Your Quote Explained
The legal fee quoted above is for the Conveyancer to do the legal work for your sale and/or purchase.
These are costs that the Conveyancer may have to pay to other organisations to enable you to move. These expenses and variable charges are estimates and may vary depending on the location of your property or any specialist lender requirements (e.g. Buy-to-Let). The Conveyancer will keep you informed of any additional expenses.
The mortgage fee (where applicable) is the Conveyancer’s administration charge for dealing with any mortgages registered against the property you are selling, or for any new mortgage you are obtaining on your purchase property.
The leasehold fee (where applicable) is the Conveyancer’s administration charge for dealing with third parties, such as the Managing Agents/Landlord or owners, as well as buyer or seller’s solicitors. There is a lot more work involved when dealing with a Leasehold property.
This is the fee the Land Registry charge to transfer the registered title into the name of the new owner. The fee quoted may increase if the Land Registry’s electronic document registration service cannot be used (e.g. on new-build properties, new leases, unregistered land).
This is a Government Tax on land transactions. The SDLT shown is based on the information provided at this stage. If you proceed you will be asked to declare whether the transaction attracts standard or higher rate tax, or whether you are eligible for relief or discounted rates and, if necessary, revised calculations will be provided.
A Search Pack in the purchase quotation includes the Personal Local, Drainage/Water, Environmental searches and provision for Chancel Repair Liability.
This is the Conveyancer’s administration fee for filling out the SDLT form on your behalf. The Inland Revenue requires this to be filled out on all purchases in England and Wales, regardless of whether stamp duty is payable.
Electronic Money Trans fer fee (TT)
This ensures monies are received securely. TTs are used to redeem a mortgage on a sale, to pay the seller’s solicitors on completion day and also to pay stamp duty.
In order to comply with money laundering legislation and the requirements of the Conveyancer’s regulator we have to independently verify each client’s identity.