Conveyancing Guide
Conveyancing is all about ownership. You want to own your new property
It all starts when you make an offer on a property. Once the offer has been agreed then your appointed Conveyancer who can be either a Solicitor or Licensed Conveyancer starts the process of conveyancing. It will involve drawing up contracts where both the seller is happy to sell and agrees to what he is selling and the buyer agrees to buy and wants to know what is included in the purchase. (It will include the fixture and fittings list supplied by the seller).
The Sellers Conveyancer looks after the interests of the Seller and the Buyers Conveyancer looks after the interests of the Buyer. You cannot have the same Conveyancer acting for both parties.
Licensed Conveyancers are property lawyers and are regulated by the Council for Licensed Conveyancers (CLC)A Solicitor can act as your Conveyancer but also act on other non property law related matters.
Choosing your Conveyancer to act for your house sale or property purchase
Your conveyancer needs to detail the associated conveyancing costs before you sign up to using their services. That is why comparing quotes online makes this process instant. Once you have compared conveyancing costs and Solicitors fees you then will probably want to hear them. Sounds easy but asking a Solicitor to call you on time can be stressful. Use a company that uses a call back service so that when you do speak to them you get to your Conveyancer without having to wait.The costs include legal fees and disbursements. A search cost is a disbursement.
Making an informed decision - with a view to becoming the property owner
Searches are advised by your Conveyancer and you should take note on what they detail as it tells you what risks are associated with your property.
Your survey is not the same as a valuation. It tells you what repairs are required to bring your property up to a safe and acceptable standard. The good news is that the more you know the more you can negotiate after your offer. Hence when you make an offer it is ‘subject to survey’.
If you cannot afford a survey which is appropriate to the age of your property then it is time to review your affordability. Not getting the required survey will cost you in the long run.
Your lender will insist on a certain type of survey. However that is for them. We forget sometimes that the survey is for you. Almost like buying a car without an MOT. Nobody knows until the MOT has taken place what the costs will be.
Great news - You have had your searches and the survey has allowed you to renegotiate the price that you are buying the property for - now what!
Your Conveyancer will call you to discuss moving to exchange of contracts
This is when the buyer and seller have agreed terms and the contracts drawn up by each parties Conveyancer reflects those terms. Once signed it is legally binding. Pause before signing - think hard, have you covered everything. You may want to revisit the property and simply walk around and make notes on what you believe is included. Then you can pass the notes to your Conveyancer and they can compare against the details in the contract. Good job you did that - the shed wasn’t mentioned!You will need House Insurance to cover your liability from the date of exchange.
Do you want to exchange and complete on different days?
If you are buying with a mortgage then this is where those funds are transferred from your lender to your Conveyancer and held on your behalf. You agreed a completion date at exchange of contracts. So now you can look forward to the move.
And finally owning and opening your own front door.