What is conveyancing?

Conveyancing is an umbrella term that refers to the legal and administrative work associated with transferring ownership of a property from one party to another. It is undertaken principally by property solicitors who receive instruction once an offer has been made on a property and accepted by a second party. Following the successful offer, solicitors representing the seller and buyer will exchange details and begin the conveyancing process.

Homeowners remortgaging their property will also need to find a provider to complete the associated conveyancing process.

Who undertakes conveyancing? Traditionally conveyancing is completed by solicitors acting on behalf of the buyer and seller, all solicitors practising in England and Wales must be registered with the Law Society and are regulated by the Solicitors Regulation Authority (SRA). In recent years ‘conveyancers’ have become more popular – these specialists are licensed and regulated by the Council for Licensed Conveyancers (CLC).

Many conveyancers are solicitors who now choose to specialise in conveyancing only. Homeowners are legally able to undertake conveyancing themselves but the process can be complicated, as well as time consuming. Specialist legal knowledge may be required in more complex cases, such as on leasehold properties. In addition, mortgage lenders are invariably keen to protect their investments and will often insist on professional conveyancing services, as will other parties who may not wish to risk the process falling through. Incorrect conveyancing can also open you up to legal issues, for example over boundaries or planning permission.

Who needs conveyancing? If you are buying, selling or remortgaging a house you will need to undertake conveyancing.

How much does conveyancing cost? Conveyancing fees vary widely depending on the service used (solicitors, online conveyancing or DIY conveyancing) and the price of the property you are selling, buying or remortgaging. Research shows that UK homeowners can expect to pay anything from between £330 to £1050 for conveyancing costs.
What is included in a conveyancing quote? Conveyancing quotes are made up of two distinct costs:

 1. Basic Fee This covers the cost of the solicitor or conveyancer’s time and varies depending on the method used to calculate the figure. Some solicitors charge by a fixed-fee, although this is becoming rare. Others charge on a per-hour basis which should be avoided as the costs can mount quickly if there are any irregularities. The most common – and most cost-effective option – is based on a sliding scale depending on the selling or buying price of the property concerned.
 If you are selling a leasehold property your basic fee should be higher than if you are purchasing a freehold property as there is extra paperwork involved. Your solicitor should ask you whether the property is freehold or leasehold – if they don’t, be wary. Your basic fee may also increase if you are purchasing a Shared Ownership, new build, Right to Buy, Buy to Let or Help to Buy (ISA) property.

2. Disbursements Disbursements are costs incurred by the solicitor that are passed onto you. These should be similar across all conveyancing quotes as they are fixed charges incurred during the conveyancing process.

Here are the common disbursements and the amount you should expect to pay:
For Buying a Property

 Bankruptcy search – [£2 - £4 per person taking out the mortgage] – your mortgage lender will need confirmation you have not been declared bankrupt, and this check is a formality of the pre-completion searches (also known as ‘priority searches’).

 Local authority searches – [£100 - £200] – the cost of these will vary depending on which Borough your property resides in. Quotes that do not ask for your postcode will only give an approximate figure. These searches are designed to protect you from council plans that may affect your property in the time after you’ve moved in.
Land registry office copies – [£4 - £8] – a pre-completion search to ensure the vendor owns the property you are attempting to purchase.

 Electronic ID Verification- [£2-£18 per person taking out a mortgage] – you will need to give your conveyancer proof of your current address and ID documentation.

 Environmental search – [£30 - £35 + VAT] – this checks for ground contamination in close proximity to the property. If contamination is found you may be liable even though you did not cause it.

Water and drainage search – [£30 - £40 + VAT] – this ensures the property is connected to fresh and foul water sewers. The cost will vary between water companies but should not fall too far outside the range given above.

Chancel repair liability search – [£10 + VAT] – if you buy or inherit a property that is located within the parishes of the church you may have to pay a contribution towards the upkeep, so it is worth checking to see if you are liable.

 Telegraphic transfer fee – [£25 - £45 + VAT] – this fee is charged by your bank and covers the cost of sending the money used to purchase the property to the seller’s conveyancing provider.

Mortgage handling fee – [£60-£80] – a fee may be charged by your solicitor for dealing with the legal aspects involved in setting up your mortgage.

HMLR final search- [£3-£7] – this is a final search that is carried out just before completion

 Land registration fee – [£20 - £910] – this is a fixed cost disbursement that depends on the cost of the property being purchased. Conveyancing quotes should factor in the real cost of the land registration fee.

Local Authority Search Indemnity Insurance

As referred to, it is a type of insurance which means that you're insured in the event that an order is served causing you to sell the property under the price paid for the property.

What is covered with no search indemnity insurance?

You would need to check the terms in your own insurance policy, however here is what one policy states:

All or any of:

1. disposal for value of all or part of Your interest in the title to the Property following an Order which causes You to realise a reduction in Market Value; or
2. actual dispossession from all or part of Your Property following an Order which causes You to realise a reduction in Market Value; or
3. such other event following an Order which causes You to realise a reduction in Market Value
   If you are buying or selling a house, you’ve probably heard of indemnity insurance – it is becoming an increasing feature of housing transactions. But before you hand over hundreds of pounds for policies, find out what it is and if you really need it.
   

   What is indemnity insurance?

   Indemnity insurance is a type of protection purchased during housing transactions. It is a one-off payment for a policy that then lasts forever.
   It is used to offer protection if there is a potential problem with the property that could result in local council action or legal problems in the future.
   “Legal indemnity insurance is obtained in order to offer protection to a buyer (and a lender) where there is a defect in the title, which cannot be resolved,” says Sarah Ryan, head of conveyancing at Co-op. “Legal indemnity insurance does not remedy the insured defect, but merely offers financial compensation should a claim be brought in the future.”
   Typical reasons for taking out indemnity insurance include to cover missing building regulation certificates, planning permission issues or missing professional installation certificates for fires or windows.
   Indemnity insurance is often associated with older properties, where historic rights are still on the deeds.
   “The right of Mrs Miggins to draw water from a well may have been essential back in 1860,but it might be a bit inconvenient if her heirs and successors could still wander into your garden with a bucket today,” says Henry Pryor, a property buying agent. In this example, you would purchase an indemnity policy to protect yourself from future claims from the Miggins family to access water on your land.
   
   Please email  us at info@valueconveyancer.co.uk if you need to find out more

Conflict of interests in conveyancing

Under the SRA code of contract 2011 you cannot act( do work for ) a client if this causes a conflict of interest or has any risk of crossing over into the conflict of interest definition.

This is where your duty to act for 2 or more clients that are involved in the same deal and cause the advice or work to cause a conflict between them .

There can be exceptions explained later in this post.

As a conveyancing professional or solicitor, you might be approached by the buyer and seller to act for them in the same property transaction; in most cases this is not acceptable as conflict will arise in the conveyancing process, as when one client is buying a property from another some of the advice you might have to give the buyer or seller might not be agreeable to one of the parties and you are always supposed to have the best interests of your client in the process , this would mean that one of your clients best interests will not be looked after in favour of the others interest .

Chapter 3 of the SRA Code includes an indicative behaviour which states that you may not have achieved the outcomes that the code requires if you act “for a buyer (including a lessee) and seller (including a lessor) in a transaction relating to the transfer of land for value, the grant or assignment of a lease or some other interest in land for value”.

There can be an exception for circumstances where the 2 clients have a substantially common interest; in a property sale/purchase between 2 clients this is usually never possible even though they both a have a strong common interest in the property 1 is buying and 1 is selling it, some issue that arise from searches will be more concerning to the buyer than the seller as it will be the buyer that will have to deal with the issue to be able to purchase the property , it might even be the case that you have to recommend to buyer property has to many issues to make it a smooth transaction.

The indicative behaviours in the SRA Code suggest that you should only act for both the lender and the borrower on the grant of a mortgage if:
 • the mortgage is a standard mortgage (such as one provided in the normal course of the lender’s activities, where a significant part of the lender’s activities consists of lending and the mortgage is on standard terms) of property to be used as the borrower’s private residence
 • you're satisfied that it is reasonable and in the client’s best interests for you to act
 • the certificate of title required by the lender is in the form approved by the Law Society and UK Finance (formerly the Council of Mortgage Lenders)

Even if these criteria apply, you should still consider each case to make sure there’s no conflict of interest.

Stamp Duty - Everything you need to know

If you’re buying a home in England or Northern Ireland costing more than £125,000, you’ll have to pay Stamp Duty Land Tax (SDLT) on your purchase. Use this guide to find out about how Stamp Duty works, including Stamp Duty for first-time buyers, rates for second homes and how it is paid.

What is Stamp Duty?

In England and Northern Ireland you’re liable to pay Stamp Duty when you buy a residential property, or a piece of land, costing more than £125,000 (or more than £40,000 for second homes).


This tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage.
If you’re buying a property in Scotland you will pay Land and Buildings Transaction Tax (LBTT) and in Wales Land Transaction Tax (LTT) instead of Stamp Duty.

If you’re buying in Scotland, find out more about Land and Buildings Transaction Tax (LBTT).

If you’re buying in Wales, find out more about Land Transaction Tax.

How much is Stamp Duty?

There are several rate bands for Stamp Duty.
The tax is calculated on the part of the property purchase price
 falling within each band.

For example, if you buy a house for £275,000, the Stamp Duty Land Tax (SDLT) you owe is calculated as follows:

• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £25,000 = £1,250

Stamp Duty rates*

Minimum property purchase price	Maximum property purchase price	Stamp Duty rate (only applies only to the part of the property price falling within each band)
£0	£125,000	0%
£125,001	£250,000	2%
£250,001	£925,000	5%
£925,001	£1.5 million	10%
Over £1.5 million		12%

*Stamp duty for residential leasehold properties are charged differently.

Stamp Duty on second homes

Buyers of additional residential properties, such as second homes and buy-to-let properties, will have to pay an extra 3% in Stamp Duty on top of current rates for each band.
This increased rate applies to properties bought for £40,000 or more.
It doesn’t apply to caravans, mobile homes or houseboats.
If you buy a new main residence but there’s a delay in selling your previous main residence, you’ll have to pay the higher Stamp Duty rates as you’ll now own two properties.
However, if you sell or give away your previous main home within 3 years of buying your new home you can apply for a refund of the higher SDLT rate part of your Stamp Duty bill.
You can request a refund for the amount above the normal Stamp Duty rates if:

• you sell your previous main residence within three years, and
• you claim the refund within three months of the sale of your previous main residence, or within 12 months of the filing date of your SDLT tax return, whichever comes later.

 You can calculate you stamp duty here

https://www.moneyadviceservice.org.uk/en/tools/house-buying/stamp-duty-calculator

Use our Stamp Duty calculator to find out how much you’ll pay.

For example, if you buy a house for £275,000, the Stamp Duty Land Tax (SDLT) you owe is calculated as follows:

• 0% on the first £125,000 = £0
• 2% on the next £125,000 = £2,500
• 5% on the final £25,000 = £1,250

Total SDLT = £3,750
Stamp Duty rates*

Minimum property purchase price	Maximum property purchase price	Stamp Duty rate (only applies only to the part of the property price falling within each band)
£0	£125,000	0%
£125,001	£250,000	2%
£250,001	£925,000	5%
£925,001	£1.5 million	10%
Over £1.5 million		12%

*Stamp duty for residential leasehold properties are charged differently.

Stamp Duty on second homes

Buyers of additional residential properties, such as second homes and buy-to-let properties, will have to pay an extra 3% in Stamp Duty on top of current rates for each band.
This increased rate applies to properties bought for £40,000 or more.
It doesn’t apply to caravans, mobile homes or houseboats.
If you buy a new main residence but there’s a delay in selling your previous main residence, you’ll have to pay the higher Stamp Duty rates as you’ll now own two properties.
However, if you sell or give away your previous main home within 3 years of buying your new home you can apply for a refund of the higher SDLT rate part of your Stamp Duty bill.
You can request a refund for the amount above the normal Stamp Duty rates if:

• you sell your previous main residence within three years, and
• you claim the refund within three months of the sale of your previous main residence, or within 12 months of the filing date of your SDLT tax return, whichever comes later.

For an application form and more information, visit the GOV.UK website

Moving bricks working in conjunction with an award winning conveyancing firm

Moving bricks working in conjunction, with an award winning innovative conveyancing firm that has won 3 awards at the Estate Agent of the year conveyancing awards, which were held at the Grosvenor hotel in London, The Awards were based solely on client’s feedback. The Firm based in Manchester City centre, were given 3 awards, Best Regional, Best in county and best single office in the UK, this was based over a 10 month qualifying period.

Head of operations and Founder of the Firm said “we thought we were clearly underdogs due to other firms being in the industry far longer so we are truly honoured to walk out with 3 awards”. The firm was set up 24 months ago with the aim to create a property law firm which engages with clients, uses cutting edge technology to help the client have an exceptional Journey when buying a property. The firm has ambitious expansion plans based on an already succesfull business model, the firm works under the umbrella of a large law firm established in 1875.

In addition to the ESTAS Awards the firm has also been awarded the Law societies conveyancing quality scheme, this means they are accredited by them and recognised as one of the country’s leading conveyancers and on all major Lenders panels . To get a quote for this firm then please visit our portal at www.movingbricks.co.uk Or just click on the logo below .

The power of online reviews

As more and more people are sharing their everyday experiences on the world wide web, online reputation has become an important factor in determining whether a business will go bust or become a roaring success. Did you know that 90% of consumers read online reviews before visiting a business? Whether you run a simple burger joint, a restaurant offering unique culinary experiences or a luxury hotel overlooking the sea, what people are writing about you on the internet can make or break your business. Let’s take a look at some of the most crucial ways in which online reviews have the power to influence the successfulness of your business:

Social reach and trust building

We live in a time where, due to massive false advertising with sole intent to gain bigger profits by deceiving potential customers, people have simply stopped blindly trusting businesses when they promote their own services to others. No matter how amazing your business is, self-praise will only get you so far; research shows that consumer reviews are nearly 12 times more trusted than descriptions that come from businesses. Nowadays, people seek real advice from real users, sharing their honest and unfiltered opinion about their experience with the business, which is why reviews have become the best way for businesses to build a bigger social reach and establish valuable trust which instantly converts potential customers into paying customers — a study shows that 92% of users will use a local business if it has at least a 4-star rating.

Priceless feedback for business improvements

Although one might think that negative reviews can do nothing more but severely harm your business, that is actually not the case at all; in fact, negative reviews can help you achieve a thriving success by engaging with your customers and improving your business according to their desires. A study showed that when retailers replied to negative reviews, a third of customers either deleted their original negative review or replaced it with a positive review and nearly a fifth went on to become loyal customers. So, the main factor in determining how reviews will affect your business’ success is actually not the ratio between positive and negative reviews, but how fast and well businesses response to them. What people want are instant, honest and personalized interaction, feeling that the businesses like engaging with them, value their opinion and that they are striving to realize people’s recommendations — case in point, a study by Cornell University professors discovered that sales go up each time a business responds to a review.

Certified ID and proof off address

Types of ID accepted by most conveyancers


You must provide one proof of identity (ID) and one proof of address (POA), as well as an additional item of either ID or POA, from the approved list below. The additional item must be provided from a separate source, i.e. 2 bank statements – one for a savings account and a second for a current account, from the same provider – would not be accepted.
If you are making a joint application then bills in joint names may be considered as one proof of address for each of the named individuals on that bill. Where you have recently married and have not made the appropriate changes to your documentation, please also include your marriage certificate.

Personal Identity:

• Current valid (signed) full EU Passport
• Current valid  (signed) non EU Passport
• Current valid National ID card (non UK Nationals)
• Current Full² UK Driving Licence ¹
• Current UK / EU Photocard Driving Licence¹ with Counterpart
• Current Firearms/Shotgun Certificate
• Current State Pension notification letter¹
• Current Benefits Agency letter¹
• Current years HMRC Tax Code Notification⁵
• Current Blue Disabled Drivers Pass
• Identity Card by Electoral Office of Northern Ireland

Address verification:

• Mortgage Statement (13) or Mortgage Redemption Statement (3)
• Recent Utility Bill – Gas, Electricity, Water, Telephone (Not mobile phones) (3)
• Current Council Tax Bill (13)
• Current Full UK Driving Licence (Paper document)¹
• Current UK / EU Photocard Driving Licence¹ with Counterpart
• House or motor insurance certificate (12)
• Current State Pension notification letter¹
• Current Benefits Agency letter¹
• Bank / Building Society / Statement (3)
• Solicitor letter confirming completion of house purchase³
• Credit Card Statements from main provider (3) ⁴
• HMRC Tax notification documentation (this does not include P60’s) (12)
• Account, investment or insurance documents (6)⁶
• Letter from Council Confirming Electoral Roll Listing (3) 

The Document will need to be dates within the last 60 days to be valid proof off address .

It is never usually required that a conveyancer will ask you for original documents ,  but they will need to be certified .

Getting Documents Certified  

• Post Office;
• Bank official;
• Solicitor;
• Notary,
• or official from an overseas British Consulate.
• Someone regulated by an Authority like the FCA.

You must ensure that all documents are clearly certified in Black & White (colour copies are not acceptable); this must include the certification wording, an official stamp (which includes company name), a printed name, job title, qualifications, and be dated and signed. The correct form of words for certifying documents is:
“I certify that this is a true copy of the original document which I have seen and I certify that this is a true likeness to the person whom I have seen.”