Glossary
Legal Fee
How much the firm is going to charge you for doing the job. Most firms charge an extra fee if you are buying a leasehold property as this requires extra work in understanding the lease itself. Necessary Extras that most firms charge on top of their own fees.
Land Registry Fee
This is the charge for registering your ownership with the required government department HM Land Registry.
Title Plan
This is usually a birds-eye map showing the property, normally outlined in red and confirms the land and property you are buying.
Searches
All solicitors or conveyancers are required to perform various searches on the property, its surroundings and the utilities provided. Typically these are; Land Registry Search - A fee for checking your seller has the authority to sell you the home.
Land Registry Search
A fee for checking your seller has the authority to sell you the home.
Local Authority Search
Showing any land and potential building works nearby currently in planning amongst other things.
Environment Searches
showing any local issues including contaminated land or flood risks that may affect your ability to insure the property.
Water & Drainage
To ensure your property is connected properly to local mains services and sewers, locations of nearby drains etc. Other charges and costs
Telegraphic Transfer Fee
The fee for transferring the money from you or your bank to the seller. Also for paying off an outstanding mortgage if you are selling as well.
Ecos Fee
Many firms use a friendly portal where you can upload documents and records directly to your solicitor or conveyancer to save time.
Stamp Duty Return
Your solicitor or conveyancer is required to file a return to HMRC to confirm the details of any Stamp Duty you have to pay. If you are not required to pay any stamp duty then keep an eye out for this charge as it will need to be removed.
Protect your purchase from Gazumping by using a Reservation Agreement. Contact us at info@gazeal.co.uk for more information.
