Buying or selling a property can be a highly overwhelming process, particularly if you need clarification on some of the terminology being used or the information being presented. Therefore, it is essential to instruct a conveyancing solicitor that will carefully guide you through the process, keeping you updated and explaining any unfamiliar terminology.
Conveyancing, in its simplest form, is the legal process of transferring the ownership of a property from one owner to another. Although it is possible to conduct the transfer without the input of a legal professional, it is not advised since the two key phases, 1) exchange of contracts and 2) completion, can be technical, and the repercussions can be expensive should any issues arise.
When you instruct a solicitor or legal professional for your conveyancing matter, they will prepare the relevant documents, including the contract and transfer deed and conduct the necessary tasks related to buying or selling a property.
What does conveyancing involve?
As mentioned above, two main stages make up the conveyancing process: exchange and completion.
Up until the point where contracts are exchanged, either party can withdraw. At the point of exchange, the contract becomes legally binding. Exchange is effectively the point at which the buyer and the seller swap signed contracts, and the buyer’s deposit is paid.
Before this transaction takes place, there are various legal obligations and searches that must be undertaken. Once this has been done, the legal representatives of each party must confirm that their clients have signed identical contracts.
The parties then agree on a completion date, and the deposit is sent to the seller’s solicitor. The deposit is typically 10% of the purchase price.
At this point, the signed contracts are formally exchanged.
What happens on the day of completion?
On the day of completion, the ownership of the property is legally transferred to the buyer from the seller. Both parties will agree on a completion date when the contracts are exchanged. The buyer’s solicitor, or legal representative, will arrange to transfer the funds to the seller’s solicitor. These funds will include the agreed remaining purchase cost.
Once the funds have successfully been transferred, the keys will be handed over from the seller to the buyer.
In typical cases, the buyer and seller will agree on when the seller must vacate the property on the day of completion.
Will I face any disbursements?
As with many legal transactions, you will likely face some disbursements, including additional fees and taxes that might apply. The solicitor or licensed conveyancer will typically pay these to external third parties on behalf of the buyer or seller.
Disbursements are typically disclosed and paid at the beginning of the conveyancing process, although some will be added to the final cost at completion. To understand where you stand, you must speak to your solicitor about the fees you will face throughout the process.
Typical costs that you might face throughout the conveyancing process include the following:
- Stamp Duty Land Tax
- HM Land Registry registration fees
- Landlord or management fees and expenses (leasehold properties).
Conveyancing Solicitor Near Me
At Jackson Longe, based in Richmond, Surrey, we have a team of experienced conveyancing solicitors who understand the exciting yet overwhelming nature of buying or selling a property. We will do all we can to help you feel at ease, explaining each stage of the process and assisting you with each step.
To speak to our friendly lawyers today, please call 0208 332 2069.