When you buy or sell a property the term conveyancing is used in relation to transferring ownership. It boils down to a legal contract which includes these parts:
- The sales price
- Boundaries of the property
- Any planning restrictions
- Any legal restrictions (e.g. public footpaths or specific rules about the use of the property)
- Fixtures or fittings included in the sale
- Services to the property (gas/sewage/electricity etc)
Both the seller and the buyer will have a solicitor to handle their conveyancing, they will communicate with each other to draft the initial contract and answer any question that may come up (with the sellers help).
What to watch out for
Some estate agents or mortgage brokers may try to pressure you into use their in house conveyancing service or recommend you use a specific firm due to time restrictions. Quite often estate agents and/or mortgage brokers have deals set up so they can earn up to £200 for a referral to the conveyancing solicitor, a cost which is ultimately paid for by you in the fees you pay for conveyancing.
It's easy just to say yes and use them but it may end up being quite a lot more expensive. There are several comparison sites online that enable you to enter the details of the property you want to buy and they'll give you fixed quotes. So it's defiantly worth checking as it'll often save you a few hundred pounds.
How long should it take?
It takes on 10–12 weeks to complete conveyancing on an average deal, some may be quicker while others can take longer. The timescale can be effected by several things such as the discovery by the buyer's solicitor in one of the searches showing something unexpected or a problem with one of the other parties in a chain.
During the period before the exchange of contracts either party can pull out of the deal for whatever reason and with no legal obligation to the other. This can lead to a risk of gazumping and something which has occurred more in recent years - gazundering.
Where to search for conveyancing quotes?
There are several websites offering a conveyancing quote comparison service as it's quite a lucrative market. It's most defiantly worth 30 minutes of your time looking online and doing a bit of research on the company who can offer you the lowest quote as it could end up saving you a packet.
Here are a few sites that may help in your search:
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