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Conveyancing is an essential part of the process of buying a property. Whether you’re a first time buyer, or you’re upgrading to a bigger home, you’ll need to ensure you have this covered. It’s best practice to work with a solicitor or a conveyancer to ensure that the conveyancing relating to your property is professionally and comprehensively completed. This is everything that you need to bear in mind during the process itself.
It’s essentially all of the legal and administrative work that is involved in transferring property ownership. Conveyancing starts when an offer on a property has been accepted and will continue through the purchasing process. For simple transactions (e.g. buying direct from a developer) it is often easier to use a conveyancer as they tend to be cheaper – you can check the credentials of a conveyancer with the Council for Licensed Conveyancers. The other option is a conveyancing solicitor – if your property purchase may have complications (such as an old property or one with planning issues) this can be the better choice. All solicitors must be regulated by the Solicitors Regulation Authority. Conveyancing fees tend to vary but are usually somewhere within £300 – £1,100. This generally does not include disbursements such as:
The conveyancing fee won’t cover the cost of stamp duty, which is charged as a percentage of the overall property price. First time buyers are currently able to enjoy a stamp duty holiday on the first £300,000 of properties worth up to £500,000.
Most conveyancing takes between two and three months to complete. However, there can be significant delays depending on the results of searches or where complex negotiations are required. Generally this is the order of activity:
Conveyancing can be a frustrating process at times so it’s essential to have the right kind of professional support on your side. This is especially so as a property is often the most expensive purchase that many of us will make in our lifetime. Working with a conveyancing solicitor will give you the peace of mind of knowing that all the important details are being taken care of.
Amanda Gillam is Solution Loans's General Manager and has been since 2009. She is also a prolific writer on personal finance issues, and has been quoted numerous times in articles published on 3rd party websites and in press releases. Her...Read about Amanda Gillam
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