29th May 2024 ❘ Legal News and Commentary
Residential Conveyancing – What is a disbursement?
Conveyancing Costs – What is a disbursement?
Whether you’re a first-time buyer, or a well-seasoned property developer, instructing a legal advisor can seem like a minefield. It’s important to be aware of all the costs you’re likely to incur as part of the process so to make this easier, at Burnetts, we offer our services on a fixed-fee basis, agreed in advance, with no hidden extras or commissions.
Buying or selling a house is said to be one of the most stressful activities you can undertake. Our aim is always to guide you through the process, provide you with good advice, and help things go as smoothly as possible. Our Residential Conveyancing team is 13 staff strong and we’re split across two offices in Carlisle and Cockermouth, but we don’t stop there: we’re able to assist in property transactions nationwide, not just locally.
Between us we have 150 years of residential conveyancing experience, so there’s not much that we’ve not encountered! And we know how to avoid and manage the vast majority of problems which might arise throughout the course of your transaction. Plus, with us, you’ll have a dedicated point of contact throughout the entire process.
So, what is a disbursement?
A disbursement is a cost involved in the transaction of buying or selling a property which is payable to a third party. These differ depending on the type of transaction you are undertaking, but we’ve listed the most common ones below:
Purchases:
- Searches: Searches are recommended for all purchase transactions and are mandatory if you are obtaining a mortgage. They help us to identify any potential issues that you need to be aware of before you take ownership of your home.
- Land Registry fees: The cost of formally registering your ownership of the property with HM Land Registry. The fee charged depends on the value of the property and whether the property is a New Build.
- Final Searches: We conduct these on your behalf to make sure there haven’t been any changes or additional entries in the Title Deeds before we complete your purchase.
Sales:
- Office Copies: If your property is registered with HM Land Registry, we obtain copies of the electronic Title Deeds on your behalf and send these over as part of the contract pack to your buyer’s solicitor.
As always, we’re on hand and happy to answer any questions you may have! You can reach Kathryn and our Residential Conveyancing team on 01228 552222 or hello@burnetts.co.uk.