Understanding The Costs Behind Conveyancing
Whether you’re buying or selling a property, conveyancing is necessary 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 the costs behind conveyancing will give you a clear breakdown of the service since you’ll see 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 buying, selling, re-mortgaging or transferring the ownership of your property.
Buying a home is one of the most significant commitments we’ll make. We know what a big decision it is when you trust us to handle 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 you know 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 property title are managed correctly. The cost of conveyancing can be broken down into two parts, the legal fees (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, more ancillary searches/checks may be required to ensure the property is sound and that a contract can be written up.
Why Do I Need A Conveyancer?
It would be best to have a conveyancer because numerous complications come with selling and buying property. Thus it is essential to use a good lawyer to ensure the process goes as smoothly as possible. In addition, many rules must be followed to ensure money laundering and property fraud do not occur, and firms of solicitors are set up to comply with such regulations.
Even without a lender involved, many processes and checks must be carried out, and a layperson does not have the legal authority to comply with all the rules and procedures. Therefore, it is the job of your solicitor or conveyancing lawyer to liaise with the solicitor of the other party to ensure the paperwork is provided and the property is transferred into 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. For example, on the rare occasion when 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 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 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, agreed upon by all parties involved.
After this, the buyer will transfer the deposit (usually 10%) to their solicitor, which is the cue for both solicitors to prepare to exchange 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 the seller will request a final redemption statement from your lender. Completion happens on a moving day and when the total 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 what price.
You are safe with our ‘no sale – no fee policy. 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 buying or selling your home. Contact your local office today for more information or a quote.
Conclusion
Conveyancing is the legal process of transferring ownership of a property from one person to another. It is a complex process that involves a number of different steps, including:
- Checking the title deeds to the property
- Conducting searches to ensure that there are no legal or environmental issues with the property
- Preparing and exchanging contracts
- Registering the transfer of ownership at the Land Registry
The costs involved in conveyancing can vary depending on a number of factors, including the value of the property, the location of the property, and the complexity of the transaction. However, there are two main types of costs that are associated with conveyancing:
- Legal fees: These are the fees that are charged by the conveyancer (or solicitor) who is handling the transaction. The legal fees will vary depending on the complexity of the transaction and the hourly rate of the conveyancer.
- Disbursements: These are the fees that are charged by third parties for services that are required as part of the conveyancing process, such as searches and registration fees. The disbursements will vary depending on the value of the property and the specific services that are required.
In general, the average conveyancing costs in the UK are around £2,239 for buying a house and £1,690 for selling a house. However, these costs can be higher or lower depending on the factors mentioned above.
Here are some tips for reducing the costs of conveyancing:
- Shop around for quotes from different conveyancers.
- Use a fixed-fee conveyancer.
- Consider using an online conveyancer.
- Do some of the work yourself, such as collecting information about the property.
Conveyancing is a necessary part of buying or selling an older property, but it can be a costly process. By following these tips, you can help to reduce the costs involved.
Here are some additional things to keep in mind about conveyancing costs:
- The seller usually pays the legal fees for the buyer, but this is not always the case. It is important to check with the seller’s conveyancer to see who will be responsible for paying the legal fees.
- The buyer usually pays the disbursements, but there may be some that are shared between the buyer and seller. It is important to get a clear breakdown of the disbursements from the conveyancer so that you know what you will be responsible for paying.
- The conveyancing process can take several weeks, so it is important to factor this into your budget.
If you are looking for Conveyancing Solicitors in Salisbury and surrounding areas, contact Harrisons conveyancing solicitors today!
