If you are looking to sell or purchase a property, you need to browse and look at the extensive range of essential legal requirements that must be met for the submission and chained transfer of its ownership from one legal person or entity to another potential entity. This type of work is called conveyancing and the process often accompanies a significant cost and requires some substantial knowledge to ensure the ease of process.
Understanding the concept of conveyancing
Conveyancers are a group of qualified professionals who are experts in various aspects of property and estate dealings. In addition to the transferring of ownership, an individual or group of conveyancers prepare and lodge all essentials documents that are required to complete the process of any property transaction, which includes the contract of sale and transfer of any land documents. With that, the most essential step is conducting all vital searches to reveal or foreshadow any information that could change or un-change the dealing of any property.
For instance, the group will look at planning restrictions to figure out any existing restrictions in the regulations that could affect any change in a property's value, irrespective of any government authority which has portrayed interest in the land or fighting for the approval of any land.
One should understand the fiddly business of property dealings. The scope of acquiring, selling or transferring the property from one entity to another is sometimes steeped in many processes and laws. Many times, the average person doesn’t have enough or any of the required skills and time to decipher and follow these processes thoroughly and ensure the security of the property – so, sometimes a person, firm or corporation pays a professional conveyancer and hires them to help with this process.
The most important question is: how much should one be paying for the services of a conveyancer and what other factors does it involve?
To understand the concept and ease you stress, ask a real estate agent to go through a thorough explanation of the process and get a list of recommended conveyancers. To get a list of agents and conveyancers, you can contact us or visit our website to quickly get the solution to your crisis – Edenkinglawyers.com.au
All about conveyancing fees
Conveyancing fees cover the basic amount that one pays to ensure all processes as well as the legal side of a property dealing or house sale are handled correctly. Conveyancing fees can be split into two substantial steps: legal fees and process of disbursements.
How much are the legal fees?
The legal portion of the conveyancing fees bill covers the work done by the conveyancing solicitor themselves. Conveyancing fees do vary but are typically between $900.00–$2000.00 along with the cost of disbursements and the legal fees for the leasehold of the property. The table below sets out the typical costs for disbursements you can expect to pay.
Understanding the main disbursements
Anti-money laundering checks: These legal checks will verify your identity and are likely to be done by an online company. One can expect to pay extra if living abroad or a foreign national. The cost of an anti-money laundering check is $11.00–$40.00.
Title deeds: If one is selling a property, they need to get a copy of the title deeds, which is most likely held by the Land Registry. Be warned that the cost of leasehold properties is higher than freehold. The cost of getting the title deeds is $20.00.
Searches: If one is buying a property, permission is needed from the local authority, such as a drainage search, an environmental search and a planning search if one needs to find out about any development planned nearby. Local authority searches range from $200–$400.
Property fraud: One needs to check that the lawyer’s money is from a real company. Property fraud checks are $20.00.
Transferring ownership: One needs to pay the Land Registry a fee for transferring the entity’s name with the buyer’s name on completion. The cost of transferring ownership is $350.00–$550.00.
Telegraphic transfer or bank transfer fee: One needs to use a telegraphic transfer to guarantee funds reach an account on a certain day as requested by the mortgage provider. The solicitor will charge a fee for performing the transfer, plus the bank’s charge. Bank transfer fees are $20.00–$60.00.
Stamp Duty Land Tax: If you’re buying a property worth more than $600,000.00 you may have to pay stamp duty. However some exemptions can apply.