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Buying and selling property can be a confusing time, as well as stressful. We've compiled some of the most frequently asked questions about the conveyancing process.
The national average is around 10 - 12 weeks for a typical conveyancing transaction, however many do complete within 8 weeks.
Conveyancing usually costs upwards of £400 but depends on many variables, including but not limited to the price of your property. At Capital Conveyancing we fixed-fee quotes so you know exactly how much you will pay up front, with no extra hidden costs. Get a quote here.
Capital Conveyancing offers a no move, no fee guarantee, which means that the deposit that you pay will not disappear if your sale or purchase falls through, for any reason. If your transaction does fall through, just get in touch and we will honour the no move, no fee guarantee.
Your mortgage lender will require you to get a survey done on your new property to ensure that their investment is sound, but the mortgage lender’s survey will usually be very basic. For an extra fee you can get a Homebuyer’s Survey which will give a more in depth analysis of the condition of the property. We've included a link to Surveyor Local, where you can find more information about property surveys.
The phrase “let the buyer beware” means that you are liable to find out everything you can about the property before buying it, usually through the services of a surveyor. If you later discover something wrong with the structure or land, it’s usually too late, which is why we encourage buyers to get a Homebuyer’s Survey done before they commit to buy.
Conveyancing searches, or property searches are formal enquiries into official registers or local authorities to find out specific information about the property. Your conveyancing solicitor will apply for a number of these searches such as a local authority search to find out about any past or future planning work, water and drainage searches to see if the property is at risk of flood, and mining searches to enquire if the property is built on any disused mines, to name a few.
Completion is the final point in conveyancing when all money has been transferred, ownership of property has been passed on to the buyer and the keys are handed over. This all happens on the same day, known as the ‘Completion Date’, as agreed in the Exchange of Contracts.
Exchange of Contracts is when the buyer’s and seller’s solicitors check that all contracts have been signed and a completion date is arranged and deposit paid. The sale is not legally binding until this point.
It’s important to exchange contracts as quick as possible to make the sale legally binding and to keep everything else moving along. Until this point, either party can pull out of the sale without legal repercussions, but your solicitor will need to complete all conveyancing searches before the exchange. We recommend exchanging contracts at least a week before completion to allow time to transfer money, sign documents and make moving arrangements.
Technically yes, you can move in and call the place home, but you’ll still need to register your legal title to the property at the Land Registry. We can do this for you within a couple of weeks, letting you get back to moving in.
We understand that sometimes the 6-8 week guideline is too long, so if you let us know your situation at the initial conveyancing discussion, we can try and pull out all the stops to get you completed in less time, provided that the other parties are equally motivated.
Stamp Duty is payable to the government and is worked out in levels. The first £125,000 is tax-free, the next £125,000 has a 2% fee and the next £675,000 incurs a 10% charge. If you are confused by Stamp Duty, particularly on high value London properties, please don’t hesitate to call us and we will talk you through the process.
Not necessarily. All properties are different and we can’t say for sure whether your conveyancing will cost more or less than a new property, but all we’ll need to do is take a quick look to be sure. If the property you are buying is very old, we do suggest you purchase a Homebuyer’s Survey to ensure you’re getting a good deal.
Of course! You can approach Capital Conveyancing at any point and if you’re feeling undervalued by your current conveyancing team, and we’ll be happy to help you.
Just give us a call on 0207 406 5880 and we’ll do the rest.
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