When selling or buying property in Northampton, you should be ready to go through the following stages:

• Instructing the conveyancer – Once your offer has been accepted, the estate agent will request your lawyer’s address so they can share them with the sellers’ solicitors. Therefore, it is important that you choose who you think is the best person to represent you when buying or selling any property.
• Mortgage application – The next stage involves applying for a mortgage for the property you are buying. You want to accelerate a formal mortgage application to prove to the seller that you are interested in the offer. The mortgage lender will arrange for a valuation to ensure the property is worth the loan you are applying for. The lender then sends your conveyancer a copy of the formal offer.
• Checks and inquiries – Your licensed conveyancer will need to apply for different searches like local authority search, water and drainage search, and environmental search. Your property lawyer should also raise any inquiries relating to the property and ensure they uncover all the information they need about the property.
• Pre-exchange – The conveyancer sends you a search report of the property and arranges for the exchange. You should read the report sent by the conveyancer carefully and ask questions if there is anything you don’t understand. 

Exchange of contracts and completion – your conveyancer will exchange both contracts once both buyer and seller have signed the contract. At this stage, the transaction is considered legally binding to both parties. It usually takes a week or two to complete if a mortgage is involved. 

Yes, it is possible to do the conveyancing on your own if you buy a property that involves simple transactions. It is even possible if you have the time to manage the transaction and are ready to go through the hurdles involved. It is important to weigh the risks and cost of conveyancing alone compared to hiring a licensed conveyancer.

If you are asking for a mortgage to buy the property, your lender is most likely to request that you hire a conveyancer to help you. You want to ensure the conveyancer is licensed and your lender approves to work with them.

Yes, you should pay a Stamp Duty fee if your property value is above a specific threshold. You have to pay the Stamp Duty Land Tax every time you move the property. The central government has increased the threshold for SDLT, which means you will not pay the fee if you buy a property of £500,000 or less.

First-time buyers of a property are exempted from paying the Stamp Duty for a certain threshold. Before the pandemic, a first-time buyer would not be charged an SDLT for properties worth up to 300,000. You should ask your conveyancer about the Stamp Duty fee you will likely pay for the property you want to buy.

There are a few factors that will determine the overall cost of the property you are buying. Some of those factors include the checks and searches your solicitor will perform on your buying property. You want to ensure you know the cost of the searches as soon as you instruct your solicitor to perform the search.

In most cases, the cost of the search is estimated as part of the disbursements assuming that at the very least, you will need to include environmental search, authority search, and water and drainage search. You may need other additional searches depending on the property you are buying and the property’s location. Your conveyancer should be able to highlight all these searches when you instruct them. They should also be able to explain to you the purpose of each of the searches you perform.

When you reach out to a licensed conveyancer, you won’t be doing much of the work. All you have to do is listen and cooperate. The conveyancer will ask you what you need to do. At the start of the conveyancing process, you need to provide proof of address and identification. Other things you should also include:

• Arranging for a mortgage from your ideal lender
• Providing proof of funds for the money you are using
• Put the building insurance in place
• Check the terms of the contract
• Review the search report as provided by your conveyancer
• Sign the contract and the paperwork

If you are buying property in the UK, you should be ready to hire a solicitor or property lawyer who is well conversant with the local market.

Your conveyancer should have many years of experience conducting searches and checks on the property, drafting contracts, and organizing stamp duty. The conveyancer should also be able to conduct a home buyer’s survey on your behalf. Your conveyancer should help you to secure a home or new property in the shortest time possible.

Disbursements are third-party fees that you pay when you are buying property in the UK. A good example is an amount you pay when your property lawyer does the local authority searches on the property.

A member of the conveyancing team should be able to explain to you all the disbursement fees you should pay.

Make sure to check with licensed law firm in Northampton.

This is not usually the case. However, you can exchange and complete on the same day if:

• All the parties in the exchange chain agree to the terms
• You have all the money you need to complete the transaction
• You have received and gone through the search report

Cleared funds are the funds cleared through the conveyancers’ bank. Once the buyer banks the cheque, it is usually cleared on the net for seven working days. Your conveyancer will not be able to access or use the funds until the bank makes them available.

Therefore, you must send the money your property lawyer is requesting at the right time. If you wish to transfer the money directly to the conveyancers’ account, you should contact the conveyancer and place your request. This will help you speed up the conveyancing process.

For immediate assistance, get in touch with our expert conveyancing lawyers in Northampton.

If you are selling, you should leave the keys with the agents for the buyer to collect. You can also make some personal arrangements to hand over the keys to them directly. You should not hand over the keys to the buyer until your conveyancer confirms that they have received the money.

If you are buying a house in Northampton, you can ask your estate agent to pick the keys on your behalf. You can also make some personal arrangements with the property seller to hand you the keys. In most cases, the estate agent will only release the keys if they get a notice from the seller’s solicitor that they have received the money.

For more help, contact AVRillo residential property conveyancing solicitors in Northampton.