If you are purchasing a house, consult a conveyancing service for help with the legal transfer of the property. The process of buying a home is simple in theory, but there are countless real estate law issues that must be addressed. If you are not familiar with these legal specifics, you could suffer significant losses or fall into legal trouble. A professional will help you address the technical issues of home purchase, ensuring smooth property transfer. Still, most buyers are concerned about the financial implications of the legal process. If this consideration is your worry, use these tips to plan for the costs incurred during conveyancing.
Discuss Legal Fees
When choosing a conveyancer, you should inquire about their legal fees. In general, these legal professionals have a clear approach to charging when handling property purchase cases. For example, some will calculate their fees based on the number of billable hours spent. If this is the charging approach, inquire about the calculation of the time, the base rate for each hour and the projected period taken for similar cases. Moreover, ask about any upfront fees. If the conveyancer would like to charge for the entire process as one complete amount, check the fine print in case of unexpected complexities.
Plan for Searches
The fees charged by conveyancers are for their professional services. If other charges related to your home purchase process are incurred, you will be responsible. The primary source of additional charges during conveyancing is the legal property searches. The conveyancer will need to reach out to different authorities or government services to verify details of your property. For example, they will need to check on flood risks, past usage, pollution, mining activities and even easements. Each of these attracts a small fee, so you should inquire about it for proper budgeting. The cost of searches is usually standardised, and you can verify the information with relevant authorities.
Calculate Rates
The purchase of a house attracts some additional charges from the government during the transfer of ownership. These taxes and rates are your responsibility, so you must account for the additional expense. Calculate all the potential adjustments with your conveyancer, and find the final cost of buying your house. Moreover, check on additional fees for issues like applying for a land certificate, and include them in your projected budget.
Finally, discuss the specific payment process for the amount. The conveyancer can help you manage the house purchase money by depositing it in a trust account until the transaction is complete.
Share29 October 2021
My dad died when I was still pretty young so it's been a big surprise all the stuff I've had to do to sort out his estate. I'm an only child and my folks divorced when I was a baby so most of the work fell to me. He was kind of disorganised and grumpy, but at least he'd spoken to his lawyer and got a proper will drawn up which saved on confusion at a tricky time. If you are a young person dealing with the estate of a deceased parent, this blog is designed to help you navigate the legal processes.