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Conveyancing explained

The answers to the questions our clients ask about Comveyancing!

1. What is Conveyancing?

Conveyancing is the process of transferring ownership of property or land from one person to another.

2. How long will my Conveyancing take?

This will depend on a number of factors, such as:

The length of the ‘chain’:

That is the number of other transactions linked together. A longer chain will require  greater coordination between all the parties involved to ensure that target dates are met.

  • Whether a mortgage is required, and if an offer is in place.
  • Whether the other parties to the transaction are willing to move quickly.

If a transaction goes ahead without any major problems then it can often be completed in around 6 weeks. This is only a very general guide. Transactions often take longer than this, but some can be quicker.

Your Move Manager and the chosen Solicitors will do everything possible to ensure a quick and efficient transaction and to work with you on proposed moving dates.

3. What are disbursements?:

Disbursements are expenses which are incurred on your behalf during the conveyancing process  such as Land Registry Fees and property searches. Your Solicitor will give you a full breakdown of any likely disbursements.

4. What is exchange of contracts?:

Exchange of contracts means the transactions has become legally binding. On exchange of contracts the completion date (or moving date) is confirmed. Contracts are exchanged between solicitors, on the telephone. You do not need to be present for us to exchange contracts.

5. When can I book my removals?:

It is best to avoid booking your removals until after contracts have been exchanged. Before exchange of contracts, the moving date is not definite and you may end up losing money if the position changes after you have arranged the removals.

6. What happens on the completion date?:

On completion the following will happen:

  • Keys must be handed into or collected from the estate agents 
  • For Sellers, on receipt of funds the Solicitor will pay repay your mortgage.
  • For buyers, the mortgage lender will the mortgage money on the completion date.
  • The buyer's solicitors send the money to the seller's solicitors to complete the purchase.
7. Do I need a survey?

Home Buyers Report:

If you are obtaining a mortgage your lender will have the property inspected to see if it is suitable for them to lend against. It is important to realise that this is a basic valuation aimed only at protecting the lender’s investment.

Full Structural Survey:

For an extra cost you have the option of having a survey done which will provide you with more detailed information about the property, and it may highlight problems with the property about which you should be aware.It is often advisable to have a more detailed survey carried out on older properties, or simply if you want the additional peace of mind that a detailed survey can bring.

8. Can unmarried partners protect their individual deposits?

If you are putting unequal amounts into the property the person who is paying the larger amount can protect that money by a "trust deed".This is a legal document which sets out how much each person has contributed to the cost of the property and the share that they will each receive from the proceeds of the property in the event of separation. For example, it can state that if the house is sold, the person who put in the deposit gets that amount first, before the remainder of the value is shared out.

9. I’ve had a conveyancing Quote.

Are there any hidden charges?

We want to provide transparent pricing and will always quote you honestly. A quote for Conveyancing is made up of two parts, the legal fee (our fee for doing the work) and the disbursements (expenses incurred on your behalf, such as searches, Land Registry fees and Stamp Duty Land Tax, if applicable).

 We will quote you a fixed legal fee to cover the work. We will also quote you all the standard disbursements for your transaction based on the information we have at the time.

Fees and disbursements will only ever change if something comes to light during the Conveyancing process which was unforeseen at the time the quote was given. We will always contact you before incurring additional expenses on your behalf.

What will I be charged if my transaction falls through?

If your transaction falls through we will charge a proportion of our fee which relates to the amount of work we have carried out, therefore the cost to you will depend on what stage the transaction failed. Any expenses (disbursements) already incurred on your behalf will also be payable.

Summary

  • Chain
  • Exchange
  • Removals
  • Trust Deed
  • Completion
  • Conveyancing
  • Disbursements
  • Mover Manager
  • FAQ's Answered
  • Home Buyers Report
  • Full Structural Survey
  • No Sale no Legal fee
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