If you’ve never owned your own home before, you might not be aware of the process you will need to undertake before finally receiving the keys. The process isn’t difficult but can be time consuming so it is important that you get it right.
This article will serve as a handy guide to making sure you get the buying process right, first time.
What is Conveyancing?
Conveyancing is the legal procedure that needs to be carried out by a solicitor to facilitate the transfer of a property’s deeds. The process will begin after you have made an offer on a property and it has been accepted by the vendor.
The process is completed once contracts have been exchanged and the money transferred.
Can I Hire Anyone?
Conveyancing can be carried out by solicitor, property lawyer or any licensed conveyancer on your behalf. All solicitors are qualified to undertake such work but not all will be suitably experienced. It is for this reason that we recommend you appoint an expert who can steer you through the process.
It is sometimes the case that your mortgage lender would like you to appoint a conveyancer from a pre-approved list. You could attempt to negotiate here but if this is unacceptable you will likely have to find another mortgage provider.
What Does the Process Involve?
The bulk of the work involves conducting vital searches which will flag up any potential issues. Such searches include:
Checking with local authorities to ensure that planning and building permission have been granted.
Checking with the land registry to ensure that the current ownership deeds are in order.
Checking with utility companies for any potential conflicts of interest.
Other factors such as proximity to flood plains, proximity to large sewers, water treatment works and whether there are any financial liabilities attached to the property will be assessed.
Any additional costs occurred through this process will be identified and presented to you for approval. Your solicitor will also read through the contracts drafted by the vendor’s solicitor for accuracy. The contract will make a note of the sale price as well as any other relevant particulars.
How Much Does Conveyancing Cost?
The cost will vary dependent upon the person or company you hire. If the process turns out to be more involved, you will also likely end up paying more.
The average property costs in the region of £850 but this cost can be reduced further by appointing a conveyancer that provides their services online. Such a service might cost in the region of £500.
If you’re worried about the sale collapsing, you might be offered a package where no costs are applicable in such circumstances. There will usually be a fee attached to this provision