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Provider Really Moving Conveyancing
Service Purchases, Sales & Remortgage
Really Moving will provide you with quotes from 4 licensed Conveyancers who can organise the conveyancing for buying, selling or remortgaging your property. The service has been used by 2,092,597 movers since 1999.
When you are buying or selling a property, there are a huge number of moving parts and factors that need to be taken into consideration during the process. The conveyancing part of the process can be confusing and complicated, especially for first-time buyers or sellers. It is essential to properly understand conveyancing when undergoing a property purchase, and this guide will cover the basics of what you need to know.
What is conveyancing?
Conveyancing is the name given to the legal process of transferring a property’s ownership from one party to another. It refers to all of the legal and administrative work that has to take place in order to buy and sell a home and is usually completed by property solicitors.
In most cases, both the buyer and seller will have their own property solicitors, and when an offer is accepted, they will exchange details and begin the conveyancing process between them. The conveyancing process also needs to be completed if you are looking to remortgage a current property.
Conveyancing protects both the buyer and seller during the process of transferring the ownership of a house. The conveyancing process will uncover adverse matters that could impact the property or land it is built on. These matters could be restrictions on usage, leaseholds, access to services such as electricity and water, ground rents and rights of way; these can all affect a property and the transaction.
The property solicitor is responsible for checking all of these matters and making you aware of any issues that may affect the house before you commit to either buying or selling. Once you are happy with everything, your solicitor will draw up the necessary documentation needed for transferring the property from one party to the other.
How much does it cost?
What are the conveyancing costs?
The fees and costs associated with conveyancing vary significantly between the type of conveyancer you choose and the property type. You can choose from a conveyancing solicitor, online conveyancing or DIY conveyancing, and each service will have different costs associated and can range anywhere between £350 and £1,100. Almost all conveyancing quotes include two main costs:
Basic Fees: These basic fees cover the solicitor’s costs and will vary depending on how they charge for their time. Some solicitors will charge on a per-house basis while others charge a fixed fee. The most common option is for them to charge on a sliding scale depending on the selling price of the property.
Disbursements: These are costs that are incurred by your solicitor that they will pass onto you; these are generally fixed costs that are incurred during the conveyancing process. This includes fees for services such as local authority searches, land registration fees, stamp duty and mortgage handling fees. The cost of all of these services will vary depending on the property location and type.
What is the conveyancing process?
The process of conveyancing can be longwinded and overwhelming, so properly understanding all the stages involved is vital when buying or selling a property:
1. The seller’s conveyancer is instructed and confirms this with a letter to set out the terms of business and fixed fee costs. They then carry out identity checks, and the seller will complete the relevant forms and paperwork. The seller’s conveyancer will then obtain title deeds and other documents required. These documents are used to draft a contract to send to the buyer’s conveyancer.
2. The buyer’s conveyancer checks over the contract and documents and discusses any queries with the seller. They will then confirm the results of the property searches and if the buyer is in receipt of a mortgage offer.
3. The buyer and seller agree on a completion date and formally exchange contracts.
4. The seller’s conveyancer will obtain a settlement figure to pay off any outstanding mortgage on the property, and the buyer’s conveyancer will draft transfer deeds and send to the seller’s conveyancer for checks and approval.
5. On the completion date, the seller will leave the property at the agreed time and hand over the keys to the buyer, usually through an estate agent. The buyer’s and seller’s conveyancers will transfer the relevant deeds and fees where necessary.
6. The buyer will receive a copy of the registered title from The Land Registry, and the seller will receive the remaining money from the sale.
When buying or selling a property there is a lot to consider, and conveyancing is one of the most important parts of the process. It is essential to choose the right conveyancer for you to ensure your property transaction takes place with no delays.