Conveyancing is the process of exchanging property from one party to another. There are many legal factors involved with buying or selling property, and most people will need a conveyancing solicitor to carry it out for them.
We understand that conveyancing may be new or confusing to a lot of our clients, particularly first-time buyers who have never experienced the process before, so we’ve compiled everything you need to know about conveyancing right here for you. Anything you can’t find here will be on our popular property blog.
What is conveyancing?
There are several types of conveyancing, depending on the transaction you are carrying out:
Sale conveyancing is when you are selling a property. It will involve your solicitor creating a contract and going through the buyers’ paperwork. They will also carry out a number of checks and contact the Land Registry amongst other local agencies.
Purchase conveyancing is for when you are buying a property. You will do everything that the seller will do but with the addition of something called “conveyancing searches” (listed under your disbursements), which are explained further down.
Sale & Purchase conveyancing is basically when you’re selling your existing house and buying another. So, the above two points combined.
Remortgaging is taking out a second mortgage in order to transfer the debt to another lender or person, or to borrow money against your existing property.
How do I find a conveyancing solicitor?
Well, you don’t need to look much further than us at Homeward Legal! We’re competitively priced, offer fixed fees and have the endorsement of more than 300 excellent reviews on TrustPilot.
But of course, we’re rather biased, so if you’d like to compare quotes, why not make it quicker and use a conveyancing quote comparison site like The Solicitor Finder? You’ll be able to compare quotes based on price, location, lender or guarantees.
How long does conveyancing take?
The national average for conveyancing is 8-12 weeks, though we aim to complete quicker than this. Of course, this timescale is subject to change, depending on a number of factors:
- How long your mortgage lender takes to respond to queries and approve the transaction.
- If the other party returns their documents/carries out their duties in a timely fashion. Unfortunately, sometimes delays caused by the seller/buyer cannot be avoided.
- Whether you return any necessary paperwork on time, or delay matters yourself. You can read up how to speed up your end of the conveyancing here.
How much does conveyancing cost?
The cost of conveyancing will depend on a few things:
- The value of the property in question.
- The type of conveyancing involved. For example, a leasehold property requires more work and will therefore cost a little more.
- The location of the property. Certain areas will require more disbursements (see below for an explanation of what disbursements are).
The average price of conveyancing ranges from £500-£1,500, but for most people with an averagely priced property, it will be closer to the lower end of that estimate.
Your Homeward Legal conveyancing bill will include:
Up to £399 (unless extra searches are needed)
|Solicitor’s fees||£400 – £750 (more for a leasehold)|
|Acting for mortgage lender fee||£60|
|Disbursements – consisting of: – Searches (Local Authority, drainage, chancel, environmental, Street Talking and planning – inc VAT) – Registration of Title (paid to Land Registry – no VAT) – Land Registry documents – Online ID verification – Bankruptcy search fee (per person)||– £360 – Varies £20 – £540 depending on value – £6 – £8 – £2|
|Stamp Duty Land Tax (SDLT)||(You must pay this to HMRC within 30 days) See below or here|
|SDLT form and electronic submission fee||Included|
Click here to get a personalised instant quote now to see exactly how much your conveyancing would be with Homeward Legal. There’s no obligation to buy so you can use the quote as a base to compare others with.
What is Fixed Fee Conveyancing?
If you want to get a good deal on your conveyancing, make sure that it comes with a ‘fixed fee guarantee’.
Fixed fees mean exactly what they say on the tin – once you are quoted a price, that price will never change. This may seem obvious but it’s actually fairly common for conveyancing firms that don’t explicitly state that they offer fixed fees to add on hidden charges later, leaving you with a much higher bill than expected on completion.
Homeward Legal don’t do this and all our fees are fixed, so you know exactly how much to budget for at the beginning.
To read up more about how fixed fees work, see our page.
What are disbursements/conveyancing searches?
Your solicitor will apply for these searches and get a report which will help you to decide whether you would like to continue with the purchase of the property or not. Sometimes if there are considerable environmental issues, you might decide not to take the property, so these searches are a valuable part of the conveyancing process, and most are compulsory if you are taking out a mortgage anyway.
We’ve discussed the different types of conveyancing search in detail on our blog, but if you’d like a quick overview, we recommend reading this article.
Legally, there is nothing to stop you from doing the conveyancing yourself, but we do not recommend it.
The reason for this is that conveyancing is a very complicated legal procedure and requires many hours of paperwork, communicating with local authorities and other duties that are best done by a professional with the experience to avoid making mistakes.
If you do your own conveyancing and make a mistake, you will be 100 percent liable and this may mean delaying your home purchase or sale at one end, to fines and even lawsuits at the other.
Read our blog post about DIY conveyancing for more information.
So why choose Homeward Legal?
If we haven’t convinced you already, why not read some more about our company here? We are a panel of proactive solicitors covering the whole of UK and Wales. We are committed to our goal of delivering fast, low-cost conveyancing services to everyone from first-time property buyers and sellers to experienced large-scale investors.
Our team is known for their friendly and professional attitude and their dedication to putting the customer’s needs first.
We are SRA regulated and have CQS (Conveyancing Quality Scheme) accreditation so you can trust us to deliver a high-quality service.
And if that’s not enough, why not have a browse through our blog, where we answer all your conveyancing related questions, or call us on 0800 038 6699.[/vc_column_text][/vc_column][/vc_row]