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 a house, selling a house, re-mortgaging a house or transferring the ownership of the house 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 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 that you have an idea of what to expect.
The price structure for a conveyancing solicitor can vary depending on a number of factors, including:
- The price of the property
- The location of the property
- The complexity of the transaction
- The type of conveyancing service you choose (fixed fee, hourly rate, etc.)
- The experience and reputation of the conveyancer
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, more ancillary searches/checks may be required to ensure the property is sound and that a contract can be written up.
Conveyancing fees are the legal costs associated with buying or selling a property. They are typically split into two parts:
- Legal fees: This is what the conveyancer or solicitor charges for doing the work. The amount varies due to various factors, such as the price of the property, the location of the property, and the complexity of the transaction.
- Disbursements: These are the third-party costs incurred during the conveyancing process, such as land registry fees, search fees, and valuation fees.
The average conveyancing fees in the UK are around £1,500 for a low-value property and £2,500 for a high-value property. However, the actual cost can vary significantly depending on the factors mentioned above.
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. We can help when it comes to understanding the costs behind Conveyancing.
You need a conveyancer to handle the legal aspects of buying or selling an older property. The conveyancing process can be complex and time-consuming, and a conveyancer will have the experience and knowledge to ensure that everything is done correctly and legally. Here are some of the things that a conveyancer will do for you:
- Check the title deeds to the property to make sure that the seller has the right to sell it.
- Carry out searches to find out about any potential problems with the property, such as planning restrictions or environmental issues.
- Negotiate the terms of the contract with the seller’s solicitor.
- Prepare the documents for exchange of contracts and completion.
- Register the property with the Land Registry.
- A conveyancer will also be able to advise you on your legal rights and responsibilities as a buyer or seller, and they will be there to answer any questions that you have throughout the process.
If you are buying or selling a property, it is important to use a qualified conveyancer. This will help to ensure that the transaction is completed smoothly and without any problems.
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 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 a 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 such as Southampton. 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 to assist with the buying or selling of your home. Contact your local office today for more information or a quote.
|Harrison’s Solicitors Reading
7 Castle Street
RG1 7SBTel: 0118 321 2979
|Harrison’s Solicitors Caversham
1 Prospect Street
RG4 8JBTel: 0118 321 9651
|Harrison’s Solicitors Woodley
72 Headley Road
RG5 4JETel: 0118 321 9773