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Welcome to Conveyancing Quote. This website aims to help first time buyers understand and get through the minefield that is conveyancing, from an independent voice. From just understanding why it is needed to the features of a good conveyancing firm This site contains no advertising, no sales pitches, simply free information to help you make the right choices.
What does conveyancing mean?
Conveyance is the legal name given for the transfer of ownership of either a leasehold or freehold property. Although the process is, in theory, a fairly straight forward one, more often than not, there can be a plethora of complications that mean that the process from start to finish can take weeks, if not months.
Conveyancing Solicitors
It’s crucial that you use either a solicitor or conveyancer when dealing with transferring the ownership of a property as it needs to be determined whether you will have the exclusive rights over the land you are purchasing. Not only does appointing a qualified professional help with dealing with the necessary processes and paperwork involved, he or she will also be fully insured should any problems arise during the entire process. Here is a quick guide on how to choose the right conveyancer.
How much does conveyancing cost?
Appointing somebody who is an expert in conveyancing does not come cheap, unfortunately. His or her fees can vary from several hundred to several thousand pounds to oversee the entire process throughout to completion of a sale or purchase. It is best to get a conveyancing quote off at least 2 or 3 companies first. The fees involved largely depend on the value of the property involved, however if the sale is regarding a leasehold property, those fees will likely increase due to the complexity involved. Look at some Typical UK conveyancing fees here.
The conveyancing process
For a more detailed view of the process please see conveyancing step by step, however the following illustrates the basics. The process itself begins with pre-contractual enquiries being made. This will likely involve the seller being asked questions about the surrounding area (including any past or current disputes with neighbours), and any building work or alterations that has been made to the property. Conveyancing Quote drafts are drawn up, and your solicitor will arrange a search with the local authority, which looks at local land charges as well as determining whether any plans are in the pipeline which may affect the property. Mortgage lenders insist on this search being carried out, and it can take up to two months to be completed.
Whats next?
Once the search is completed, draft contracts are drawn up. If the sale or purchase relates to a leasehold property, the apportionment of expenses will be checked thoroughly, as will the terms relating to management and maintenance of the property. At this point, the exchange of contracts will also be discussed and negotiated, along with any deposits that are involved in the sale.
At the point of exchange (of contracts), the buyer and seller enter a legally binding contract. The price of the property as well as terms of sale are set in these contracts, and once contracts have been exchanged between buyer and seller, neither party can pull out of the transaction without incurring heavy financial penalties. From here, a completion date is agreed, and buyers should organise buildings insurance at this point.
Before the completion date arrives, your solicitor or conveyancing company will carry out checks to ensure that neither the buyer nor seller has a bankruptcy notice filed. Title searches are carried out at the Land Registry at this point also.
Completion day
When completion day arrives, the buyer is finally given access to the property. Funds are transferred at this point, and stamp duty (if relevant) is paid. The purchaser is registered with the Land Registry as the legal owner of the property, and title deeds are then sent to the mortgage lender, to complete the conveyancing quote process.
What about leasehold properties?
The sale (and purchase) of a leasehold property is usually more involved and more complicated than when buying or selling a freehold property. If you’re selling a property that is leasehold, you are able to find out information on any financial restrictions that are imposed by the leasehold. You will also be able to learn of any conditions or restrictions relating to the leasehold. Find more info on leasehold conveyancing.
