We all know that buying a home isn’t always as straightforward as it should be. There’s so much that comes with buying your home, from mortgages and insurances to name a few, it’s easy to overlook something that’s necessary. So, have you factored in conveyancing to your mortgage calculations? No? Uh oh…
When it comes to buying a house, you’re going to need to think about conveyancing. If you’re not quite sure what conveyancing is, then don’t worry. Zing is here to explain all you need to know about it.
In our latest blog post, we’re going to be walking you through everything conveyancing – from what it is, why you need it and who can help you with it. So, let’s look at conveyancing in this blog.
Put simply, conveyancing is all the legal work behind the buying and selling of a property between two parties. It includes the legal work behind the ownership of the land, the building itself and any neighbouring factors that need to be considered. Once you’ve secured your mortgage and your seller has accepted your offer / or you’re the seller and you’ve accepted the offer, conveyancing work needs to begin. The process is on-going and ends once the final contracts are signed and the seller has received all the money for the sale of their home.
So, who will do your conveyancing for you? Well, there’s a few options:
All of the above can conduct your conveyancing for you, however, be aware that if you chose a solicitor, you will need to choose one who has specialised in residential law. Sometimes, you’ll have to use a conveyancer who has been approved by your mortgage provider or is at least on their panel of approved conveyancers. The price of conveyancing varies for a lot of reasons and not just on who you chose. For example, enquiries on a leasehold property will require a bit more work than those on a standard freehold due to the land ownership differences.
So, when you’ve found a conveyancer, you may wonder what work they’ll actually be doing for you. The work usually begins with requesting searches (examples, but not limited to: local authority, water and drainage, environmental), which your conveyancer will begin combing through to establish key points you need to be aware of, such as access issues and local building planning developments. Their work will also show if there are any hazards (area at risk of flooding etc.) near your property as well as any financial liabilities from previous residents.
The contracts to the sale, which will be sent to your acting conveyancer by the vendor’s chosen conveyancer, will clearly mark property boundaries, the sale price of the home and other key factors, such as gas safety certificates. It is your conveyancer’s job to ensure that you are purchasing what you believe to be purchasing, and are aware of any faults or issues with, or linked, to the property before you commit to the purchase. Your chosen conveyancer will also handle and notify you of the amount of stamp duty due and will also be in charge of receiving and distributing funds to the vendor’s solicitor, which includes your deposit and the completion monies from the mortgage.
Finally, they will make sure you are listed as the new owners of the home, with the Land Registry.
Conveyancing costs are dependent on the size and type of property you’re purchasing. However, you can expect conveyancing fees to be around the £1,500 mark for an average property purchase. This will include the fee for the solicitor/conveyancer’s time, any necessary correspondences (letters and calls), the fees associated with the council searches and Land Registry costs. Most solicitors and conveyancers agree a fee up front or at least provide you with an estimated quote, but this can change depending on if anything crops up during their work that was not expected at the time of producing the quote.
Whilst you are legally allowed to carry out conveyancing yourself, it isn’t easy and is something we would definitely not recommend. Conveyancing is complicated and if done poorly or incorrectly, could cost you a great deal more than the original outset of conveyancing fees. The minimum time to become a conveyancer is around 2 years and they are considered professionals in their field, so taking on their job shouldn’t be considered lightly. Your mortgage lender may not even consider allowing you to have the loan for the property you want to purchase if you’re not using a licensed conveyancer or solicitor. So, whilst you can do it yourself, pretty much everyone (including us) would advise you to use the professionals.
At Zing, we chase your conveyancers for you to help try speed up the house buying process. Once we’ve found your mortgage and the lender has approved to lend you the money, we can assist you in making sure that all the legal work and documents required for your house sale are finalised in a timely manner.
Contact us if you have any questions on conveyancing, mortgage or anything else property related!