What is Conveyancing?
‘Conveyancing’ is the term given to the legal process of transferring ownership of a property once an offer has been accepted. There are a number of different stages to this.
o Firstly the draft contract and supporting documents should be looked at. Any errors or queries should then be raised with the seller’s solicitor. An important thing to take note of here is the tenure – is the property lease or freehold? And how long is left?
o The next step is to then run a number of legal searches.
A local authority check should be done to highlight any planned developments or any local area issues a buyer moving into the area should be aware of. This can cost anywhere up to £400 and will take on average 2 weeks to complete.
Land Registry Checks such as the title register and title plan should then be looked at. These are documents which prove the seller owns the property. To see both you will be charged £12.
You may also want to check to see what the flood risk of the property is. This is also £12.
Get in contact with the water authority and find out where the water at the property comes from.
You may also like to inquire if any drains will affect any future extensions. This check will cost up to £75.
Chancel repair searches are recommended as any liabilities still present on the property would mean you have to chip in for any church repairs. This £18 search is a necessity.
Location specific searches may also be carried out, such as mining or radon gas checks.
o Then comes the signing of contracts. Prior to drawing your pen your conveyancer will make sure all queries have been settled, all expected fixtures and fittings are included and the completion has been agreed between parties. The conveyancer will also make arrangements for the transfer of the deposit so it is cleared in time for the exchange.
o Contracts are exchanged by solicitors/conveyancers. Once this is complete you are legally bound to buying the property.
o An official interest in the property will be lodged and the deeds will be frozen for 30 working days. This allows time for the funds and the Land Registry deeds to transfer.
o A completion and moving date will be arranged. And a final statement will be sent out.
o On the completion date payment is confirmed and the keys are exchanged.
o After completion, moving in is possible. Stamp duty will be paid on the purchaser’s behalf, legal documents should arrive, as well as a copy of the title deeds. And the purchaser will be provided with the conveyancer’s bill.
Who Can do it?
Anyone can handle the legal dealings of their purchase, but a lot of legal work is required, and therefore most people will hire the services of a qualified solicitor or a specialist property lawyer.
How Long Will Conveyancing Take?
Conveyancing can take anything from a number of weeks to even months. This will vary depending on, if and what, issues appear during proceedings.
How Much Will it Cost?
The conveyancing cost will vary depending on the property or the home under issue, but most people will end up paying between £500 and £800. This price, along with any other fees, should be factored into any lending you take out in order to buy the property.