There are three basic stages in the conveyancing process in Bristol that you should be conversant with. This process involves:
The buyer and seller of a property in Bristol agree to enter into a contract once they come to terms with a specific price for the property.
Both parties are free to pull out of the transaction in this first stage because it is not legally binding. No party will incur any financial penalty when they decide to pull out of the transaction.
The property buyer is allowed to work with their lawyer and carry out several checks on the property. These checks may include things like:
The buyer and the seller agree to sign and exchange the contracts once all the checks are completed, and everyone is satisfied and happy. Now, at this point, once the contracts are signed, the transaction is considered legally binding to both parties. Pulling out of the contract at this stage is likely to result in a financial penalty.
On reaching the completion stage, the transaction is now considered official. The lawyer transfers the property deed to the HM Land Registry, and the seller is now required to surrender or leave the property.
There is no exact time it takes for the conveyancing process in Bristol. The time can vary, and there may be no significant hurdles in the process. It normally takes between 12 and 14 weeks to complete a conveyance in Bristol. This period begins from the moment the conveyancers are instructed first.
There are issues bound to arise along the property chain that can cause a delay in transactions. Your lawyer is likely to inform you of any available options you have if there are any delays as the transaction is ongoing.
Your conveyancer will carry out some checks on your behalf if you are buying a property in Bristol. These checks are necessary to ensure you are made aware of any underlying and immediate issues that need your attention. There are three main conveyancing searches which include:
Your lawyer is likely to carry out several searches not listed here, depending on the location and the type of property you are buying.
Stamp duty is a type of tax that the government charges on the buyer of a property. Everyone is liable to a full stamp duty rate unless an exemption applies. If you don’t know how much you are likely to pay as stamp duty, you can ask your lawyer to calculate the tax on your behalf.
Note that a first time buyer may be exempted from paying a full rate. The lawyer should be able to send you the tax estimate when they give a quote estimate.
Property under a certain rate may be exempted from stamp duty. If you are buying property worth a million pounds, you should be ready to pay a higher stamp duty tax.
Once you have instructed your lawyer to complete the stamp duty form, the stamp duty becomes payable. You should always make payment before completion and get the right certificates to avoid any fraudulent buyer claiming illegal property ownership.
How much you pay for the completed form will depend on your lawyer. How much they charge will be contained on their terms. If this is not indicated, you should feel free to ask them.
There are more than 70 questions listed on the completion form that you may not have all the time to answer correctly. Also, the completion from when completed incorrectly attracts a penalty. That means the lawyers will face the penalty and not you when they complete the form on your behalf. Hiring a conveyancer to help you fill the complete form is the best you can do.
Freehold is a term used to describe the ownership of land. A land can either be leasehold (like flats) or freehold (like a house).
A leasehold is temporary ownership of a property. In most cases, the freeholder takes full ownership of the property once the lease agreement expires. Leasehold will usually apply to flats.
The HMLR Land Registry defines a title deed as a document relating to the property which may have benefits and rights that affect the property.
In some cases, the buyer may not always be able to provide a full 10% deposit when buying the property. The reason is that they are buying the property on a 95% mortgage. It could also result when the buyer is receiving less money up the chain. For the seller, a reduced deposit of 10% will be paid, sometimes at 5% on average.
According to the contract, if something goes wrong and the buyer cannot complete the deposit, a process is followed in which the seller now keeps the buyer’s 10% deposit. The seller has to pursue a claim if the buyer doesn’t put the 10% deposit down. This is done through a litigation lawyer. A failed completion is not likely to occur. However, you have to beware of all the risks involved.
The property exchange process period varies depending on the conveyancer you choose to deal with. Other factors that may determine how long it takes include a chain and what time of the year it is.
In most cases, the completion takes between 3 and 4 months. It can take up to 5 months from the time you start contacting your conveyancing service.
Therefore, before you start instructing your property lawyer, you should find time to speak to them. AVRillo takes an average of 2 months on property exchanges.
A mortgage offer contains the terms of the offer and the amount you are being offered.
You can get in touch with our team of conveyancing solicitors in Bristol by simply giving us a call. You can get an online quote for our services or chat with one of our online agents.
We have a conveyancing team that will run through the first stages of the conveyancing transactions. Once we open your file, we instruct your conveyancer to take over all the legal issues and details related to the transaction.
Our team of conveyancing solicitors will be readily available to attend to you whether you are moving to or across the city of Bristol.
Our licensed conveyancing services come in a range of flexible fees. We also charge a fixed fee for straightforward services. You may incur additional fees if you are required to complete a transaction. Our solicitors will engage with you and keep you informed on why you should pay any additional fees.
Disbursements are any additional costs that occur during the conveyancing process. Some of these additional costs include registering an HM Land Registry and conveyancing searches. Also, you should consider how Capital Gains and Stamp Duty taxes are likely to affect your property transaction.
Finding Conveyancing Solicitors Bristol is easy, a quick google search will bring up plenty of firms wanting to bite your hand off, but how do you know which one will get you those keys and into that house, quickly, cheaply and still give you great service. Really research Conveyancing Solicitors Bristol before deciding the one. Cheap doesn’t always mean a great service. Picking the top firm from your quick search of Conveyancing Solicitors Bristol might cause you more stress than you expected.
We are AVRillo understand your needs better and offer you hassle-free and quick conveyancing services in Bristol.