With rising costs such as inflation, overheads of conveyancing (CVY) account, legal fees seemed to be increasing over the last few years. Learn about conveyancing (legal) fees for property loan before seeking a lawyer.
What goes into Conveyancing Fees?
There are various components that go into the property conveyancing fees, such as Mortgage Stamp Duty, CPF Legal Fees, GST, lawyers professional fees, etc. It is recommended to look for legal firms that charge you a nett rate that includes all services to be provided. Then you should not be worried about the various components. Do not engage a firm that charges per item or service. You should be worried if that's the case. You would not want to be paying extra that goes to the property agent or any party in the form of referral fees or commission.
Range of Fees
Fees payable varies from type of properties, value and transaction. Obviously, a bungalow will attract higher fees than a shoebox apartment. In general, our clients pay in the range of $1,800 to $2,500 for HDB and Private properties, be it a new purchase or refinancing. Part purchase cases will incur fees about $5,500 for both parties.
Do you know that refinancing may get legal subsidies? Check out these refinancing packages here.