Conveyancers, banks, building societies, and mortgage brokers do identification checks, also called ‘Know Your Client’ checks before buying and/or selling their property. The process is also necessary to meet Money Laundering Regulations.
Conveyancers collect satisfactory evidence of any individual who approaches them to buy/sell their property.
Need immediate help? Request a conveyancing quote from residential property conveyancing solicitors in Bradford.
You might be asked to provide the following identification documents. If any other documents are required, you will be informed in advance:
We have a range of conveyancing services available at a flexible price. But, our quote for conveyancing is fixed, which is clearly mentioned at the very beginning of the transaction. Hence, there are no surprises waiting for you anywhere between the process.
More questions? Get in touch with Bradford conveyancing lawyers
Our quote for normal conveyancing transaction is comprised of:
If there is any unexpected increase in our fee due to unforeseen circumstances, our conveyancing solicitors will engage with you to explain why you need to pay additional charges.
Conveyancing in Bradford involves three basic stages:
Once both the parties – buyer and seller of a property agree on the specific price of the property, they enter into a contract.
Both parties are allowed to back out of the transaction as long as they are in this first stage since it is not legally binding yet.
The party buying the property is free to work with their lawyer and perform property checks. These checks may include:
After satisfying property checks, the buyer and the seller agree to sign and exchange the contracts. Once both parties sign the contracts, the transaction becomes legal binding to both parties. At this stage, if any party decides to pull out, may face a financial penalty.
When the transaction reaches the completion stage, the deal is considered official now. In this stage, the lawyer submits the property deed to the HM Land Registry, and the seller surrenders or leaves the property.
According to HMLR Land Registry, a title deed is a property document that mentions the benefits and rights that affect the property.
The completion day – the day when the remaining amount of the property purchase is handed over to the seller. Upon receiving the amount, the seller leaves the property and the buyer gets complete possession of the bought asset. The buyer usually collects the keys of the new property from the estate agents. The date of completion is decided on the day of contract exchange.
Typically, the duration of complete buying and selling of property is approximately 8 to 12 weeks. At times, it might take even more depending on the length of chain you’re in and the time of the year.
Altogether, it can take up to 5 months from the time you contact your conveyancing service.
AVRillo conveyancing solicitors in Bradford takes an average of 2 months on property exchanges from the date you agree to proceed with your transaction process.
Buying Freehold or Leasehold property significantly affects your ownership of the property. When you buy a freehold property, you are the owner of the property directly until you decide to sell it off. If you buy a leasehold property, you get the right to occupy the property for a specific period of time only. However, you do not have ownership to sell the property by virtue of a legal document known as a Lease.
In the exchange of contract, the buyer and the seller become legally bound to complete the deal. None of the parties can pull out of the transaction upon completing this stage. The lawyer of the buyer confirms the amount deposited on the contract exchange, which is usually 10% of the purchase price.
During the exchange of contracts, the date for “completion” is also confirmed. On this day the buyer hands over all the remaining money to purchase the property through their lawyer. Thereafter, the seller vacates the property and the buyer gets the keys, full possession of the property, and can move in.
There are a couple of variables involved when calculating the Stamp Duty while buying a property. As per the current regulations, you must pay Stamp Duty Land Tax (SDLT) if the property you are buying has the current SDLT threshold of £125,000.
Here is the list of Stamp Duty charges for the property of different valuation:
Property or lease premium or transfer value SDLT rate
Up to £125,000 Zero
£125,001 to £250,000 2%
£250,001 to £925,000 5%
£925,001 to £1.5 million 10%
Above £1.5 million 12%
Our conveyancing service in Bradford includes property checks to find out more about the property you are buying. It helps find any potential issues involved with the property that might impact its valuation.
Some of the common searches include:
Besides, there can be many other types of local searches that are not listed here that are carried out according to the location and type of the property.