What is Conveyancing Fees?
Conveyancers transfer the ownership of a property from one party to another, and you will need one when buying or selling a home.
A few common conveyancing fees include land registration fees, transfer fees and local authority searches.
How Much Is Conveyancing Fees In south Africa?
Conveyancer fees are variable based on guidelines issued by the Law Society of South Africa.
The cost of a conveyancer in South Africa depends on the value of the property. Typically conveyors charge 0.7% and 1.2% of the value of your bond/property and an additional 15% VAT.
Who pays the conveyance fee in South Africa?
Who pays the fees? The seller usually appoints the conveyancing attorney but their cost is covered by the purchaser.
This can make the fees quite challenging for the purchaser to negotiate and is something to keep in mind when signing your offer to purchase.
How are conveyancing fees calculated?
Conveyancing fees can be split into two parts: the legal fees (what the conveyancer or solicitor charges for doing the work), and the disbursements (what third parties charge for certain services like searches).
Some conveyancing fees apply to sellers only, and some only need to be paid by buyers.
Do you pay conveyancing fees when selling a house?
One of the biggest costs you’ll face when selling your house is usually the estate agent’s fee, which will either be charged as a percentage of the selling price or a set rate.
You’ll also need to budget for a mortgage, conveyancing and removal fees, and may have to pay for an energy performance certificate (EPC).
How long does it take to do conveyancing?
between 8 and 12 weeks
Conveyancing can take anywhere between 8 and 12 weeks from when the sale is agreed.
The time it takes to complete the conveyancing process will depend on whether you’re buying or selling and if you’re part of a property chain. The conveyancing solicitor you choose is also a vital factor.
What documents are needed for conveyancing?
ID documentation required in a Conveyancing transaction
Photographic ID. Current full national passport or;
Proof of Address. Original utility bills e.g. gas, electric or water bill or;
Source of Funds.
Current/Savings Account.
Transfer of Funds Between Accounts.
Gift.
Do conveyancers check bank statements?
Your conveyancing solicitor will carry out anti-money laundering checks when buying a house to see evidence of your deposit, usually in the form of a bank statement that highlights the funds.
You’ll also need to show where the funds came from, which is called ‘source of funds’.