LEGAL
We understand that buying a home can be both an exciting and a daunting experience. Bevin Woby, Director of Shared Direction Conveyancing, highlights some of the main questions frequently asked that are important to feel confident with Questions you should ask your conveyancer
special deliveries etc. At Shared Direction Conveyancing we include “fee protection” in our instruction fee so that if the transaction for any reason does not proceed prior to exchange of contracts, your fee will be refunded to you (minus any third party disbursements that have been paid out). You will not need to transfer any further monies across until the exchange deposit is requested, which is either 10% of your purchase price or a set amount as detailed in your contract, depending on your total overall deposit. Once a completion date has been agreed then we will prepare and send you a completion statement and it is at this point you pay for your legal services, disbursements and apportionments in readiness for completion to be confirmed, and you get to collect your keys. Shared Direction Conveyancing is a niche firm with over 25 years’ experience solely offering conveyancing for new build shared ownership purchases. Demerged from Direction Law (which was one of the largest specialist affordable housing solicitors in the country), we are a friendly, professional firm with over 80 members of staff who aim to communicate with our clients, clearly and concisely. For further information visit sdc-legal.co.uk or for an instant quotation call 0808 273 0273
searches, preparing and sending your report on title and processing your mortgage offer (which will commonly be arranged by a mortgage broker). Communication between all parties (the housing provider and its solicitors, the client and their solicitors, the mortgage broker and an agent, if applicable) is absolutely key to ensure everything is on track and assist or chase any parties that require it. How much will be charged and when do I pay? You will receive a quotation for service alongside terms of business which should highlight all known and possible costs in relation to your conveyancing. You will have a “headline fee”, which will be the costs of instructing the firm to represent you for the transaction, then a series of disbursements, which are expenses payable to third parties as part of the conveyancing transaction. They are paid via your solicitor to the third party; however, they can still vary from firm to firm.Your quotation should also advise you on costs to budget for (housing provider’s legal fees and rent/ service charge apportionments). Once you have chosen to accept a quotation, the firm will usually request some monies on account to be paid so it has funds available with which to order and pay for searches,
What do I need to provide? To begin proceedings you will need to formally instruct by accepting the quotation for service and completing your personal details on a client instruction form. There will be various legal documents throughout the process, which will be provided and explained, that you will need to sign and return.You will need to provide forms of ID, proof of address and proof of deposit evidence to our compliance team. This will need be to be verified and signed off before we can accept your exchange deposit. When should I hand my notice in? It is essential that you discuss this with your legal representative before you hand your notice in, if you are in rented accommodation. They will be best placed to advise on appropriate timescales as to what stage of the process you are in. It is always best to hand your notice in once you have exchanged contracts, so as to ensure your security and allow for a smooth transition.
What timescales should we be working towards? Housing associations and registered
providers most often set a 28-day deadline from issue of the legal packs to exchange of contracts. In this time your conveyancer will be dealing with legal enquiries, compliance,
84 First Time Buyer December 2024/January 2025
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