Whether you are buying or selling your home, there are unfortunately a number of fees that you may be required to pay. There is of course our fees for doing the work, which will vary according to the complexity of the transaction and the person dealing with the sale or purchase of your property will be happy to discuss our charges with you.
The other fees that you will have to pay (which we often call disbursements) are for services by other organisations, so that you can be sure that any property that you are buying is a sound, and a safe investment. Some of those fees are set out below, and you will probably have to pay for some, but not necessarily all of them. It frequently depends on exactly where the property you are buying or selling is located! For a full list of the fees that you will have to pay to complete your transaction, speak to the person dealing with your transaction.
Local Authority Search - This is a list of questions about the property that we send to the council. The search will reveal for example whether any Planning Consents have been granted for the property, whether it is a listed building or in a conservation area, whether it is served by publicly adopted sewers, drains, and roads. It might well be very unwise to buy a property without a satisfactory local authority search, and if you are having a mortgage to help you buy the property, the lender will probably insist that we get one. The cost of obtaining this search varies between Councils from about £70 to about £200 depending on the exact location of the property that you are buying.
Bankuptcy Search - If you are buying with the help of a mortgage, your lender will insist that we make a search to ascertain if you are, or ever have been, bankrupt.
Environmental Search - This search will reveal whether or not your new home has been built on an old rubbish tip or other contaminated land and what steps have been taken to clean it up!
Land Registry Search - By the time we get to completion of your purchase, we will have seen a copy of the deeds to your property, issued by the Land Registry. Just prior to completion of the purchase we will need to do a Land Registry search to check that nothing on the deeds has changed since the copy was made. The Land Registry charge £4.00 for this search.
Land Registry Fee - The Land Registry keeps records of who owns what land in England and Wales. We must register details of your purchase with the Land registry after completion in order to keep their records up to date.
Stamp Duty Land Tax - Stamp Duty Land Tax is a type of tax and is paid to the Government. It is only payable if you are buying a house for more than £125,000. There are however, some areas in England and Wales where Stamp Duty Land Tax is either reduced or completely remitted!
Bank Transfer Fee - This is a fee charged to us by the bank for sending the money through the banking system on the day of completion.
Office Copies - We need to obtain a copy of the title deeds to the property being sold, to ensure that they agree with the copies that will be sent to us by your mortgage lender.
Mortgage Redemption Fee - If you have a mortgage on the property that you are selling, we will need to arrange for the repayment of the mortgage.
Mortgage Fee - If you are buying your new home with the aid of a Mortgage, we will have to give you advice on the terms of the mortgage and we will also deal direct with the lender when it comes to releasing the money. The mortgage will have to be registered on behalf of the lender and we will do that too!
Other Searches - Whoever is dealing with your matter will also discuss with you whether it might be wise to make other searches for information about your property, for example, we can find out the location of sewers, of underground railways, underground or overhead power or telephone lines, dangerous substances, canals, nuclear installations and the list goes on......