Conveyancing For Buyers and Sellers 

If you are considering buying or selling a property you will need a Conveyancing Solicitor. They will oversee all the legal aspects of buying and selling, handle all the small details and make sure that the whole process runs smoothly.

Separate fees are charged for each and when purchasing a property you will also be charged a local search fee.

Ask your solicitor how they calculate their fees. They may be fixed or dependant on the value of the property

An expensive property may benefit from a fixed fee while a lower cost property may benefit from tiered fees. The choice is yours but do shop around and get the right solicitor for you.

Typical Conveyancing costs (including VAT) on a £350,000 property in the UK

As a buyer you solicitor may ask you to provide an upfront search deposit of £250 -£350. This is not an extra charge and will be accounted for in the final bill.

Costing Variations (UK Range)

Tenure – The  conveyancing process can cost more when buying a leasehold property due to the extra legal paperwork required. Usually in the range of £50 – £250.

Disbursements – There can be additional costs if extra searches are required -especially if you are in a flood risk or known mining area.

Indemnity Insurance – In cases where essential paperwork such as guarantees or permissions are missing there may be additional costs. An insurance policy can be taken out against any issues arising from the missing documents.

Property Value – Dependant  on your choice of  a fixed fee or tiered fee. Some conveyancing firms charge fees according to the value of your property and this can cause an increase in costs.

Mortgages – for properties involving mortgages an additional fee of £50 – £250 may be required to cover costs of dealing with the mortgage lender.

Conveyancing Quotes

Basic Fees – payment for the conveyancer or solicitors services

Disbursements – to cover anything paid to outside agencies

Common Disbursements

Land Registry Office

Local Authority Search

Bankruptcy Search

Drainage Search

Chancel Repair Liability Search – liability of upkeep payment to the local parish church

Environmental Search – checks for land contamination

Land Registration Fee – dependant on the value of the property you are buying

Stamp Duty Land Tax (SDLT)

For Sellers a Conveyancing solicitor will

Check buyers identity

Verifies the buyer has funds for purchase

Obtain Title Deed Copies from the Land Registry

Provides property information to the buyers legal representative

Advises on any legal issues affecting the sale

Preparation of Contract of Sale

Formal exchange of contracts with buyer’s conveyancer

Handling transfer of monies – including paying off mortgage and estate agent fees

Prepares and sends transfer deed to buyers legal representative

Removes your details from the land registry for the sold property

Finalise completion statement

Pay off any outstanding monies owed

For Buyers a Conveyancing Solicitor will

Verify your identity

Advise on and order searches

Ensure you have funds in place

Check Mortgage offer including Terms and Conditions

Examine surveys and raise any concerns

Check Property information form and raise any concerns

Check Fixtures and Fittings form and raise any concerns

Request and review Sellers representative Legal pack

Check seller contract

Agree completion date with seller’s representative

Formally exchange contracts

Prepare completion statement – sending you a copy

Prepare and send transfer deed to seller’s conveyancer

Arrange transfer of funds to seller’s legal representative

Pay Stamp Duty on your behalf

Register you as the new owner with the Land Registry

How Long?

In the UK the average time for conveyancing is between 8 – 12 weeks. However, there are many factors which  can influence the length of time between accepting an offer and completion. Many of the delays will be out of your control but there are things you can do to speed up the process.

Sellers

Make sure you start the legal process as soon as possible

Start to Collate  documents such as Utility bills (less than 3 months old)

Provide Electrical Safety Certificates (if you have them)

Planning permission and building regulations approval for any work carried out on the property

Warranties, including NHBC certificates for New Builds

Liaise closely with your solicitor and respond promptly to any requests for documents or completed paperwork.

Buyers

Sort your finances

Choose a lender and mortgage product that’s right for you

Contact your lender and ask for a Decision in Principal (DIP)

This will provide you with a Credit Check

Affordability check

Confirmation of the loan

A certificate to present to the seller

Check if your solicitor can act for your mortgage lender (Not all solicitors can act for all lenders).

If the solicitor is not on your chosen lender’s panel this may lead to major delays.

Liaise closely with your solicitor.

Promptly return any requests for paperwork or information.

Remember the key to successful conveyancing is COMMUNICATION!