Questions and answers on Conveyancing
Goodlaw Solicitors give the answers to your questions about conveyancing. Our conveyancing flow chart is a convenient visual of the process.
What is conveyancing?
Put simply, conveyancing is the transfer of legal title for Property/Land from one person to another.
What is a conveyancer?
A conveyancer is someone who facilitates the transaction of property or land from one person to another. Conveyancing is usually processed by a law firm as there can be many legal complexities to transferring property. A conveyancer can make the process relatively easy for the buyer or seller of the property and if complexities do arise they usually have the experience to deal with such events.
You should hire an experienced conveyancer to deal with your transaction. Ideally, one that is part of an accreditation body like the Conveyancing Quality Scheme. Conveyancing solicitors part of such organisations will:
- Use their expertise to deliver quality residential conveyancing advice
- Make use of standardised processes to identify and minimise risks
- Explain to clients what to expect when purchasing conveyancing advice
How long does the conveyancing transaction take?
It’s very difficult to advise how long a transaction will take to reach completion. This is because every transaction is different, and there are many factors to consider which can affect timescales, including the length of the chain, the responsiveness of all parties and the transaction’s complexity. As an approximate guideline, you need to allow between six and sixteen weeks; sometimes less, sometimes more.
Leasehold transactions are often longer, as there is a lot more information to be reviewed and more third parties involved in the process.
How much does conveyancing cost?
Conveyancing with Goodlaw Solicitors has a very open fee structure. It costs between £400.00 - £2,200.00 depending on your residential conveyancing requirements.
A breakdown of the Goodlaw residential conveyancing costs are (all costs are quoted via email on a case-by-case basis, depending on complexity, sale/purchase price, or facts of the case):
- Property sale: From £900.00 – £1,800.00
- Property purchase: From £950.00 – £2,200.00
- Transfer of equity or remortgage: From £400.00 – £900.00
Are there any additional fees not included in the quote?
We are very transparent with our fees and so in most cases, the answer is no. The only instance in which extra fees would be charged is those in which a lot of extra legal work would be required. If such a situation arises, we will advise you immediately, before proceeding.
What happens if the transaction falls through?
If the transaction were, for any reason, to fall through, we bill on an abortive basis. This is where we will charge you for any disbursements we have incurred on your behalf, as well as a percentage of our legal fees depending on the stage at which your transaction has progressed.
What is a certified ID?
In all Property transactions, it is a legal requirement for all parties to have their identity verified. You will need to visit a local Solicitor or post office with your original documentation to have them certified, they will charge a fee for this service. Alternatively, you can attend one of our offices to have your ID certified, free of charge. However, always ensure that you speak with your representative to arrange an appointment.
What is Proof of Funds/Deposit?
Under the government Anti-Money Laundering Regulations 2006, all solicitors are required to obtain proof of all funds used to purchase Property. We must obtain evidence of the original source of the funds, e.g. salary, inheritance, or sale proceeds. Please discuss with your Solicitor if you are unsure which evidence to provide.
What Searches will I receive?
We order a standard pack which includes:
- Local Authority Search
- Drainage and Water Search
- Environmental Search
- Chancel Repair Indemnity
These are required by most Lenders.
Should I get a Survey?
We advise that you instruct a Building Surveyor to assess the condition of the Property and provide a report outlining this to you. Please note that while we do review Surveys, we can only advise on legal matters contained therein. Any price negotiations desired resulting from issues contained in the Survey should be discussed through the Estate Agents.
What is my Deposit?
Your contractual deposit is, in most cases, 10% of the purchase price. This may differ from the total amount you are contributing towards the purchase, for instance, if you are obtaining a 70% Mortgage.
If you are offering less than 10% on exchange, please advise your Solicitor, as the Sellers will need to approve a reduced deposit.
What is Exchange?
Exchange of Contracts is when all parties become legally bound to complete on the agreed date. Failing to complete will mean you have breached the Contract and incur financial penalties.
What is Completion?
The Completion date is fixed on Exchange and on the day of completion is when the purchase funds will be transferred and keys will be handed over. This usually takes place around midday but can depend on how long the chain is and other factors.
What are HM Land Registry Timelines?
After completion, the Buyer’s solicitor will apply to Land Registry to register the Buyer’s ownership. Once the application has been submitted, timelines vary greatly, with some applications not being processed for up to 6 months. This can be even longer when an application is particularly complex.