Understanding The Costs Behind Conveyancing
Whether you’re buying or selling a property, conveyancing is a necessary process for most homeowners looking to transfer the title of a property. Conveyancing can be a confusing process to understand however there are easy ways of getting to know the processes within the service. Finding out about the costs behind conveyancing will give you a clear breakdown of the service since you’ll know each step of the processes involved in your average solicitor’s workload. At Harrison’s Solicitors, you can count on us to guide you through the process of buying, selling, re-mortgaging or transferring the ownership of your property.
Buying a home is one of the biggest commitments we’ll make. We know what a big decision it is when you decide to trust us with handling the sale and purchase of your property. This is why we’ll always work to make sure that you’re informed throughout the entire process. We want to keep our clients in the loop since that’s the cornerstone of reliable and transparent service. When you work with Harrison’s, you’ll have one dedicated solicitor handling your transaction from start to finish, meaning you are kept in the loop at every stage and always know what is happening and when. And, with three local offices in Reading, Woodley and Caversham, you can rest safe in the knowledge that supports and sound advice is never far away. Here we will explain the basics of our conveyancing service so that you have an idea of what to expect.
What are conveyancing fees?
Conveyancing fees encompass the amount you’ll pay to ensure the legal aspects of buying, selling or transferring a title of a property are managed correctly. The cost of conveyancing can be broken down into two parts, the legal fees (this is the fee that the conveyancer charges), and the disbursements (what third parties charge for certain services like searches). Depending on the type of property and the location, there may be more ancillary searches/checks that are required to ensure the property is sound and that a contract can be written up.
Why Do I Need A Conveyancer?
You need a conveyancer because there are numerous complications that come with the selling and buying of property and thus it is important to use a good lawyer to ensure the process goes through as smoothly as possible. There are many rules to be followed to ensure money laundering and property fraud does not occur and firms of solicitors are set up to comply with such rules. Even without a lender involved, there are many processes and checks to be carried out and a layperson simply does not have the legal authority to comply with all the rules and procedures. It is the job of your solicitor or conveyancing lawyer to liaise with the solicitor of the other party to ensure the paperwork is in order to ensure the property is transferred in to or out of your name correctly.
How Does The Conveyancing Process Work?
Once you’ve appointed a conveyancer, they will draw up a draft contract or terms of engagement with you, setting out their charges and deposits required. The conveyancing process on average takes 10-12 weeks to complete. The timescale, however, may vary depending on financial or legal factors. On the rare occasion where a buyer does not require a mortgage, the transaction can be completed a lot sooner.
If you are a buyer, your solicitor will need the address and price of the property, what is included in the sale, how you will be paying the purchase price and when you want to move in. If you are selling, your solicitor will need the deeds, contact details of your lender and the date you want to complete.
The seller’s solicitor will prepare a draft contract for the sale of your house and send them to the buyer’s solicitor to read through and check the contract. The buyer’s solicitor will then need some time to carry out any searches requested by the buyer and review the paperwork sent by the seller. This process can be quite lengthy depending on the number of enquiries the buyer’s solicitor needs to raise. Once the buyer’s solicitor has received replies to all enquiries and the results of the searches, a report will be created by the solicitor and sent to the buyer along with the mortgage offer. The buyer will also be sent a completion statement highlighting the total amount they are due to pay. At this stage of the conveyancing process, a date can be arranged for signing the paperwork and completion, which is agreed by all parties involved with the transaction. After this, the buyer will transfer the deposit (usually 10%) to their solicitor, which is the cue for both the solicitors to prepare for the exchange of contracts. When the exchange of contracts happens the transaction and completion date becomes legally binding. The deposit will then be transferred to the seller by the buyer’s solicitor and then the seller will request a final redemption statement from your lender. Completion happens on the moving day and when the full purchase price is transferred to the Seller’s solicitor. The keys are left with the estate agent and once the seller’s solicitor has received the funds the keys are released to the buyer.
Why Hire Harrison’s Solicitors For Conveyancing?
Property law can be complicated but with Harrison’s Solicitors in your corner, you don’t need to burden yourselves with the ins and outs of it. Our expert conveyancing solicitors are friendly, local and on your side. Harrison’s Solicitors have unrivalled local knowledge of Reading, Caversham, Woodley and surrounding areas. We offer transparent pricing and fixed rates so you know exactly what you are getting and for exactly what price. And, with our ‘no sale – no fee’ policy, you really are in safe hands. As fully accredited members of the Law Society Conveyancing Quality Scheme (CQS), you can rest assured that you have the best conveyancing solicitors in Reading to assist with the buying or selling of your home. Contact your local office today for more information or a quote.