Conveyancing is the name given to the field of law that specialises in the sale and transfer of land and buildings.
Most people in the UK only ever deal with a solicitor when buying or selling property and the solicitor they use is likely to specialise in conveyancing. Nowadays, Licensed Conveyancers, that is to say qualified technicians that are not solicitors but are qualified in the specialisation of buying, selling and transferring land and property on behalf of their clients, are playing a larger part in the conveyancing process. Many solicitors now employ licensed conveyancers to undertake this work on their behalf.
Allowing for local searches, a mortgage valuation and the preparation of a contract for sale, the compilation of the transfer document and the completion statement, a standard house conveyance might easily take 4 - 6 weeks to complete. Sometimes delays will substantially extend this period. It is also quite feasible to fast track the process and exchange and complete within days, but this is very unusual and is normally limited to sophisticated professional investors with no need for a mortgage and a very motivated legal representative!
In any event, it is prudent to employ a suitably qualified person to act in the purchase, sale or letting of your property. If you are planning to buy with the aid of a mortgage then your mortgagee (the lender) will insist that you do so and the conveyancer will probably also act for the mortgagee as well as for yourself. In most cases though, you will pay their fees too.
Conveyancing fees are usually set in accordance with the value of the property being transferred and may vary slightly between conveyancers. In addition to your solicitor’s conveyancing charges, you are likely to incur other costs such as search fees, land registry charges, mortgage arrangement fees, valuation fees and associated costs, dependent on whether you are buying or selling.
Related article: 'What is a Licensed Conveyancer?'
For more information contact us or speak to an advisor on 01628 507477.
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
3 days ago
The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income.
According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.
More than a quarter of UK adults in long-term relationships (26%) have reported that despite living together, they keep their finances separate from one another.
There has been a rise in both rent and mortgage costs over the last three years, with renters seeing a greater increase in their monthly payments than those with a mortgaged property.
26 days ago
The new Delayed Start Mortgage launched by Skipton Building Society allows first time buyers to postpone the first three mortgage payments. This product has been designed to help soften the blow of moving in costs for first time buyers.
28 days ago
Mortgage lenders are starting to recognise their “Green” responsibilities when it comes to the different products they offer.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.