The legal work involved in buying and selling a property is known as 'conveyancing', and is usually carried out by a solicitor or licensed conveyancer. If you are buying a property, together with the conveyancing costs, you are responsible for all legal costs associated with setting up the mortgage.
If your solicitor can act for your lender at the same time that they carry out the legal work for your purchase, it can save time and therefore save you the potential additional expense of paying for two different solicitors. It is therefore sensible to check that any solicitor or conveyancer you are thinking of using is on the 'approved list' of your lender.
Some solicitors will estimate a fee in advance, whilst others will charge a fixed fee, although they will have to charge more if the case is particularly complex or if it involves a leasehold property. They will also add to their bill VAT and any other expenses or 'disbursements' such as stamp duty, land registry charge, and Local Authority search fees.
To assist you with buying or selling your property, or arranging the legal aspects of your mortgage, Mortgage Dimensions can recommend a choice of reputable conveyancing firms.
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Conveyancing services are not regulated by the Financial Services Authority.
