Conveyancing
Housetrade has a pannel of preferred conveyancing service providers:
When appointing solicitors to provide conveyancing services you need to keep in mind what is most important for you be that the price, level of service or locality. Housetrade.co.uk partner conveyancer firms will provide all of the required services when undertaking a conveyance/conveyances. Housetrade refer a number of licensed conveyancers/conveyancing solicitor(s) to provide property conveyancing. We have carefully selected these providers to ensure you have access to the best value for money providers on the market and also firms that have a local, and a national remit.
Where can I find a Conveyancer?
It is generally not recommended to simply select a conveyancer on their conveyancing fees. Historically many people selected a licenced conveyancer recommended to them by friends and family or simply the one closest to them. However Housetrade have a panel of 500+ so you can select a conveyancer that suits your budget and needs. Property transactions are completed predominantly by post or email, so the location of a conveyance isn’t something to worry about, although you do have the choice. Be wary of low prices for conveyancing fees as you can get what you pay for in the standard of service causing problems in the process. Fees as low as £100 + VAT would be a concern in how thorough they are compared to the more standard conveyancing fees of £500 + VAT. These are based on the conveyancing process alone i.e. fees quoted upfront don’t include; search fees, electronic transfer fees, dealing with your mortgage company, which will almost certainly be billed on top of the quoted price.
Why do I need a Conveyancing Solicitor to Buy or Sell a Home?
Conveyancing can be a bit of a mystery for many whether you are a first time buyer or semi-experienced homeowner. If you are selling a property you will need a conveyancing solicitor first and foremost to prepare all of the legal documentation so that you can actually sell your house. If you are buying a property you will also need to aquire the services of a reputable conveyancing solicitor.
When do I need to appoint a Conveyancing Solicitor?
The main question from buyers that we get is at what point do they need to instruct a conveyancing solicitor. In the UK, the standard procedure is as soon as your offer on a property is accepted, to instruct a conveyancing solicitor to act on your behalf. Thus it is recommended to at least have an idea of where you are going to look for a conveyancing solicitor. At Housetrade we have a panel of conveyancing solicitors that we go to with your specific requirements and then find the best one for you.
Duties of a Conveyancer
There are standard duties a conveyancing solicitor usually undertakes in order to justify their conveyancing fees…
Document Handling
There are numerous documents that will be prepared by the seller’s conveyancer required in the purchase which are reviewed by your conveyancer and when they are satisfied, passed onto you with their recommendations. Included in these documents are; the contract and documents detailing planning permissions and any guarantees connected to the property, a fixtures & fittings checklist (which details everything that will be removed and everything that will stay in the property to be included in the purchase).
Legality Checks
As a property is the biggest purchase many people ever make a conveyancer will carry out certain checks to assure that the property you are purchasing is free of any hindrances to the sale and that it is a legal purchase. This includes the conveyance studying the title deeds to ensure the seller is in fact the legal owner and able to make the sale.
Instructing searches on the property
An important aspect of any property purchase is for your conveyancer to instruct searches on the local area past, present and future. This can ensure you avoid and unforeseen circumstances such as planning applications/permission granted for buildings/works which may have an impact on your property. Conveyancers generally use search agencies to undertake basic searches insisted by mortgage lenders usually costing around £200 in conveyancing fees which includes;
Local search - Involves your conveyancer gaining information relating to the property from the local authority such as previous planning applications made on the property, that if rejected, your conveyancer would inform you and this could influence your decision to proceed.
Environmental search - This check to determine if the property may have been constructed on or nearby to land which is contaminated.
Water and drainage search - This is in conjunction with the water authority to determine numerous factors including; water quality, issues with drainage giving a detailed report. This search can highlight planning restrictions if mains water pipes are close by.
Index Map Search - This involves using the Land Registry records to search for an accurate location and plan of the property. Chancel liability search - This search determines whether when purchased you will be liable to contribute to repair costs to the chancel (steeple) of a local church. In this case you should request that the seller provides an indemnity policy for any liability cost in the future.
Other searches can include: a ‘rivers authority search’, relating to fishing and mooring rights, ‘coal mining search’, relating to subsidence; and a ‘plan search’, relating to planning records surrounding the property.
Liaise with your mortgage company
Your conveyancer essentially acts as the middle man between you and your lender when it comes to the exchange of funds for the purchase. Your mortgage lender will release a copy of your offer to your conveyancer and they will then inform the lender when you wish to complete the property transaction and release funds. The lender will then release these funds to your conveyancer who will ensure the seller’s conveyancer, receive the funds on completion.
Request information from the seller
Your conveyancer will request information relating to the property that hasn’t been answered by searches undertaken from the seller. These could be along the lines of any ongoing disputes with neighbours, liability for upkeep of boundary walls/shared areas and whether the property has ever been flooded.
Ensure the Transfer Deed(TR1) is completed
The (TR1) Transfer Deed is a Land Registry document that licenced conveyancers prepare. The sole purpose of the document is that It transfers ownership of the property from the seller to the buyer which is required to be signed by both parties and witnessed by an independent adult.
Handling the exchange of contracts
When licenced conveyancers for the buyer and seller are satisfied with no outstanding enquiries or reasons not to proceed, your conveyancer will arrange the transfer the initial 10% deposit to the seller’s conveyance to exchange contracts. After this point if either party pulls out of the deal there will be financial penalties to pay.
Complete the purchase
In order to complete on time on the completion day your licenced conveyancer will be required to transfer funds to the seller’s conveyancer. Upon receipt the seller’s conveyancer released the keys to the property.
Checklist when choosing a licenced conveyancer
No move, No fee - Opt for a no move, no fee deal to as some licenced conveyancers charge their conveyancing fees pro-rata – so you could be left facing a bill of a few hundred pounds if you or the seller pulls out close to completion.
A breakdown of fees - So you know exactly what your licenced conveyancer will be charging for every aspect of the work. Initial low fees can dramatically increase with ‘disbursements’ such as, cost of transferring money, dealing with your mortgage company, and even filling in the Stamp Duty Land Tax return.
Provide you with a buyer’s/seller’s pack - explaining what they are doing on your behalf and the legalities of buying and selling.
Easily Contactable - Ensure you can contact your licenced conveyancer by phone and/or email as you will probably never physically meet them and you want piece of mind.
Case tracking online - Another piece of mind point so you can check whether; documents have been sent/received, searches have been conducted, monies have been paid, details of enquiries.