Conveyancing - Disbursements explained
Here is a list of some of the most common disbursements which may come up during the Conveyancing process, along with a brief description of what they are. If you require any more information on these or something which is not listed here please contact us.
Stamp Duty Land Tax
This is a government tax levied when a property is sold and is payable by the buyer. The amount payable is tiered according to the property value and homes under a certain value are exempt. Contact us for the latest SDLT rates.
H M Land Registry fee
When you buy a property or land, take out a new mortgage or other borrowing secured on property, or transfer a share in a property the transaction must be registered with the Land Registry. H M Land Registry keeps a register of all registered land in England and Wales, although some land is not registered. A charge is made to update the register and this depends on the value of the property or land involved. If you are buying a property or re-mortgaging you will have to pay a Land Registry fee.
Official copy entries
These are copies of the title to the property showing mortgages, etc. They are obtained from the Land Registry.
Local Authority search
This is a search of the local authority’s registers concerning the property you are buying. It gathers information such as whether the road serving the property should be maintained by the council, whether any planning applications have been made on the property and various other things.
Drainage and water search
This is a search of the local water authority which serves the area. It will provide confirmation of whether the property is connected to a public or private water supply and sewer system. It will also show how charges for water and drainage are calculated for the property (water meter or rateable value).
This involves checking the property location to uncover any known environmental issues. These could include whether the property was built on an old industrial site or is near a landfill site and if there are any risks from contaminated land. It will also show whether there are any known risks of flooding, subsidence or toxic emissions.
These are carried out just before completion of a transaction to ensure that nothing new has been registered with the Land Registry since the original searches were completed.
This search will identify whether the property may have potential liability for local Chancel repairs. A few isolated instances have occurred where property owners have received bills for repairs to local Churches due to historical rules which are still legally binding.
Coal mining search
In areas where mining has taken place it may be advisable to carry out this search. It will show whether there are any know issues affecting the property such as subsidence. Your conveyancer will check the location of your property and let you know if this is required.
Back to conveyancing home page.
Norrie Waite & Slater has secured membership to the Law Society's Conveyancing Quality Scheme - the mark of excellence for the home buying process.
We underwent rigorous assessment by the Law Society in order to secure CQS status, which marks the firm out as meeting high standards in the residential conveyancing process.