How long does conveyancing take?
The legal aspects of an average sale and purchase of a house takes about 6 – 10 weeks from start to finish. We do our best to push your transaction through as quickly as possible, but the length of the property chain, time taken by searches, surveys and mortgage applications is out of our control. Purchases of a leasehold property can take longer, because issues may need to be resolved regarding the lease. We also need to collect information from third parties, (e.g. management agents) which can cause delays.
Most people buy and sell properties at the same time. This leads to a number of linked transactions dependent upon each other and as such the contracts in each transaction must be exchanged simultaneously. Therefore, the time taken for the process is dictated by the slowest link in the chain.
On a purchase, in addition to the price of your property, you will need to budget for legal fees and “disbursements”. “Disbursements” are payments made by your solicitor to others on your behalf, such as stamp duty land tax, land registry fees and search fees. You also need to budget for lender’s valuation fees, your own survey fee, buildings insurance and removal service costs. In addition if you are buying a leasehold property, there will be items of expenditure additional to those mentioned above, including fees to the freeholder/managing agents on your purchase. We will not know at the beginning of the conveyancing process what these costs are likely to be, but we will itemise them on your completion statement.
On a sale, you also need to budget for estate agent’s fees (average 1.5% plus VAT), legal fees and removal service costs. In addition, if you are selling a leasehold property, we pay a fee on your behalf to obtain management information (for ground rent and service charge statements etc.).
This will depend on how far the transaction has proceeded by that time. If we are near to exchange of contracts, or have already set up the file for completion, and the transaction then falls through, we are entitled to charge almost the entire amount of the estimate. However, we are sympathetic and aim to keep abortive costs to a minimum however.
Stamp Duty Land Tax is a tax raised by the government and paid to the H.M. Revenue & Customs. We can advise what the current rate of tax payable will be for your transaction.
There are two ways in which joint purchasers can hold property, as Joint Tenants or Tenants In Common. We will explain to you the difference between them, as the way in which you hold the property will determine what happens if you died. We will also discuss with you whether you wish to enter into a cohabitation agreement, or a trust deed setting out the terms on which the property is held.
Not necessarily. Barrett Law can conduct your conveyancing transaction no matter where you live in England or Wales. We can deal with all of your work via the post, internet or over the phone, but we are more than happy to see you in person if you prefer.
We cannot arrange a mortgage for you, but can supply you with details of local mortgage brokers who may be able to assist. It is also quite common for the estate agents dealing with your property to have their own mortgage brokers or contacts who may help.
Our advice is generally yes. If you are buying a property you should be aware that the property is “sold as seen” and it is for you, as the buyer, to discover any physical defects by means of inspections and surveys. A mortgage valuation is not a survey – it merely ensures that the property is of sufficient value to protect the lender’s interest not yours.
There are a number of very good estate agents in the area with whom we deal on a regular basis and we are happy to give you their details.
The death of someone close can be devastating. The last thing most of us feel like doing is getting involved in sorting out their financial affairs… but it has to be done. If you don’t feel up to dealing with all the formalities yourself let us do it for you. As solicitors we deal with this situation every day. We know what needs to be done and how to do it with the minimum of fuss.