As a first time buyer, you’re likely to have a host of questions about the conveyancing process. Coralie Phelan, Partner at Prince Evans Solicitors LLP, delves into the common queries raised by first time buyers during this crucial process.
What is Conveyancing and Why Do I Need a Conveyancer?
Conveyancing is the legal process of transferring land from one party to another. A conveyancer is crucial to act on your and your lender’s behalf, ensuring a good and marketable title for future property transactions without complications.
How Much Should I Budget for Conveyancing Fees?
Conveyancing fees vary among firms. It’s crucial to review the details and understand the charges fully. Budget approximately between £1,000 to £1,800, including disbursements and Stamp Duty Land Tax.
Who Will Be My Point of Contact Throughout the Process?
Consider whether you prefer a personal service with one dedicated conveyancer or a modern approach with different conveyancers handling various stages of the transaction.
Is There Anything I Can Do to Ensure a Smooth Process?
Maintain regular contact with your mortgage adviser, conveyancer, and the sales office/estate agent to stay informed about all developments.
How Often Will I Receive Updates?
Firms use email, phone, or apps for updates. Inquire about the frequency and method during the quotation stage to align with your expectations.
When Do I Need to Pay Conveyancing Fees?
Pay an upfront fee for searches (£200 to £300), exchange deposit (10% of the purchase price) on exchange, and the balance on completion. The final legal fees are usually due one working day before completion.
How Long Does the Conveyancing Process Take?
The timeframe varies; new builds may take 28 to 42 days, while resale properties may range from three to six months or more due to chain dynamics.
Is the Conveyancer Familiar with Specialised Cases like Affordable Housing?
Ensure your conveyancer is experienced in the specific area of your purchase, such as affordable housing conveyancing for shared ownership properties.
Is the Conveyancer Suitably Qualified and Experienced?
Check the qualifications and experience of your conveyancer, who could be a solicitor, Licensed Conveyancer, or paralegal.
Do I Need to Instruct a Conveyancer in the Local Area?
While not necessary, ensure your chosen conveyancer can handle property purchases in England and Wales, regardless of location.
When Should I Hand in My Notice if I’m Currently Renting?
Time your notice to align with the exchange of contracts, negotiating a suitable period between exchange and completion to avoid paying double rent.
Can a Conveyancer Act for Both Buyer and Seller?
No, to prevent conflicts of interest, each party needs independent advice, especially in cases of title queries.
What is the Difference Between Exchange and Completion?
Exchange of contracts is a legally binding agreement, while completion is the day when funds are transferred, and you collect your keys, typically one to two weeks after exchange.
What Are Standard Searches?
Standard searches include local, drainage and water, and environmental searches, uncovering information affecting the property.
Why Provide Proof of Deposit Again?
Stringent anti-money laundering checks in conveyancing necessitate proof of deposit, adhering to higher standards than mortgage advisers or lenders.
When Do I Get the Deeds to My Property?
Deeds are held electronically at the Land Registry. Your conveyancer will send a copy of the title after registration, though Land Registry backlogs may cause delays, which are typically administrative and not concerning.
Conclusion
There is no singularly important question during the conveyancing process. Ask any questions you have to understand the process fully and embark on your homeownership journey with confidence. Your conveyancer is there to guide you through every step.
Ready to dive into homeownership? For comprehensive conveyancing services, contact Prince Evans at 020 8567 3477 or nbh@prince-evans.co.uk. Read the full magazine for more insights here.
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
