Residential Conveyancing

You could do your own conveyancing however most mortgage companies will insist that a lawyer does it for you as it is a high risk transaction. Similarly if you fail to spot something such as a boundary issue, it could result in a costly and lengthy dispute, or even impact on the resale value of your property.

Most Residential Conveyancing is completed within 8 to 12 weeks. The actual timescale will depend on all the other involved parties: Solicitors, Vendor, Purchaser, others in the chain etc. We aim to keep the process moving on your behalf.

Searches are necessary to establish a clear picture of what you are buying and any factors that might affect the property. Are there plans for a new road or building development near by? Is the property at risk of flooding? Are there financial liabilities attached to previous occupants?
These checks have to be performed because the situation can change over time or since the property was last sold.

A disbursement is a payment made to a third party (eg a search fee paid to HM Land Registry) These need to paid for as part of your property transaction. Disbursements vary depending on your transaction.

Sale of property:
When selling a property we need to check the Land Registry title documents.  These typically cost less than £10.  We may also need to obtain copies of other documents –  such as a planning permission documents – these typically cost less than £20. 

Purchasing a property:
When you buy a property we carry out searches on your behalf. The cost of these searches depends upon the property and the local authority where the property is situated.  You should allow £350 for these.  There are also HM Land Registry fees ranging between £40 – £910 depending upon the type of purchase and value of the property.  We will inform you of specific costs in writing.

Stamp Duty:
Stamp Duty Land Tax is usually payable when you purchase a property. We will advise you of Stamp Duty due.  You can see Stamp Duty rates on the HMRC website.

Remortgage:
When remortgaging a property we will need to check title documents with HM Land Registry (£10). We may need to check other documents (typically less than £20). We will also carry out searches on your behalf which vary depending upon the property and the local authority where it is located. You should allow £350 for these. HM Land Registry fees range between £40 and £250 depending upon the type of transaction and the value of the property. We will advise you of the exact fee.

Leasehold properties may incur additional costs including a notice of mortgage fee –  typically £100 to £200 – and a certificate of compliance fee – typically £200. 

Some disbursements are subject to VAT – this will be shown on our service proposal.

Whilst every property transaction is unique, common stages of selling a property are:

• Solicitors take instructions and provide initial advice
• Buyers arrange funding and obtain offer of finance if needed
• Seller’s solicitors provide leasehold information from the management company (if applicable)
• Buyers commission a survey of the property if required
• Contracts, copy title documents and preliminary enquiries are addressed
• Searches are carried out (these will vary depending upon the nature of the property)
• Buyer’s solicitors raise any additional enquiries with seller’s solicitor
• Mortgage offer is received (if buyer is buying with a mortgage) and the lender provides instructions to buyer’s solicitor
• Buyer’s solicitors report on all documents and information received from vendors
• Contracts are signed ready for exchange
• The completion date is set
• Contracts are exchanged (the transaction is now binding)
• The buyer’s solicitor obtains funds from lender and/or buyer
• The transaction completes
• Buyer’s solicitor applies for registration at HM Land Registry
• If a leasehold property, the buyer’s solicitor follows the notice and covenant procedures set out in the lease, thereby informing the landlord or management company that you have sold

Whilst every property transaction is unique, common stages of buying a property are:

• Solicitors take instructions and provide initial advice
• Buyers organise finances to fund purchase and inform a lender if an offer of finance is needed
• Buyers commission a survey of the property if required
• Contracts, copy title documents and preliminary enquiries are addressed
• Searches are carried out  – depending upon the nature of the property
• Buyer’s solicitors raise any additional enquiries with seller’s solicitor
• Mortgage offer is received (if purchaser is buying with a mortgage) and the lender provides instructions to buyer’s solicitor
• Buyer’s solicitors report on all documents and information received from sellers
• Contracts are signed ready for exchange
• The completion date is agreed 
• Contracts are exchanged (the transaction is now binding)
• The buyer’s solicitor obtains funds from lender and/or buyer
• The sale/purchase completes
• Buyer’s solicitor deals with the payment of Stamp Duty Land Tax
• Buyer’s solicitor deals with application for registration at HM Land Registry
• The buyer’s solicitor follows the notice and covenant procedures set out in the lease

The stages in remortgaging or refinancing a property vary but they typically include:

• Borrower’s lawyer takes instructions and provides initial advice
• Borrowers liaise with the lender regarding the mortgage offer
• Borrowers (through the lender) organise a valuation of the property
• Lender instructs borrowers lawyer to act. Sometimes lenders will use the same lawyer – in other instances they may require the services a separate firm
• Searches are carried out by the borrower’s lawyer
• The lawyer obtains information from the borrower regarding the property
• The lawyer investigates title of the property to ensure it is safe to lend
• The lawyer arranges for the borrower to sign documentation including the mortgage deed
• Contracts are signed ready for exchange the lawyer advises the lender that it is safe to lend
• Funds are obtained by the lawyer and provided to the borrower, after redeeming any outstanding mortgage balance and deducting any other costs
• Buyer’s solicitor deals with application for registration of the new charge or mortgage at HM Land Registry. If the property is leasehold they follow the notice procedures set out in the lease