A new year always brings about change on the property market. There is often a surge in numbers of people looking for a new home, whether it’s taking the first steps on the housing market, looking for the next step on the ladder or re-mortgaging an existing property for improvements. For many thousands of renters and home owners, the process can be daunting. Having experienced the process many times myself, there is only one piece of advice I can give you and that is get a good property solicitor!
For many people, buying a property is the first time they will come into contact with a solicitor and it can be a bit intimidating, but here is a guide on what a conveyancer does.
Conveyancing, in simple terms, is what a solicitor does when legally transferring home ownership from the seller to the buyer. It is important to find a solicitor you trust to complete the process professionally, comprehensively and efficiently. Do not base your decision on cost alone. Estate agents may advise you to use their conveyancer but as these arrangements are often commission based, it is better to find your own solicitor with your interests at heart.
- When you instruct a conveyancer, they will send you a contract or terms of engagement which will include costs for searches and deposits required.
- Your conveyancer will then contact the home owner’s solicitor to gather information about the property to enable them to raise questions about the property to do the necessary searches.
What are the searches for?
- To establish if the property leasehold or freehold?
- A local authority searches ensures there are no plans for any major buildings or developments such as a new school, hospital or motorway being built right next to you.
- Checks of the ‘title register’ and ‘title plan’ at the Land Registry which proves that the seller actually owns the property and can legally sell it.
- An environmental search highlights any potential hazards such as flood risks, health hazards from contaminated land on or around the property from industrial land (past or present), landfill sites, and ground stability after historical mining including potential radon gas hazards.
- Water authority searches establish how the property is supplied by water and drainage and how that may affect any future plans to develop the property.
There are other more specific searches a solicitor can do but they depend on the individual property such as rights of way with public paths, pipelines and common land etc.
The other important role a conveyancing solicitor plays is to check the seller’s contract and handle the exchange of monies. Once you have secured your mortgage with your lender your solicitor will then receive a copy of the mortgage offer and also receive a draft copy of a contract from the sellers. They will go through the contract in detail and assess the information received from the searches and then communicate with the buyers the information found and the terms of the contract before the buyer can sign. This will include results of the searches, fixtures and fittings included in the sale, proposed approximate exchange dates and completion dates etc.
Your conveyancing solicitor will organise the transfer of your deposit into a solicitors account and they then pay it so that it is cleared in time for the exchange of contracts and at this point the sale now becomes legally binding.
On completion your solicitor will then let you know when the funds have been transferred between your lender and the seller and inform you when the keys are ready to be collected. They will also pay any stamp duty land tax. They will then proceed to register you as the owners at the Land Registry and then send you your legal documents and a copy to your mortgage lender.
As you can see, it is a lengthy and complicated process that needs attention to detail and efficiency to ensure your house move is stress free and not hindered in any way by delays and miscommunication. Instructing a good solicitor to do all this for you can actually save you money in the long run as they will quickly highlight any potential problems before any costly decisions are made and efficiency helps ensure that sales are not delayed which can cause them to fall through.
Thorneycroft Solicitors has been granted Conveyancing Quality Scheme (CQS) accreditation by the Law Society and this means that Thorneycroft solicitors have been awarded a nationally recognised industry qualification for being a quality residential conveyancing solicitors. We are also on the panels of all major lenders which means you do not have to appoint another firm of solicitors to deal with your mortgage requirements. It is also important to note that Thorneycroft solicitors are registered with the government backed ‘Help to Buy’ scheme.
Our specialist property conveyancers offer a fast, friendly and efficient service and you will have a dedicated person dealing with your transaction from start to finish. Clients have found the experience of dealing with a real expert over the phone or face to face to be far more beneficial than any online service.
Conveyancing fees start at £400 + VAT and for that our team will keep in regular contact with you at each stage of the process. If you live in Macclesfield, Buxton, Holmes Chapel or surrounding areas and require conveyancing services, please call one of our specialist solicitors for an informal chat on FREEPHONE 03300 580 118 or complete our simple quote form online.
