The conveyancing process involves three basic processes:
Once a specific price for the property is agreed upon, the buyer and seller of the property will enter into an agreement.
In this first stage, any party can pull out of the agreement, for whatever reasons, without any financial consequences because the contract is not legally binding. In case you have second thoughts on the property, this is the stage where you pull out. If you still want the property but you have an issue with it, voice your concerns for them to be addressed.
The conveyancer and property buyer can begin to make various searches on the property for assessment which may include:
Once the conveyancer completes the checks and verifies all the information, the buyer and seller can now sign and exchange the contracts. At this stage, pulling out of the contract can attract financial consequences because the contract is considered legally binding.
Once the transactions are done, the conveyancing process is complete and the conveyancer transfers the property deed to the HM Land Registry. After that, the seller is required to leave the property.
The conveyance process does not have a specific timeframe but it typically takes place between 12 to 14 weeks. If the process is smooth without hitches, it might even take a shorter time to complete. Different conveyancers work with different timelines so keep that in mind when you settle on one.
Always stay in constant communication with your conveyancer so that you can receive updates as soon as they come in. In case of any problems the conveyancer will let you know and you can decide from there what to do.
There are searches that the conveyancing lawyer will do that you cannot pinpoint right away. Having not dealt with a lot of property searches, leave it to your conveyancer to make sure the property you are about to buy is in tip-top shape.
The searches that your conveyancer will do will include the following:
Why should the conveyancer do the searches?
Remember it is important for your conveyancer to do these searches so that when you immediately move in, you don’t encounter problems. If these searches are not done, you should consider the conveyancing process not complete.
Our online agents are always available to give you an online quote or you can engage in a chat with them. We offer free quotes. So you can get in touch with us by giving us a call.
At the initial stages, you will have a team of conveyancers that will help you with first stage transactions. After opening your file, your conveyancer will take over all the legal issues and transactions pertaining to your agreement.
Stamp duty is a type of tax the government charges the buyer upon purchase of a property. When you buy the property, you are subject to a full stamp duty rate unless an exemption is applicable. It is highly likely that you don’t know how much you will pay. Therefore, involve your conveyancer to help you out with the calculations.
As a first time buyer, you may not pay the full stamp duty rate. You should also note that property under a certain rate may be exempted from this type of tax. If you buy a property that is a million pounds or more, prepare to pay a higher stamp duty.
Every company displays different charges. Check the conveyancer’s terms for their stamp duty fees. If the information is unavailable, ask beforehand.
Considering that the stamp duty form contains seventy questions, you might not be equipped to answer them correctly. Choose our conveyancer who knows the ropes so that you can avoid penalties. If you answer the questions incorrectly by yourself, you will be the one to incur charges but if the conveyancer fills in the form incorrectly, they will be the ones facing the penalties.
On that note, choose our conveyancer who is the best in the field to avoid frustration and hitches along the process.
Freehold describes the ownership of land. Land ownership can either be freehold or leasehold. A freehold usually applies to the full ownership of a house.
Leasehold refers to provisional ownership of property like flats. Once the lease agreement expires, the freeholder can take full ownership of the flats. .
According to the HMLR Land Registry, a title deed is a document that states the rights and benefits of a particular property.
This is a question that many property buyers struggle with. Struggling with how much you will be able to deposit and the amount of loan you can receive can be quite stressful. But the process should not be overwhelming at all, the secret is to ask and see how the numbers will work for you. Considering that you might be eligible for up to 95% on a mortgage, you can deposit 10% bearing in mind that you can get an average of 5%. You can service the deposit from your savings or get a loan from the bank.
Ask about all the risks that are involved and be ready to tackle them if they arise.
The duration of the exchange largely depends on the conveyancing lawyer that you choose and time of the year. The process can take up to 5 months with an average of 3 to 4 months. Also, if a chain is involved, the process might take longer.
Remember to be in constant communication especially if a chain is involved. You need to be aware of anything that might arise or if anything changes.
AVRillo takes an average of 2 months until completion of the process.
A mortgage offer is an offer that informs you the terms of the offer and the particular amount you are being offered. It’s a formal confirmation that your application has been validated and verified. The mortgage might stipulate the interest rates, repayment amounts and repayment terms.
Once the mortgage offer is issued, it only lasts for 3 to 6 months.
Different companies charge different fees for conveyancing services. When you are checking out different firms, compare their prices and settle on the one that agrees with your budget.
Suitable conveyancers will give all the prices upon request and in case of any additional fees, they should and will explain why you need to pay them. The extra fees which are called disbursements might arise from conveyancing searches, land registration. Capital gains and stamp duty if any might also affect your property purchase. Don’t fret because of the charges that might arise because the conveyancing lawyer will let you know of all the charges before you commit yourself to buy a certain property.
We charge affordable fees for the services that we offer. For straightforward services, we charge fixed fees. We always make a point of making you aware of all the charges that you will incur before you partner with us.
All in all, get a conveyancer who will not disappoint you and who can offer advice whenever you need it. Buying a home is a life-changing decision, make sure you have the right partner for your conveyancing process.