In the whole of the UK, the average costs of conveyancing can go as high as 100,000 pounds for a regular house. However, in Metropolitan cities like Birmingham, rates can be higher, for mansions the average cost of conveyancing in the city can go as high as 5 million pounds. The prices do vary according to the price of the property. Luckily Birmingham happens to be one of the cheapest places to buy the house in the UK. Therefore, buyers and sellers alike tend to part with less money when it comes to conveyancing. The price can also vary based on the kind of funding that you have undertaken. If you go for a mortgage lender, then you will choose a solicitor who will act for both you and the bank. Here is what affect the average conveyancing rates in Birmingham.
Parts of the Conveyancing costs in Birmingham
It is important for one to understand the different components of a mortgage so that you know what it is exactly that you will be paying for. The costs can be divided into two broad categories.
First is the basic solicitor fee plus the Value Added Tax. This is the amount the solicitor or conveyancer will ask you to pay him or her. It is usually paid at least in part before the solicitor starts any dealings. It usually comes with the VAT that is imposed mandatorily by the government.
There are other fees to be paid some of which are mandatory while some are optional. Many of them are fixed fee.
They are searches that are done by the solicitors as they look for information concerning the property in the local area. If any problem is found then, you will be notified immediately and be advised accordingly. It is also noteworthy to note that the more ‘heavier’ the news, the higher the amount that you will have to pay.
This varies with the price of the property such that those property costing less than 120,000 pounds do not pay Stamp Duty.
This also varies with the price of the property but is equally a small fee compared to the property price.
This is the amount that you will pay your surveyor who will determine the value of the property in question. This is a critical process, especially if a mortgage lender finances you.
Birmingham City as mentioned earlier has one of the lowest rates if any kind in the UK. However as a buyer and a seller you should always select a solicitor who fits your budget.