What is Conveyancing?
Conveyancing is the legal process of transferring the ownership of land or buildings from one person or company to another person or company.
The word conveyancing is an umbrella term, which includes several different elements of legal practice which come together when exchanging property.
Essentially, conveyancing is a recognised system to ensure a transaction is both legal and binding, and that there are no hidden issues with a property.
What is the conveyancing process?
The Onboarding Process
Before any work begins on the property it is important to get the basics right. Your conveyancing solicitor will take time carrying out ID checks to make sure the sellers and buyers are who they say they are.
In addition your conveyancing solicitor will carry out checks to ensure that the people selling actually own the property and have the right to sell for example are there any charges on the property which would prevent or delay the sale. The conveyancing solicitor will also check the credentials of the buyers to make sure they are able to buy the property, for example is a mortgage in place, or do they have the deposit money and where did this money come from. These checks are very important in the current climate to prevent fraud and money laudering.
What are searches?
Searches are enquiries made ragarding the property to determine any issues, planning or risks associated with the property. The searches are made with the local authorities and can help you understand not only the property you are buying, but details about the surrounding area such as flood risks or planning permissions already given. Searches help you to make a completely informed decision about the property you are purchasing. They are designed to protect you, and your finances and may help to stop you from purchasing a property that may lose value in future or may even be harmful to your health.
How long does conveyancing take?
Time scales depend a lot on the nature of the transaction. Is it freehold? Is there a mortgage? Is there a long chain of transactions? However, most conveyancing takes between 12 and 16 weeks to complete.
At Triangle Legal Services 75% of all jobs are completed within 12 weeks.
How to speed up conveyancing?
Instruct a reliable solicitor – at Triangle Legal services our solicitors have 25 years of experience in an array of transaction types meaning they are equipped to deal with any queries swiftly. When instructing Triangle Legal Services you will be put in contact with the team assisting on your matter so that any inquiries can be dealt with promptly.
How much does conveyancing cost?
Conveyancing fees vary greatly but all estimates consist of both solicitor fees [to carry out the work] and disbursements.
What are disbursements?
Consist of monies your solicitor will send to outside agents on your behalf.
Common disbursements include; anti money laundering checker fee often between £6 and £20; bank transfer fee often charged between £20 to £30; gifted deposit fee if applicable can be around £100; using a help to buy ISA can occur a charge of up to £50.
Solicitor fees
For property purchases solicitors usually charge between £1,000 – £2,000 compared to between £600 – £1000 for a sale.
Why are selling fees cheaper?
When buying a property not only does your solicitor take care of the legal process they are also carrying out checks to ensure that the property you are purchasing has no hidden surprises such as unlawful extensions or sub-par drainage. Therefore instructing a reputable solicitor could save you tens of thousands of pounds.
Ready to get your free quote?
At Triangel Legal Services we are Consultant Solicitors working with a number of Regulated Solicitors Firms to provide Legal Services. Our conveyancing services (which are regulated by law) are provided through Taylor Rose MW Solicitors, Premier Solicitors and Collective Legal Limited.