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Conveyancing and legal procedures

Buying a house is not something you do every day. That’s why you have a right to not know how the whole process works and what every single term means. Many people are unaware of what a Conveyancing process is or what it entails. This is where we come to help you.

Conveyancing is the legal transfer of property from one owner to another.
Conveyancing is the legal transfer of property from one owner to another.

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What is conveyancing?

Have you ever heard of conveyancing? If it’s your first time buying a property, it’s possible you don’t know what it is and how it works.  That’s totally okay! Don’t worry and let us explain the process to you.

Conveyancing is the process of formally transferring rights to a property. In practice, lawyers (solicitors) handle the entire formal side of the transaction, from the preparation of the documents related to the purchase (local plans, contract), to the opinion of the mortgage agreement and the authentication of the transaction.

You can read more about this in our blog article on this topic.

How does conveyancing work?

In the UK, conveyancing can only be done by qualified solicitors called conveyancers. They take care of registering the land, drawing up the contracts, transferring the money and completing all the necessary formalities. Due to the special nature of this profession, it is highly regulated. You can verify a solicitor on The Law Society website.

The buying process differs for sellers and buyers

First, the seller has to complete a number of detailed forms about the property and the items included in the sale. The seller also has to provide identifying information to their solicitor to prepare the sale contract.  If the seller has a mortgage, the seller’s solicitor will request a repayment statement (a redemption statement) from the mortgage lender so that the solicitor can fully pay off the mortgage after completion of the sale.

The process of transferring ownership of a property is different for buyers. They need to organise a review of the house and their finances. It is important for buyers to make sure they will have enough money to cover the cost of the house and all the costs associated with the purchase. If the buyer will be financing the purchase with a mortgage, a pre-approval (decision in principle) should also be arranged before making a formal offer to buy. Finally, the solicitor will also deal with the payment of Stamp Duty Land Tax.

Buyers should inspect the property at least once and check if everything works and that the legal plan of the property given to them by their solicitor correctly shows the property being sold. Then, the buyer’s solicitor reviews the paperwork supplied by the seller, the mortgage paperwork, and the conveyancing searches. The solicitor will also negotiate the sale contract. When everything is ready, the solicitor reports to the buyer and lets the buyer know that the pre-exchange legal work has been done. Sometimes the buyer and seller have further negotiations before exchange of contracts (final stage of transaction).

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Conveyancing process
Conveyancing process

How long it will take and how much it will cost?

Buying a property is an expensive process, so we have good information for you that the conveyancing process will not cost a fortune. The exact costs vary and depend on the value of the property. Expect standard conveyancing fees to total around £1,500 – £2,500 (this does not include the Stamp Duty land tax charge). Legal costs depend on a number of factors, such as location, property value and the source of the money you use to fund your mortgage deposit.

The average process takes between 10 and 12 weeks. Depending on the involvement of the parties, it may take longer or shorter. The local authorities also have a not insignificant influence. In some cases, access to documents can be very difficult or you may have to wait a long time for them.

Summary

If you have any questions about Conveyancing or our services, please do not hesitate to contact us. Our mortgage advisors will be happy to answer all your questions and explain all the details. We also work with a number of law firms and are able to advise you on choosing one.

Don’t wait, take care of your finances today! Make an appointment for a free, no-obligation consultation with an advisor who will answer all your questions and help you get a mortgage that fits your needs.

Our team is here to assist you. Contact us by completing the form below.

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Think carefully about securing other debts against your home. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services and some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts
secured on it.

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it. Conveyancing services are not regulated by the Financial Conduct Authority.

Extend Finance nor The Right Mortgage Limited can’t provide advice regarding Personal Pensions, Pension planning or investment planning advice. You must seek independent financial advice from a suitably qualified professional financial adviser who may charge you for advice.

Wills, Will writing, Trusts and Trust planning are not regulated by the Financial Conduct Authority.

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