value of the building. Paying the land registration office finalizes the documentation part of the transaction.
Payment of the completion costs allows the new owner to move in after all the buyer side payments are made. The completion costs apply for both renting and buying a home. The main difference for renting is that the additional service charges, ground rent and upkeep.
To navigate the maze to owning your property, check the costs of conveyancing as charged by different solicitors. Conveyancing fees will always be charged, so it pays to find the lowest price.