Home / Conveyancing / Blog / Residential Conveyancing

Residential Conveyancing

Residential conveyancing involves transferring the ownership or title of any residential property. Residential conveyancing solicitors are always available to make certain that your property deal runs as quickly and as smoothly as possible. Whether you are buying or selling a house or any other residential property, from your first instruction through to finishing point, you can rest assured that they will make everything a lot easier. Shifting house is not a trouble-free process. It is stressful and also involves bounty of work, tension and never-ending legal procedures that can cause a number of restless nights. It takes time and endurance to get everything done just right. A licensed conveyancer or solicitor will make the whole progression much easier and faster. If you are a first time buyer, or a repeat property investor, or have shared ownership or are buying a property, housing conveyancing solicitors will be able to offer you with the counsel and backing you need. They will be able to tell you the precise phase or circumstances of the transaction and will make sure you are kept in the sphere of needed information all times. Conveyancing farms will be able to get the utmost contract for the lowest prices with service that is especially customised for your aid.

The whole process will presumably take from six to eight weeks from an offer being accepted on a property to completion and moving in or it can take longer depending on the number of people concerned in the deal, delays or other unexpected situation.

If you are buying a residential property then you must first choose conveyancer and tell the chosen conveyancer that you would like them to work on your behalf. They will ask you for a verification of identity and address as well as an token money to cover up the cost of initial and local authority searches. These costs can vary based on locations. The farm will at this point give you an instruction form complete and return. After these searches are completed, the seller of the property will have to fill in a Property Information Form which contains information about the property such as boundaries and any work done to the property and a Fixtures and Fittings Form which gives details of what items are included in the sale like furniture, carpets, curtains, kitchen appliances etc. Next, once your advance offer is received, you will have to sign the contract and mortgage deed. Then you will also have to fill out a Stamp Duty Land Tax form. All added inquiries have to be completed before you can exchange the contracts. You may then have to pay an initial deposit. Once that is complete, you can trade the contract and decide a date for the completion. The end of the process of buying a house occurs when money transfers from the buyer to the seller. Stamp duty is the tax that is paid by the buyer of the property to the government. The rates can vary but are based on the worth of the property. For example, generally you will have to pay 5% of the purchase price on any property having value between £1,000,000 and £2,000,000 and 7% of the purchase price on any property valued for more than £2,000,000. Property searches generally cost from £100 to £200 depending on the area. Land registration fees usually cost £40 for properties under £50,000 to £910 for properties over £1,000,000. All the fees are expected to fluctuate based on the locale and the properties condition, as well as the current economic situation.

Posted by on 17/06/2016 in Residential conveyancing

Ready to get a quote?