Know what you can afford

It might have the right location, an amazing en suite, be full of potential or just that all-powerful x factor, but a house or flat is no good to you if paying for it will ruin you. Being broke is a surefire way to fall out of love with your money-hungry home.

Know your limit and don’t exceed it, ever. Remember the associated costs involved in buying a property, such as conveyancing fees and Stamp Duty, and bear in mind that you will need to pay bills, pay for travel and eat, let alone occasionally go to the pub or cinema.

Get the seller to take the property off the market

With sale prices routinely coming in under the asking price, sellers will be very tempted to hold out for higher offers, even if they have accepted your offer on a property. Make sure it is taken off the market.

Do what you can to speed the conveyancing process along

The longer the conveyancing process, the more chance it will collapse. Be organised and on the ball and help get to the exchange of contracts quickly – at that point there are financial penalties connected with backing out.

Be sure

That said, be sure you are happy with your decision before exchanging. At that point you will have to pay a 10% deposit and, if you back out, you will lose it.

Don’t risk being homeless

If the conveyancing process breaks down you should make sure you have a place to stay. Don’t notify your landlord that you’re moving out of your flat, or exchange contracts on your current home until you are absolutely sure you will be moving into your new home, and when.

Don’t overlook a survey

A survey can tell you if there are serious physical issues affecting the property you want to buy. These can cost thousands of pounds to rectify so make sure you know if they exist before handing over hundreds of thousands of pounds for the privilege of sorting them out. If anything is uncovered, provided you haven’t exchanged contracts, you can choose to pull out or try to negotiate a lower price.

Organisation

Try and be a step ahead, or at least in sync with your conveyancer. Conveyancing advice like the articles you will find here can be very helpful in letting you know what will happen next and, therefore, what you need to be doing to be prepared for it. But there is no substitute for staying in touch and not being afraid to ask questions.

Ask questions

Don’t be afraid to email or pick up a phone. This is a massively important process, and vast sums of money as well as a home are at stake, so it is important you deal with conveyancing solicitors who you are comfortable communicating with. Find out how long certain things should take, what they will need from you and when, whether they are still waiting on things from you to complete a particular stage of the conveyancing procedure. Aim never to be the person holding things up.

Provide things in advance

There are basic details that a conveyancer needs to know very early on in the process and it is not difficult to let them know as soon as you have instructed them. Make sure they know

- the address of the property being bought or sold

- what the asking or agreed sale price is

- if you are a co-owner or buying with someone else

Get your identification documents together asap and make sure your conveyancing solicitor is happy with what you have provided – you will need a passport and proof of address like a drivers license and some utility bills – and get them the details of your mortgage well in advance.

Have your mortgage sorted

There’s absolutely no point tabling a serious offer for a property if you don’t have a mortgage to back you up. It’s a prerequisite of many sellers that you have to have funding in place, and agents will quickly begin to think of you as a timewaster. There are parts of the conveyancing process which require the conveyancer to prove you have funds available so, unless you are a cash buyer, failure to have an agreement in place can lead to long delays.

Having all this sewn up can be really useful in knocking days and weeks of the process, reducing stress and increasing the chances of the transaction going ahead. Not only does being proactive and organised save time, it also lets your conveyancing solicitors know what kind of client you are, and it will encourage them to stay on top of your case, which will only make the process shorter again.

Tenants in Common

Here each owner has the right to occupy the flat or house but not the right to sole possession. If any co-owner dies their share of the property goes to whoever they specify in their will. The inheritor then becomes a co-owner.

Who does it suit? Friends or couple who haven’t been together that long.

Joint Tenancy

Joint tenants have to enter into this tenancy at the same time and with equal shares. If one dies then the other or others get their share.

Who does it suit? Family members, long-term partners and married couples.

Tenancy by Entirety

Each partner owns half of the property and needs the other’s consent to sell it. If one dies the other gets their rights to the property. It can be terminated through an agreement, death or divorce. With divorce, the co-owners become tenants in common.

Who does it suit? Married couples. It’s a Joint Tenancy with bells and whistles.

Whatever the real reasons, one reason they will regularly give for employing the conveyancer is that they are local. On the surface that might might appeal but don’t be fooled. There are more important considerations than the proximity of the conveyancer to you to you or the property you are buying.

A local conveyancer might know a couple of quirks of the areas properties, and if you are planning on altering the property’s boundaries then having someone who can easily and cheaply make trips to the property is a good idea, but value for money and quality of service should almost always be the two main criterion on which you choose your conveyancer.

The internet has made conveyancing solicitors and licensed conveyancers who provide both of these available to everyone, so make sure you use them. Not every town has such a firm, let alone the one your agent is pushing, so be naturally cautious.

Conveyancing is administrative, predicatable and done over the phone, through the post or online. The same paperwork is used across the country and, with the exception of certain area-specific searched, the process remains the same. That means that your conveyancer can be based anywhere in the country, so long as they are open and communicative.

Service is key, as is the knowledge that you are not being overcharged. It is not necessary to meet your conveyancer face to face. You might find it useful if you feel the need to hurry the process along but that is more a comment on the quality of the conveyancer themselves rather than the importance of proximity.

Go online, research other people’s experiences and make sure you go through the quote to make sure you are getting a good deal. And don’t be afraid to ignore local firms.

Don’t put in a ridiculously low offer. You will lose the respect of the seller and the agent, so when a new house that is perfect for your requirements lands on their desk, they won’t bother letting you know.

That said, what you represent as a buyer affects how much wriggle room you have. Cash buyers, or those without a chain to worry about can offer less because the chances of the deal falling through are much less.

So how do you know what to offer? These three factors are key:

-          Previous sale prices for similar properties

-          Prices for similar properties on the market

-          What house prices are doing – are they rising, falling or staying the same?

The Land Registry records are your best friend. You can find out what properties sale prices in the streets you are looking at and get details of those properties. It is a very useful tool if you can find recent purchases but be warned, it takes three months for information to be posted and any sales that happened longer than six months ago are pretty useless to you.

Going to the Land Registry direct costs £2 but these sites which make it accessible for free:

-          Net House Prices – www.nethouseprices.co.uk

-          Mouse Prices – www.mouseprice.com

-          Our Property – www.ourproperty.co.uk

-          Hometrack – www.hometrack.co.uk

-          Rightmove – www.rightmove.co.uk

Websites like Rightmove give a picture of the current market as you can see what properties are currently going for.

When the housing market was flying, properties sold for much more than the asking price and nowadays final deals are usually discounted. The discount depends on things like how urgently the seller needs to sell, your strengths as a buyer (see above) and the asking price of similar properties.

Prices aren’t just about the number of bedrooms and how big a place is. These are essential factors, but other issues have varying impacts on the final amount the house or flat goes for. They include:

-          the immediate area – you should know what the area is like, particularly at night

-          how much outdoor space there is and how usable it is

-          the condition of the property

-          scope to extend

-          garages or off street parking

-          bathrooms – are any en suite?

-          decoration and period features

-          is it detached?

-          time left on the leasehold (if applicable)

You should also have an idea about how the market is performing. You’ll find it easy to get an idea of national house prices but working out how your area is affected might be tougher. The best thing to do is stay on top of property websites and agents’ windows. That way you’ll begin to get an idea about how much, say, a three bedfroom flat costs, and whether prices are rising or falling for such properties as months go by.

If prices are rising you should expect to pay more than the latest data but if they are going down, you, the buyer, have control, so long as you are reasonable.

Most people wait to have an offer accepted on a house or flat before starting to find a conveyancer then get exasperated when it takes them weeks to get complete the conveyancing process.

That would make sense if your conveyancer was charging you for any work they do rather than working on a ‘no-move-no-fee’ basis, but with so many firms offering the latter, you would need a pretty compelling reason not to insist on it.

As soon as you know you are going to buy a place, you should get your conveyancer sorted. The process can be long and drawn, particularly with leasehold properties so save as much time as possible by having a conveyancer on hand. They can take your details before you find somewhere and be ready to contact the seller’s conveyancing solicitors while you wait for an offer to be accepted.

Getting some work done in advance makes the process shorter and, with less pressure, it should mean your conveyancer is more communicative and makes the process much less stressful for you.

It’s not hard to see why some people might be put off by online conveyancing. There is a distance to people you deal with by email that means it’s easy to foresee a depersonalised, laborious process.

But the truth is that there are some great online options out there and some absolute duds, just like there are with traditional firms.

There are some undoubted positives with taking the online conveyancing route. While not universally offered, you should expect your online conveyance to offer you:

-          Instant quotes

-          Online case tracking and management

-          No-move-no-fee offers

-          More flexible working hours

-          Cost savings

Beyond that, there are three types of online conveyance, and it is important to know what type you are dealing with.

Online Conveyancing Factories

They offer the positives above, but unless you have had one recommended one to you, we would advise that you steer clear. The negatives pile up:

-          They operate from call centres, often overseas

-          As a result, you can expect erratic service levels as you deal with a number of different people during the process

-          There is a risk your case will be handled by data processors rather than actual conveyancers

-          As well as a risk of complex cases being passed around and not dealt with as easier cases are focussed on, keeping case completion above a certain rate.

If you decide to go with one of these firms, prepare to be the one driving your case forward, and expect to spend plenty of time on the phone (and on hold).

Specialist Online Conveyancers

In addition to the plusses listed above, these types of firm can offer:

-          Expertise, the most important feature of a good conveyance

-          Dedicated case handlers

-          Direct contact details

-          BUT On the negative side, they won’t be as cheap as other options.

Because these firms tend to be pricier, they might be tempted to suppress their quote by hiding items in the disbursements and small print so beware. That said, if you are happy with the quote and they come recommended by someone you trust or independent sites online, then there is plenty to appeal.

Online Conveyancing Marketing Companies

Really more of a hub than a conveyance. These companies maintain a list of conveyancers that they deal with. Additional to the standard benefits, many constantly review the people they deal with, meaning a standard of service should be kept high. They can also:

-          Provide direct contact with your conveyance

-          Offer services based on your preferences, for instance cost

-          Provide additional support and guidance

-          Provide discounted fees, perhaps up to 50%, compared to direct instructions through dealing with conveyancers in bulk and entering into agreements

-          Provide you with customer reviews and ratings of conveyancers they deal with

An online conveyancing marketing company will only be as good as the conveyancers it deals with, but the best ones can be an excellent option. As always, examine their quote thoroughly, but if you are confident the conveyancers will do a good job, the savings an online conveyancing marketing company can offer often makes them the best choice.

Cheeky Extras

Keep an eye out for the items below. If you your conveyancer includes them they are pulling a fast one.

Professional Indemnity Contribution

Professional Indemnity is something conveyancers need regardless of whether you instruct them. As such, it is an overhead and will already have been factored into their basic fee.

Postage, photocopying and phone calls

Another overhead, so it’s covered by the basic fee,

Filling out Stamp Duty Return

This is a seven-page form. It might take longer than a few minutes certainly not worth the £50 + VAT and over that some conveyancers try charging. This should again be covered by the basic fee.

Dealing with the Lender

Covered by the basic fee.

Dealing with Leasehold Property

It’s not unreasonable to charge more for the more involved task of conveyancing leasehold property but, and stop us if you’ve heard this one before, the basic fee will have been increased already.

Conveyancing Fees for Buyers

The Basic Fee – £300 – £1,200 + VAT

This is the basic cost of the conveyancers’ time. Some conveyancers will implement a flat fee, some will charge per hour (and will almost certainly be the priciest) and most will work it out based on the property’s value. The basic fee will be calculated to cover the firm’s overheads so, if it has swanky offices or pays its conveyancers nice wages it will have a higher basic fee. It’s not uncommon to see differences between basic fees of £500.

If you are selling a leasehold, it’s not unreasonable for conveyancers to add £200 to their fee. There is plenty more work to be done when dealing with this type of property.

Below are the disbursements a conveyancing quote for buyers should contain. They are easy to predict so any company charging much more or less could be up to something.

Land Registry Office Copies – £5 – £10

Bankruptcy Search – £2 – £4

Your mortgage lender will want to make sure you haven’t recently gone bankrupt.

Local Authority Searches – £100 – £200

Costs vary between local authority, and good conveyancers will ask the address of the property before quoting so they can give you an accurate price.

Drainage Search – £30 – £40 + VAT

This makes sure the property is connected to fresh and foul water sewers.

Chancel Repair Liability Search – £10 + VAT

Some property owners are required to contribute to the upkeep of a parish church.

Environmental Search – £30 – £35 + VAT

Checking for land contamination on and around your property.

Location-Specific Local Searches – £45 – £70 + VAT per search

These are checks that a conveyancer will carry out in certain areas if they are affected by things like mining, for example. If the conveyancer is aware of this issue they should include it in the breakdown but if they don’t mention anything on your quote it is definitely worth making sure they won’t have to carry any out during the conveyancing process.

Land Registration Fee – £40 – £700

The fees are the scale below so conveyancers have no excuse for not quoting accurately.

£0 – £50,000: £40
£50,001 – £80,000: £60
£80,001 – £100,000: £100
£100,001 – £200,000: £150
£200,001 – £500,000: £220
£500,001 – £1,000,000: £420
£1,000,001 and up: £700

Telegraphic Transfer Fee – £20 – £30 + VAT

A fee charged by your bank to send money to the seller’s conveyancer.

Stamp Duty Land Tax – £TBC

This is a tax you pay on top of the property’s sale price. As you will see fromt he table below there’s almost no way around it so your conveyance should include it in the quote, and if you get a really low quote then make sure this is in it, as it will end up being a big sum. It’s based on the scale below.

£0 – £125,000 – 0%
£125,001 – £250,000 – 1% or 0% for first time buyer
£250,001 – £500,000 – 3%
£500,001 – £1,000,000 – 4%
£1,000,001 and up – 5%

Now click here for extras that cheeky conveyancers might put in their quotes that you should reject.

Conveyancing Fees for Sellers

Basic Fee – £300 – £1,200 + VAT

This is the basic cost of the conveyancers’ time. Some conveyancers will implement a flat fee, some will charge per hour (and will almost certainly be the priciest) and most will work it out based on the property’s value. The basic fee will be calculated to cover the firm’s overheads so, if it has swanky offices or pays its conveyancers nice wages it will have a higher basic fee. It’s not uncommon to see differences between basic fees of £500.

If you are selling a leasehold, it’s not unreasonable for conveyancers to add £200 to their fee. There is plenty more work to be done when dealing with this type of property.

Below are the disbursements a conveyancing quote for sellers should contain. They are easy to predict so any company charging much more or less could be up to something.

Land Registry Office Copies – £5 – £10

You need them to prove to the other party that you can sell the property.

Telegraphic Transfer Fee – £20 – £30 + VAT

You will most likely incur this if you need to redeem, or pay off, a mortgage on the property you have just sold. If the amount left to repay is under £60,000 you can do it for free.

Now click here for our guide to conveyancing quotes for buyers.

up the price for basic items. We cover this more in our cheeky extras section.

Now click here for our guide to conveyancing quotes for sellers.