Conveyancing fees for buying a house include various searches that must take place in order for a mortgage to be awarded. Without the results of these searches, it will be virtually impossible to buy a property if you need to borrow money to do so.
What are local authority searches?
The local authority searches that conveyancing solicitors must carry out as part of the house buying process are wide ranging and cover a number of different aspects of the property and the surrounding area. Your conveyancing solicitor will contact the local authority and request that searches are carried out regarding, for example, any conservation that is happening in the area (and particularly on your potential new property’s land). They will also check to see if there are any future developments planned and any pollution issues that have been noted which could affect the property that you intend to purchase.
These searches are essential in order to satisfy your mortgage lender’s criteria of only lending money on property that they can see making a return on their investment.
No one is going to lend anyone anything if the property is due to be demolished, is situated in an unsafe area, or generally wouldn’t be able to be sold on should you default on your mortgage payments. These searches can take a considerable time – as long as a few weeks – and so it is important to instruct your solicitor as early as possible. The searches will cost up to around £400, but this will be covered in your solicitor’s conveyancing fees.
Conveyancing fees for buying a house can vary greatly and knowing how much your solicitor will charge you before you receive the final bill is important. This is why, at Conveyancing Index, you can compare conveyancers.
See our website at https://www.conveyancingindex.co.uk for details, or call us on 0203 874 2020.