Key Conveyancing Questions Answered
Whether you’re a first-time buyer or you’re looking to sell your home to move elsewhere, it can be a very exciting and overwhelming time.
The conveyancing process to complete a purchase or sale can be a complex one, with a wide range of factors needing to be considered. However, there is no need to worry when you secure our conveyancing services, as we aim to make sure the whole experience is a little easier for our clients.
I am looking to buy or sell a house but keep hearing about ‘conveyancing’. What is it exactly?
Conveyancing is the legal transaction that must occur when you buy or sell a property. Conveyancing itself, is the action of preparing the documents for the ‘conveyance’ of the property, such as the legal title of the property (the ownership) which will be transferred from one person to another. For example, conveyancing generally has two major phases: the exchange of contracts and the completion. Conveyancing must be carried out by a qualified legal professional, and it’s always best to opt for a solicitors who has years of experience in the property field to ensure the whole process (which can be both complex and confusing), runs smoothly and as quick as possible.
How long does the conveyancing process take to complete?
The conveyancing process can vary, with the average time to complete tending to be between eight to twelve weeks, but on some occasions can be a little as four weeks.
This can all change depending on your own individual circumstances, and if you have a deadline or special requirement in mind, which should be made clear to your solicitor upon starting the conveyancing transaction with them. It’s worth bearing in mind that the length of time to complete the conveyancing process may be out of yours and your solicitor’s control.
The following are just some of the various factors that can affect the timing of conveyancing completion:
· How quick the searches are returned. For example, some local authorities may take longer than others to respond. It’s worth noting that a range of searches may be required before buying your property e.g. local, drainage, flood risk, environmental etc
· If there are any problems discovered with the property following a building survey
· If any problems arise with the buyer’s mortgage
· Probate sales
· When a cash buyer doesn’t have the funds available, as they are waiting for an investment to release them
As the above shows, there are many factors that could complicate the conveyancing of your property, so you will need to be patient and trust that your solicitor is doing their best to speed up the process for you!
Majority of flats are owned in leasehold, so although you would own the property in the building, you have no stake in the building itself. If you are interested in purchasing a leasehold property, it is vital that you check the remaining length of the lease, as this could in turn affect your mortgage options, or the ability to sell the property later on down the line.
What is a conveyancing chain?
For example, Mr A is a first-time buyer and he is looking to buy a flat from Mrs B. Mrs B is using the money from the sale of her flat to purchase a property from Mrs C. Mrs C is using the money from the sale of their property to buy another property from Mr D. Mr D is moving in with his family, so isn’t buying a new home.
The smaller the conveyancing chain, generally there tends to be less complications that could potentially arise during the completion of transaction.
How much does conveyancing cost?
If you are looking to sell a house, you will need to budget for estate agent and legal fees.
If you are looking to buy a house, you will need to budget for legal fees and disbursements. You will also need to be mindful of stamp duty costs, land registry fees, search fees, lender’s valuation fees and your own survey fees.
Should you decide to instruct GWlegal to do your conveyancing, you can be rest assured that we are 100% transparent when it comes to the fees you will pay.
We offer a free quote service online here.
Who are GWlegal?
If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us firstname.lastname@example.org with your question.
Who are GWlegal? We’re a national firm with local values.
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Content correct at time of publication.