Conveyancing Solicitors in Redditch

Conveyancing cost varies from one transaction to another depending on many factors such as location, property type, size of the plot, etc. Comparing quotes between different law firms is essential to get the best deal.

During the exchange of contracts, which is part of the conveyancing process, both buyer and seller sign a sale agreement at their respective lawyers’ offices. The contract contains all information about the property, such as location, price, or other conditions that may affect it during or after the closing date.

After the exchange, both parties will have a period to perform specific actions such as:

• Pay their respective lawyers’ fees for preparing and checking the contract.
• Arrange insurance on the property if necessary. The seller’s lender usually requires it if any damage occurs after closing.
• Pay surveyor to conduct a detailed check of the property.
• Comply with any other conditions stated in the contract.

During the inspection, an independent inspector is appointed by both buyer and seller to examine the structure of the house or development site for issues that can affect its value. The person usually takes several photos and records any damage on the property.

Conveyancers will conduct a complete title search on all registered properties to identify outstanding finance, rights of way, or restrictive covenants. These are completed with the help of Land Registry searches.

A Building Survey may also be required for older or historically significant buildings where it is important to establish whether they have been affected by refurbishment or structural damage.

A Drainage Search is required for properties with septic tanks so that the buyer can be aware of any potential maintenance issues before they purchase the property.

A Flood Risk Assessment is also carried out for properties located in areas with a high risk of flooding.

Funds are transferred when all conditions in the sale agreement have been fulfilled or waived by both parties. These conditions include certificates, reports, surveys, and evidence of insurance coverage.

Once the transaction is complete, your lawyer will provide you with a completion certificate. The document shows that the property has been transferred into your name, and you can now occupy it.

There are cases when you may not be able to move in immediately after closing, such as if:

• You live overseas and cannot arrange flights to Redditch time.
• The property needs repair, and you need to wait for the builders to finish the work.
• You cannot move into a new property until after your current one is sold or the tenant moves out.

The length of the transaction will vary depending on factors such as:

• Time of year (property transactions generally peak in the summer).
• Availability of mortgage funds (it can take between one and three weeks at different times throughout the year).
• Size and complexity of the transaction.

If you need to move into your new property right away, discuss this with your lawyer at an early stage. It may be possible for them to exchange contracts quickly, even if the title deeds are not present.

Estate agents do several things during a transaction:

They introduce the buyer and seller to each other.

• Keep both parties informed of any developments in the sale process, such as changes in price or requests to view the property.
• Give feedback from marketing activities and visits by potential buyers.
• Advise on the sale price and negotiate with both parties, acting as a third party to ensure fairness.
• Explain the completion process.
• Advise the buyer on surveys, negotiations, insurance, and so on.

Estate agents receive fees from both seller and buyer for their services, usually at least 1% of the property value. The fee is included in the final sale price of the property.

When you buy or sell a property, the house owner is called ‘the vendor,’ and the person who buys it is called ‘the purchaser.’ The person selling their home (the vendor) agrees with the estate agent (seller’s agent), which requires them to act on behalf of both parties. The vendor pays the estate agent a fee for their services.

The purchaser’s agent acts on behalf of the purchaser, paying them a fee. Two separate transactions occur at different times, but both agents have to work together to ensure that the deal gets done successfully.

When both buyer and seller agree to exchange contracts on their respective properties, this is called a contractual exchange. A few days after the contract has been signed, the loan is placed if you buy with a mortgage.

At least one day before completion of the sale, you’ll need to sign the documents at your lawyer’s office. It sometimes happens the same day but always on or before the date of exchange and ‘completion.’

Before exchanging contracts, you need to arrange finance. If you are buying with a mortgage, your lender will email to confirm that you can proceed with the sale.

If you are buying without a mortgage, your lawyer will contact the seller’s conveyance to confirm that he has agreed to transfer the property’s ownership and possession before your completion date.

Once all documentation has been signed by both sides and conditions met, this is known as ‘completion.’ You will receive keys to your new home, and the sale is complete.

The amount you pay to complete a property transaction will depend on the property’s value. The fee is typically 1% of the sale price but can vary depending on certain conditions or factors. 

The cost of buying a property is directly related to the purchase price. Obtain a quote from your solicitor before you start searching for a property, and once the initial offer has been made, get advice on whether it’s too high or too low compared to other similar properties.

If you are looking to buy a high-value property with a mortgage, your bank or building society will manage the legal documentation and conduct searches on your behalf. Many customers feel they don’t need to pay for a solicitor to do all the work, but this is not advisable as many issues can arise, and you may pay additional costs later.

The parties can exchange the legal title before the property transfer deeds (title deeds) have been released from the land registry. It is advisable to allow for five working days. If you complete before the title deeds are released, you will be purchasing ‘the property, which means you will not own the land itself until closer to completion.

You do, however, have rights under The Law of Property (Miscellaneous Provisions) Act 1989 and the Restrictions on the Transfer of Land Act (1925) to deal with the land. For example, you can build on it and plant a garden.

It is advised that before exchanging contracts, you should carry out building surveys and searches (if applicable). If there are problems, this may delay the exchange of contracts or result in the purchase not going ahead.

Cleared funds refer to money in your current account and are available for transfer when exchanging contracts with the vendor.

If you buy a mortgage, your lender will usually tell you how soon after contracts they need cleared funds, but it’s usually no later than four weeks. If the sale doesn’t complete on time, this can affect your credit rating.

If you are buying without a mortgage, you need to have the money ready to complete the sale on time. If there are problems with releasing the funds at completion, it could delay the exchange of contracts or result in your purchase not going ahead.

A survey is a detailed inspection of a property to determine its condition and the extent of defects or problems.

You must get this done before completing it as it will give you peace of mind about what will be yours from day one, including any repairs that need to be carried out.

Completion can be subject to delays when the property has not been registered in full. It happens when certain documents are missing or errors in deeds. Sometimes you cannot find these issues until completion day, and the lender needs extra time to process them.

It is advised that one should give two weeks’ notice, but circumstances can change, so it’s always advisable to have a contingency plan in place for when completion gets delayed.

Most people who use a mortgage broker do so because they don’t want to waste time arranging finance directly with lenders.

A mortgage broker will research the options available to you and then arrange to receive a list of recommendations that match your circumstances.

Their expertise is invaluable as they help people every day understand the maze of mortgages and how to get them arranged, negotiating best rates and removing unnecessary costs.