Conveyancing is the process of transferring the property from the seller to the buyer. However, as a seller, people often try to understand the entire cost of the conveyancing in the United Kingdom. Apart from the solicitor fees, there are many other expenses like disbursement when selling a house that is considered part of the conveyancing cost. However, many have the confusion surrounding the disbursement and what are the disbursement when selling house.
What is Disbursement?
As the name suggests, this is the amount of money that the solicitor has to pay to other companies or authorities during the process of selling the property for you. This is not paid out of the fees of the solicitor to be clearer. The solicitor would charge you for the same and simply pass the amount to the different authorities or companies. The payment is generally made through the solicitor on behalf of the seller as it is convenient and also hassle free.
The disbursement when selling a house can vary depending upon the property and other details. However, here are some of the most common disbursements when selling house.
Disbursement when selling house
There are mainly four disbursements that are well known during the selling of the house. However, one of them is evident and the remaining depending on the circumstances.
The Land Registry disbursement when selling house is a must to be paid disbursement in the United Kingdom. The Land Registry is the office where the records of the title of the property are kept. The solicitor of the seller must obtain the official copy of the register and the documents if required to make the draft contract during conveyancing. The same is sent to the buyer of the property. The disbursement fee of the Land Registry official copies and documents are in the range £6 and £5. This disbursement is an absolute requirement.
Telegraphic Transfer or TT Fee
This disbursement when selling a house is applicable when you have to pay off your mortgage. If you have to pay off your mortgage, the solicitor has to transfer the amount to your lender and this TT Disbursement Fee is charged by the Bank. The disbursement fee is generally dependent on the amount transferred.
The Lease copy is necessary for the leasehold properties. This is the copy that can be obtained from the Land Registry office and the additional amount has to be paid for it. The electronic copy is available for £11, and otherwise, it is £23.
If you have a leasehold property and is managed by any block, then the seller has to provide management information and that may be costly disbursement. It is dependent on the management of the block of the apartment and can be close to £300 or even more.
These are the most common disbursement when selling house. While these are common, there may be other requirements based on the nature of the case, you will have to discuss it with your solicitor to understand them.