A contract of sale is often prepared in advance, even if the buyer has not yet seen the property. A buyer may request access to a property in order to carry out specified works/renovations before the date of actual completion. 

Only if your seller is not residing in the property and agrees to you carrying out the renovations may you access it between exchange and completion. If you agree, access is generally only granted on the condition that you do not take up occupancy but rather perform the renovations only.

The buyer’s conveyancer pays a deposit of 10% of the purchase price to the seller’s conveyancer at the time of contract exchange. If the buyer withdraws from the purchase after contracts have been exchanged, this deposit is forfeitable.

The Land Registry is the government body that ensures that all real estate in the United Kingdom, with a few minor exceptions, appears on the public register of landholdings.

The Land Registration Act 2002, which came into force in January 2003, essentially abolished the notion of “title deeds” after recording a property’s information on the Land Register. Instead of issuing title deeds, the Land Registry now issues a Title Information Document, which is simply a paper copy of the electronic register.

The Title Information Document contains the information on the property, such as its ownership and price paid on the most recent sale. It may also include any other elements that impact the property, such as rights of ways, limitations, and covenants.

The Land Registry’s website has a wealth of information about real estate in general, and you may download various publications and statistics on house values.

If you’re selling your property, talk to your conveyancer first before putting it on the market. Make contact with your conveyancer before submitting an offer if you are buying.

The cost of carrying out the conveyancing on an auction property is the same as it is on any other property, based on the purchase price but excluding search charges. Search fees are often included in the seller’s auction pack, and you’ll be responsible for reimbursing them.

We’ve noticed that certain property lawyers and conveyancers are providing clients prices that appear to be rather low for conveyancing in order to secure the business. Be extremely cautious if you’re given one of these quotes, and double-check that it covers everything those lawyers would need to accomplish on your behalf.

Some businesses charge extra for submitting the Stamp Duty, storing your documents after completion, land tax return, and even an additional fee if you want to complete within a short time frame following the exchange of contracts.

You will receive an all-inclusive quote if you ask us for a quotation for our conveyancing service. Our cost for handling the task on your behalf will not be changed.

Subject to contract refers to all communication and bargaining between a seller and a buyer, as well as their respective property lawyers until contracts are exchanged. Occasionally, in real estate agency windows, you’ll see properties that have been offered “subject to contract.”

In a nutshell, this indicates that either the seller or the buyer may withdraw from the transaction at any time during contract negotiations until contracts are exchanged without incurring any penalty.

The legal paperwork that serves as proof of the transfer of a title deed of a property from one owner to another is a conveyance document, often referred to as a deed of conveyance.

The essential thing to know about purchasing at auction rather than privately is that there is no cooling-off period. Even if the property does not pass building or pest inspections, you must decide whether or not to purchase it after you’ve seen the end result.

If you’re buying at an auction, you should be ready. You’ll need to have your financing pre-approved. Before the auction, arrange inspections, conduct a title search, and get a property value estimate. Obtain a copy of the contract and seek legal counsel or assistance from a qualified conveyancer.

This is a loan offered by a bank or a building society to someone who wants to buy a property or apartment.

Stamp duty is a fee charged by the buyer to the state government when real estate is transferred. The stamp duty rate is determined by the purchase cost and is a percentage of it, with two possible outcomes depending on whether the property will be lived in by the buyer or purchased as an investment property. Concessions are available to first-time buyers under certain residence ownership criteria.

These are charges paid on your behalf to third parties for things like searches, stamp duty, and land registry fees. At the beginning of the conveyancing procedure, you’ll be given a breakdown of each item and how much they cost.

The completion of the sales or purchase procedure is known as settlement. The buyer and sellers’ conveyancers, as well as the banks for the seller and buyer, are usually involved.

On settlement, the buyer’s bank will exchange cheques as directed by the buyer’s conveyancer, receiving in return the Certificate of Title and a “discharge of mortgage” (if applicable) from the seller’s bank.

When the settlement date arrives, the keys can be given to the buyer. The deposit is disbursed by the deposit holder (typically the agent) to the seller or as instructed by the seller. At this point, the buyer’s bank records the transfer of title and mortgage and notifies the required authorities.

This is a report by a competent surveyor prepared for a buyer of the property. A surveyor’s report isn’t a full structural survey, which is much more time-consuming and costly. Still, it gives you detailed information on the property’s status and condition and any maintenance concerns that should be taken into account while negotiating the price with the seller.