Conveyancing Tips: First-time Buyers Guide to Purchasing a Property

 

 

 

 

 

 

 

Purchasing your first home is such a huge achievement and should be a really exciting time. However, with so much information to take in and new jargon to learn, it can sometimes be a little difficult to process it all. But it’s incredibly important to be as clued up as possible about the process. 

 

Surveys and Searches

Surveys and searches are an important part of the home buying process. It’s a good idea to get the property checked by a surveyor to shed light on any problems that the property may have. Depending on the type of survey you choose, you’ll find that the cost will vary. Your conveyancing solicitor will conduct a number of searches which are usually carried out with the local authority, water and drainage provider, and environmental searches. There may be some additional searches required depending on the property. 

Exchange of Contracts

Exchange of contracts is the point where all parties become legally bound to the purchase. At this stage, you’ll transfer your deposit to your conveyancing solicitor. If you were to pull out, you would more than likely lose your deposit and if the seller was to pull out they would be forced to pay penalties too. You’ll now be financially responsible for the property which means that it’s important to ensure that you have building insurance in place at this stage too. 

Completion and Beyond

Congratulations! The final stage in your home buying process has finally arrived. At this stage, you’ll be required to pay any remaining fees and balances. It’s also the most exciting point of the process as you’ll be able to pick up your keys and move into your new home! Your conveyancing solicitor will arrange the filing of stamp duty land tax return to HM Revenue and Customs (HMRC). They will also register the property in your name with HM Land Registry or register the lease in your name if you’re purchasing a leasehold property.

 

 

 

 

 

 

 

 

 

 

 

 

What is Conveyancing?

 

 

 

 

 

 

 

 

 

 

 

 

Conveyancing is the branch of law specifically relating to the legal side of moving home. Conveyancers are lawyers that specialise in the legal side of moving home.  A conveyancer will go through the legal process to transfer the property ownership from one person to another.

Like most people, you’re probably wondering how the conveyancing process works, how long it will take and how much it will cost.

There are two major phases of conveyancing; exchange and completion. Lots of work goes into the process before these stages, which can often mean the whole process can take a number of weeks or months to complete.

Why do I need a conveyancer?

Whether you’re getting your foot on the property ladder or moving into your forever home, the buying and selling process can feel overwhelming. A conveyancing firm will complete the legal work to transfer the ownership of your chosen property. They will also be there at each step to guide you through the whole process.

The conveyancing process starts once your offer on a house has been accepted and ends once your ownership is registered at the Land Registry. As soon as you have confirmation that your offer has been accepted, you will need a conveyancer to get started on the legal work that is involved in transferring ownership of a home.

When using a conveyancer there is a specific process that needs to be carried out in order to transfer the legal ownership of property.  

The conveyancing process:

Step 1: ID checks will need to be carried out as part of the conveyancing firm’s due diligence. They will then also check the house title to make sure everything is as it should be.

Step 2: For purchases, a conveyancer will carry out the required searches for the property, for example the environmental and drainage searches of the property.

These local checks will flag up any potential issues with the property or land, which will be required by the mortgage provider.

For sales, a conveyancer will provide the correct forms you will need to complete for your buyers and the transaction.

Step 3: Your conveyancer will work with the other party’s conveyancer to progress the transaction, make enquiries on your behalf and iron out any issues which may have developed as a result of the searches and surveys.

Step 4: If you’re purchasing with a mortgage, they’ll check the mortgage offer and deal with any special conditions

For sales with a mortgage, they will conduct work with your lender, which may include getting a redemption statement.

Step 5: They’ll work with the other conveyancers in the chain to arrange dates for exchange of contracts and completion.

Step 6: Prepare a financial statement so you know what funds you need for both parts, and transfer funds for the stamp duty if required.

Step 7: Finally, they will register the change of ownership with the land registry for you. If you are selling, this will be taken care of by the buyer’s conveyancer.

It may seem all very complicated…but in retrospect a good conveyancer will strip out the legal jargon for you and help make the process a lot smoother and seem easier to understand.

For more useful information about conveyancing and the process, read through our Complete Guide to Conveyancing.

Who does the conveyancing?

Unless your mortgage provider stipulates a specific firm, it is up to you who you get to do our conveyancing. While all solicitors will be qualified to undertake this type of legal work, not all will be experienced in this area. So, it makes sense to opt for a conveyancing expert that specialises in residential property transactions or to go with a dedicated licensed conveyancer. Licensed Conveyancers are regulated by the Council for Licensed Conveyancers and solicitors are regulated by the Solicitors Regulation Authority.

Conveyancing Costs

Buying property is an expensive business, but the good news is that you needn’t pay a fortune for your conveyancing. Costs vary and depend on the value of the property. For more detailed information on this, take a look at our guide to conveyancing fees.

To get an up to date and competitive quote you can use https://www.movingbricks.co.uk/  The amount quoted will include the cost of the conveyancer’s time and the fees for registering with the Land Registry and any searches undertaken. When you receive a quote from us, we will give you a price that includes everything. We don’t have any hidden extras or hide things in our small print. For those buyers who are concerned about a sale falling through and winding up out of pocket, we also offer a no-completion, no fee service.

 

 

Nearly 70% Of Solicitors Suffer High Levels Of Stress

 

 

 

 

 

 

 

 

 

 

 

 

Two thirds (66%) of solicitors are currently experiencing high levels of stress, according to the latest findings from the Bellwether Report 2019 titled ‘Stress in the Legal Profession: Problematic or Inevitable’, published by LexisNexis UK.

It highlights that stress is an endemic issue in the legal profession but most solicitors working for law firms are seemingly happy in their jobs and confident about the future of their role and the firm that they work for, despite the industry facing numerous challenges.

However, the findings of the report suggest that there is an issue of stress embedded in their jobs but many feel that stress is part of their job description.

Over three-quarters of the solicitors felt that stress/mental wellbeing in the legal industry is a major issue, with 1 in 4 solicitors think that more can be done to support them in the workplace – while over a third of solicitors experience stress at work on a daily basis.

Jon Whittle, Market Development Director, LexisNexis UK said:

“We found a robust, optimistic profession which continues to believe that hard work pays off in a bright successful future. Last year the Government positioned the law as a professional occupation with the highest levels of work-related stress, depression, and anxiety which we believe is cause for concern. However, our respondents don’t agree on whether size of firm equates to stress levels.  55% of solicitors believe that enough is being done while 75% of our respondents feel that while stress is a major issue there is a sense of confusion and resignation in attitudes to it. It’s important to understand that while the future looks bright there are shadows at work.”

According to leading experts in mental health, one in four will develop a diagnosable psychological condition over the next year. The mental health crisis sweeping the UK has sparked businesses to look at their employees’ wellbeing, putting in place programmes to support employee welfare and combat stress in the workplace.

Due to the mental health epidemic, is it time for the wellbeing of the legal profession to be supported? One solicitor comments on stress and the impact on the legal profession, saying “There’s competition and constant pressure. It’s all about ticking the right boxes and saying the right things. I can’t see things changing.”

Being a conveyancer can be a challenging and demanding role, due to the fast-paced nature of the role, moving from client file to the next client file is a juggling act which can be stressful -especially on Fridays as this is the busiest day of the week for conveyancers where most completions take place. It is also commonly referred to as “Friday Fraud” where fraudsters will capitalise, due to conveyancers being preoccupied, thus, making it easier for a dishonest email to slip into the system.