Frequently Asked Questions About Residential Conveyancing
Conveyancing can be a tricky and confusing process. Many people wishing to buy or sell their homes can be intimidated by the whole process. Conveyancing has several steps, many of which are complicated and lengthy. It can be very frustrating and stressful if you do not understand what is going on. Clients often have several questions they want to ask their conveyancers, but are afraid or embarrassed to do so. This article solves your problems. Here we answer some of the common questions you may have about conveyancing.
- What does ‘Conveyancing Chain’ mean?
In order to avoid the risk and expenses of owning two houses people usually choose to buy and sell their homes at the same time. As a result, a number of linked transactions arise, each dependent and connected to the other and exchange of contracts must take place simultaneously in all the transactions meaning that the speed of progress is dictated by the slowest link in the chain. Each stage is linked to the next creating a conveyancing chain.
- How long will the process take?
As each conveyancing case is different, it is almost impossible to say how long it will take. However, if there are no complications in the sale then it should take between 8 and 10 weeks. However, some cases can be completed faster, while others will take longer.
- How much will it cost?
The average costs usually add up to 1500 pounds. The total cost depends on the type and price of property you are selling or buying as well as the kind of conveyancing service used for the transaction. Fees include the conveyancers basic fees and disbursements. Disbursements include stamp duty, land registry fees and search fees. You also need to budget for lender’s valuation fees and your own survey fee. Each of these fees will also have VAT added to them. You will also have to take your mortgage into consideration.
- When should I hire a conveyancer?
If you are selling property, you should instruct a conveyancer before you put your home on the market. On the other hand if you are planning on buying a house you should hire a conveyancer before making an offer. It is best to hire a conveyancer as early as you can, as they can start the process much earlier.
- What is a local search?
It is a set of standard enquiries that your solicitor raises with the local council. It involves just the property you plan to purchase and would not, for example, reveal proposals to develop or extend neighboring land or property. The local council charge a fee “the local search fee” which your solicitor collects from you and pays to them when the search is done.
- What is the difference between exchange and completion?
Contracts are exchanged once there is an agreement between the seller and buyer parties to sell/buy the property. The completion date for the deal is fixed as soon as the contracts are exchanged; however, there still remain some final formalities to be taken care of on the completion date. Once the formalities are complete, the buyer can move into their new home.
- Do I have to complete the surveys and mortgage valuation?
These are important steps and you are advised to complete them before purchasing any property. They let you know everything you can about the property and if it needs any improvement or repairs. Moreover, a licensed surveyor will be able to give a detailed report about the structural state of the property. A mortgage valuation makes sure that the property is worth the price you are buying or selling it for.
Once you know the details and technicalities of conveyancing, the entire process will seem much simpler and clearer to you. You will understand the procedure as it goes along, and will remain relaxed and stress free during the transaction.