The term Conveyancing is used to describe the legal process whereby the ownership of a property is transferred from the seller to the buyer.
Buying a home or investing in a property is probably one of the most important decisions that people make and it can also lead to one of the most stressful times of one's life.
As the process of buying or selling a property is often quite complicated, it is always wise to seek proper legal advice and to instruct a solicitor to advise on the legal process of conveyancing regardless whether you are a buyer or seller.
By instructing a solicitor, you can ensure that your interests and that of any mortgage lender, are safeguarded throughout the conveyancing process.
How much are Solicitors’ fees?
Conveyancing fees vary from firm to firm and commonly depend on the price of the property.
The seller will usually just have to pay the solicitors fees, which are subject to VAT. However, if there is a mortgage on the property, the seller will also have to pay an electronic transfer fee. This is the fee mortgage lender charges to redeem the mortgage.
In addition to the solicitors’ fees, the buyer will have to pay disbursements such as Stamp Duty Land Tax, search fees and land registry fee. The land registry fee is required to register the property in your name.
Our lawyers fees start from just £475 plus VAT.
Conveyancing Timescales
How long does the conveyancing process take?
The vast majority of conveyancing transactions are completed within six to eight weeks, depending on the length of the chain and the type of property such as freehold or leasehold.
It is generally accepted that six weeks is allowed from the date an offer has been accepted/made for a property until formal contracts are exchanged. This is the legally binding part of the conveyancing process after which, neither side can pull out from the transaction without suffering a substantial financial penalty.
It is recommended that the parties should allow a minimum of two weeks between exchange of contracts and the final completion date or 'Moving day'.
Another factor to take into consideration is when the solicitors receive
their copy of the buyer’s mortgage offer. Evidently, a transaction is
unable to complete until the solicitor is in receipt of this.
Finally, it is important to bear in mind that the less time you give yourself to move,
the more stressful your move will become.
The above are merely guidelines and may change depending upon the circumstances of each transaction.
Contact Legal Advice Helpline on 0845 600 6981 for immediate help on any conveyancing matter.