A Guide to Conveyancing
We have put together a brief guide on the questions we get asked on a regular basis on the topic of conveyancing. If you have any further questions - we are always on hand to assist.
When to instruct a conveyancing solicitor?
As soon as you have secured the sale or purchase of a property so we can get the file set up and the relevant “housekeeping” in order so we can progress as soon as instructions are received from the third party’s solicitor.
Who regulates conveyancing solicitors?
The Solicitors Regulation Authority.
Conveyancing, what to ask?
Common questions asked by clients are as follows:
- How much will it cost me?
- How long will the transaction take?
- When do I need to pay?
- Will I get regular updates?
Conveyancing, who pays for what?
At the commencement of a transaction any third-party costs are explained to a client and throughout the transaction if any third-party costs need to be paid at that stage, then these will be paid by the solicitor from the funds held on behalf of a client.
When are conveyancing fees paid?
At the commencement of the transaction we will require a payment on account in order for us to carry out searches etc. Prior to the stage of exchange of contracts, we will provide you with a completion statement which will set; out what funds are required. These funds will need to be in place in cleared form before we can exchange contracts on your behalf.
Conveyancing fees for buying a house
A quotation for legal fees and third party costs will be provided at the outset of a transaction. These will include:
- Legal fees
- Search fees
- Registration fees
- Bank fees
- ID checks
How are conveyancing fees calculated?
These are usually calculated on the value of a property and how much work is involved and also whether the property is leasehold or freehold. Again, a quotation will be provided for the work that will need to be carried out.
We work on a fixed fee basis so there will be no hidden surprises at the end of the transaction: transparency regarding legal fees is very important to us.
Conveyancing, who drafts the contract?
A seller’s solicitor will draft the contract on behalf of their client
Conveyancing, what documents are required?
We will require:
- Evidence of your ID including photographic, address and name ID
- Evidence of funds in the form of a copy bank statement showing where your funds for the transaction are coming from
- Signed Terms of Business
- Completion a simple questionnaire regarding the transaction
Conveyancing steps to buying a house?
We set out below a brief timeline of a typical transaction:
- Instructions received from client
- ID checks and monies on account received
- Contract drafted / received
- Enquiries raised / received from solicitor
- Enquiries dealt with and sent to solicitor
- Report to client and obtain signed documentation
- Discuss dates for exchange and completion
- Proceed to exchange and legal completion
- Carry out any Land Registry applications to register a sale / purchase
What happens if conveyancing fails to complete?
Depending on the reason why a transaction does not complete a plan of action will be discussed with the client as to whether they want to find an alternative property to purchase or a new buyer if they are selling.
If contracts have exchanged the deposit will typically be forfeited and in certain situations a Court can determine that the defaulting party must complete the transaction in accordance with the terms of the contract.
How does conveyancing for park homes work?
The conveyancing process for the buying and selling of caravans or park homes involves the same process as a residential property but with certain other issues that we will deal with on your behalf which will be explained to you at the outset of the transaction.