What is conveyancing?
Conveyancing is the process of transferring ownership of land or property from one person to another, or in simple terms, buying and or selling a house or flat.
How much will it cost?
We will provide you with an accurate estimate once we have gone through the details with you and you can contact us immediately for a quote (click here). In the meantime here are a few factors which affect the costs:
Selling your house
Sale costs vary, depending on the price of the property that you’re selling and the complexity involved. There are also differences between freehold and leasehold properties, but we’ll provide you with a full list of costs at the outset and put this in writing to you, along with our terms and conditions.
Buying a house
We will explain all the costs in full, including disbursements. A disbursement is money we pay on your behalf to a third party. There are many disbursements to be taken into consideration including Stamp Duty, registration fees, searches and any additional costs involved in the process of the transaction.
Although the legal costs vary, we will make this clear from the very start so that there are no sudden surprises!
When do I have to pay?
Selling your house
With a sale, there are usually no disbursements to pay up front while legal costs, agent’s fees, mortgage redemption and any other ancillary costs are settled at the end of the matter, once the sale is completed.
Buying a house
On a purchase, we ask for £300 to be paid upfront. The remaining costs, the value of which is dependent on the complexity of the work, are payable at the end and these are requested by the solicitor in time before completion.
What are the stages in the conveyancing process?
1. Buying and selling a property
If you have bought or sold a property before you’ll know that the process takes time and can be very frustrating. In order to get the job done as quickly as possible we will need to work with you.
We can prepare a wide range of letters and documents and will need information from you in the early stages. (See what do I need to do?)
You can contact us at any time for help and advice on mortgages and expenses and we will liaise with everyone involved such as estate agents and building societies. If we find any problems we will notify you immediately.
2. Exchanging contracts
You are not committed to buying or selling until contracts have been exchanged. Once you instruct us to proceed we will advise you when this can take place.
Completion takes place by a certain time, on a certain day, agreed on exchange of contracts. We arrange the money and documents to change hands and report to you afterwards.
How long will my conveyancing take?
How long conveyancing takes will depend on a number of factors such as how long the chain is, how long it will take to obtain a mortgage offer, how long the searches take and the activity of all parties involved, including the estate agents, buyers, sellers and their solicitors.
Typically, if there are no major problems, it takes six to eight weeks on most sale or purchase transactions, but it can take more or less time, depending on the circumstances. We will do our best to keep you informed of the timescales at every stage.
What do I need to do?
If you are selling a property we will also send you a questionnaire and the answers you give together with the information from the Land Registry etc. will be sent with the contract. Sending the information at this time will help limit further enquiries and save time in the long run.
We’ll also need you to provide details of your mortgage provider and any old papers you hold so that contracts can be prepared as soon as a buyer is found. The more quickly we have this information, the more efficient we can make the conveyancing process.
If you are purchasing a property we will need details of the agreed terms. We will liaise with everyone involved, such as estate agents and building societies, so to ensure a smooth process you should give them our name and contact details.
How much will my house deposit be?
Typically a house deposit is 10% of the purchase price but this may vary depending on the terms set by the seller.
If you are selling and buying at the same time, you do not usually have to find any deposit to enable exchange of Contracts to take place. If you are putting some of your own money towards the purchase price of the new property, we will let you know when we need that money from you.
When do I pay the deposit?
We will advise you of exactly when you need to pay the deposit but it will be some time before contracts are exchanged.
What happens if the sale falls through?
We will explain the circumstances and lay out all your options. We will then advise all parties according to your instructions.
What is the exchange of contracts?
The seller’s conveyancer will prepare a draft contract giving details of the legal title to the property, a list of the fixtures and fittings included in the sale and any special conditions.
This will be sent to the buyer’s conveyancer for approval so that they can carry out the necessary checks and searches. Once the contract has been approved the buyer and seller will each sign a copy. The contracts are then exchanged between the two conveyancers.
Once exchanged, the contract becomes legally binding and neither party can withdraw. At this time a moving date (also known as completion date) will also be set.
After the exchange we will send you information about what you need to do before completion.
When will I know my moving date?
Once contracts have been signed and exchanged a moving date will be set. It is usually between 7 and 21 days from the time of exchange of contracts.
When can I book my removals?
You should wait to book any removal services until after contracts have been exchanged and a moving date has been set.
Do you have more questions?
Please contact us by email on email@example.com or by telephone to one of our branches and we will be happy to arrange a free initial consultation to help answer your questions.