Conveyancing for selling a property is a very straight forward process but there are some very important factors that you should be aware of. Most legal issues will be addressed by your solicitor but you may require additional advice from other professionals e.g. If the property you are selling is your main home you won't have to pay and capital gains tax on the sale - providing that certain conditions are satisfied. If the property that you are selling is not your main residence then you could be liable to Capital Gains Tax (CGT). For more information of capital gains tax on the sale of a property, please visit the Direct Gov
website or seek advice from a qualified tax specialist / accountant.
Sale conveyancing costs are far more straight forward to calculate as there tend to be very few disbursments involved. the majority of the costs will be the solicitors conveyancing fees for handling the case. Other disbursments involved with a sale are typically:
Bankruptcy search - If a person or company owns property the Land Registry will create arestriction, notice or caution in the property register so that a sale ormortgage cannot be made without the trustee in bankruptcy's consent.
Telegraphic Transfer Fees - Sometimes referred to as a CHAPS payment - A real time funds clearing system used by over 400 financial institutions in Europe alone to process payments. typically used for instant payments between mortgage lenders, solicitors and clients. Sometimes CHAPS payments may be required to more than one party in the settlement of a sale, this will arise in additional fees.