What Makes Up the Conveyancing Fees?

conveyancing property investment analyst

Conveyancers undertake the process of transferring legal identity and ownership of property from a person, a trust or a company to another. By dealing with all the legal aspects surrounding the sale and purchase of property, they make the whole process easier and hassle-free for both the seller and the buyer. That said, take a look at the breakdown of what makes up your house conveyancing costs.

Anti-laundering checks

Anti-money laundering regulations have put in place checks meant to verify your identity. Your details, normally an ID, are submitted to an online company to confirm that they match up with other independent sources. This exercise costs between 6 to 20 Euros for locals. People living abroad and foreign nationals require more detailed and expensive anti-laundering checks.

Searches

These give you room to collect critical data on the property that you want to purchase as well as the surrounding area. Although there are many searches you can conduct, the three most important ones include environmental search, drainage search and local search. You may also be interested in the planning search to see the type of development scheduled for your area.

Telegraphic transfer fee

Mortgage companies demand that transfer of funds be done using a telegraphic transfer. The reason behind it is that this mode of transfer gives a guarantee that funds will be remitted on a particular day. If you are purchasing, the money is sent to the seller’s solicitor, and if you are selling, the money is transferred to your bank account to redeem your mortgage.

Your conveyancer should guide you and give you an accurate figure according to the information you have provided them. Ensure that you always get the full breakdown of the costs so that you can easily compare quotes. With the money, sensitivity and time involved, ensure that you get a professional to help you with the process.