Conveyancing Solicitors

Conveyancing is the process of transferring the ownership of property or land from one person to another.

If the transaction is a straightforward one and goes ahead without any problems, then it should take between 6 and 8 weeks to conclude.

Sometimes it can take longer than this for reasons beyond the control of your solicitors. Some of the factors which may mean the transaction takes longer to conclude are:

• Unexpected problems: for example issues arising out of searches or enquires undertaken into the property or land
• how long the ‘chain’ of related transactions is
• whether or not the other parties to the transaction wish to move as swiftly as you do
• If you are taking out a mortgage, whether this has already been arranged.

The cost of buying or selling property is made up of legal fees (solicitor’s charges) and disbursements (or expenses) that solicitors incur on your behalf. Examples of expense include:

• Search fees
• Land registry fees
• Stamp duty

If you are purchasing a property and know the purchase price, then you can use our conveyancing calculator to obtain a quote for our services.

If for one reason or another, the transaction falls through you will normally be liable for:

• Any disbursements (or expenses) already paid
• A proportion of the legal fees relating to the amount of work done up to the time the transaction falls through.

If you are obtaining a mortgage, you lender will have the property inspected to see if it is suitable to lend against but it is often a good idea to have a more detailed survey undertaken – especially on older properties.

Surveys can bring to light problems with the property you are buying which you otherwise may not know about. It may be that you could ask a seller to put those problems right before you buy, or you might use any problems to re-negotiate the purchase price.

This is the stage in the transaction when the purchase or sale becomes legally binding and the parties cannot pull out of the transaction without significant financial cost.

When contracts are exchanged, the completion (or moving date) is confirmed.

When contracts are exchanged a deposit is paid over by the buyer’s solicitor to the seller’s solicitor. This is usually 10% of the purchase price.

The process of exchanging contracts is done by the solicitors for either party (usually over the telephone). You do not need to be present when contracts are exchanged.

You should book any removals once contracts have been exchanged and the completion (or moving date) has been confirmed.

The completion date is established when contracts are exchanged.

Solicitors transfer the money to complete the purchase. These sums are set out in a ‘completion statement’.

The solicitor will also send you a cash statement showing the amount required to settle mortgage accounts, estate agents fees if selling, and legal fees.

Once money has changed hands, arrangements are made to release the keys to the property.

The buyer’s solicitor deals with any Stamp Duty formalities and registers the change of ownership with the Land Registry. Once the deeds are registered in your name, your solicitor will arrange for them to be sent to you.

Stamp Duty is a tax payable by the buyer of property over a certain price in England and Wales.

The current threshold is £125,000 for residential properties and £150,000 for non-residential land and properties.

How much you pay depends on whether the land or property is:

• residential
• non-residential or mixed use

You can use HM Revenue and Customs’ Stamp Duty Land Tax calculator to work out how much tax you’ll pay.