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Residential Conveyancing

Residential conveyancing involves the buying or selling of a house or transferring the ownership of any residential property. Residential conveyancing solicitors exist to ensure that your property transaction runs as quickly and as smoothly as possible, whether you are buying or selling a house or have any other residential property requirement, from your initial instruction through to completion, you can be sure that they will make everything a lot easier. Moving house is not a simple process. It is stressful and involves plenty of work, tension and endless legal procedures that can cause a number of sleepless nights. It takes time and patience to get everything done just right. A licensed conveyancer or solicitor will make the whole process much easier and faster. Whether you are a first time buyer, a repeat property investor, need advice on shared ownership or are buying a property residential conveyancing solicitors will be able to provide you with the advice and assistance you need. They will be able to tell you the exact stage or situation of the purchase or transaction and will make sure you are kept in the loop at all times. Conveyancing firms will be able to get the greatest transaction for the lowest prices with service that is especially tailored for your assistance.

Legal process of moving home:

The entire process is most likely to take between 6 and 8 weeks from an offer being accepted on a property to completion and moving in. It can take longer, depending on the number of people involved in the transaction, delays or other unforeseen circumstances.

If you are buying a home/ property you must first tell your chosen conveyancer that you would like them to work for you and act on your behalf. They will ask you for a proof of identity and address as well as an initial cheque to cover the cost of initial checks and local authority searches. These costs will vary based on different locations. The firm will at this point send out an instruction form for you to complete and return. Once these searches are completed, the seller of the property will have to fill in a Property Information Form which gives 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 carpets, curtains, kitchen appliances, sheds etc. Next, once your mortgage offer is received, you will have to sign the contract and mortgage deed. You will also have to fill out a Stamp Duty Land Tax form. All additional 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 exchange the contract and decide a date for the completion. The end of the process of buying a house or completion occurs when money transfers from the buyer (via a lender in most cases) to the seller. It is usually followed immediately by the buyers moving into their new home. You are now the owner of a new house.

Taxes and costs:

Stamp duty is the tax a buyer of the property pays the government. The rates differ but are based on the price of the property. For example, you will have to pay 5% of the purchase price on any property bought between £1,000,000 and £2,000,000 and 7% of the purchase price on any property bought for more than £2,000,000. Property searches generally cost between £100 and £200 depending on the area. Land registration fees usually cost £40 (for properties under £50,000) to £910 (for properties over £1,000,000). Almost all the fees are likely to differ based on the area and the properties condition, as well as the current economic situation.

You can create a budget for moving and plan your purchase according to it to help you save costs. You can now easily purchase the home of your dreams.

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