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Posted on 27 January 2022

What does my conveyancing quote tell me?

What does my conveyancing quote tell me? What does al the jargon mean?

Offer Accepted – What’s Next?

Had an offer accepted? Brilliant. Just heard a load of words come out of your estate agent’s mouth and you have absolutely no clue what they mean? Don’t worry, you are not alone.

With your offer accepted, you can now move to the next step and enter the conveyancing process (or in other words – the part that no one understands!). Within this process, you will hear terms such as ‘exchange’, ‘completion’, ‘disbursements’ all of which aren’t exactly very clear in their meaning. Fear not, we can help you. Not just with our jargon buster but with a few keywords to help you decode your quotes.

Key Terms Used in the Conveyancing Process

Here’s what a few of the key terms mean:

  • Legal fee – this is the solicitor’s fee for managing the legal paperwork for your property purchase.
  • Additional fees – these are costs that might arise during the house buying process. They’re not always necessary but provide some level of openness and transparency.
  • Disbursements – these are payments for land registry documents, search packs and other documents your solicitor needs to get from other organisations.

Total Fee & Stamp Duty

All of this will be combined into a total fee which will likely be an estimate of the costs as transactions can differ from one to another. It’s the solicitor’s job to make this as accurate as possible for your peace of mind.

You should also keep an eye out for Stamp Duty on your quotes. As a First Time Buyer, you will likely fall outside the need to pay this on your first home, but if you meet certain criteria you should find it listed on the quote. Unhelpfully there is no industry standard way to present this so you will have to check if this has been included or excluded from the total fee.

What does my conveyancing quote tell me? Quite a bit!

Check out our Jargon Buster to discover more terms you may come across.

For more help and advice about property conveyancing in the UK, visit Exchange Train