LEGAL
Common questions from a first time buyer about conveyancing
As a first time buyer you will no doubt have many questions regarding the conveyancing process. Coralie Phelan, Partner and Head of Resales and Staircasing at Prince Evans Solicitors LLP, looks as the common questions asked by first time buyers during the process
Q. WHAT IS CONVEYANCING AND WHY DO I NEED A CONVEYANCER? Conveyancing is the legal process of transferring land from one party to another. You will need a conveyancer to act on your behalf and your lender’s behalf to check that you will acquire a good and marketable title to the property to enable you to sell and mortgage the property without difficulty in the future.
such as planning and building regulation history, road adoption and adverse matters that might affect the property, such as, for example, compulsory purchase schemes 9 Drainage and water search – to check drainage connections 9 Environmental search – to check for compliance with environmental matters. Q. WHAT IS THE DIFFERENCE BETWEEN FREEHOLD AND LEASEHOLD? Leasehold means you own the property as set in the lease for a set period of time, being the terms of the lease. If you purchase a house generally this will be freehold, which means you own the house itself plus the land it sits on. Q. WHAT ARE THE ADVANTAGES OF RESALES SHARED OWNERSHIP? There are several advantages including: 9 Your landlord will be under an obligation to act responsibly 9 Ideal first step on the property ladder 9 Low deposit 9 Resale properties are often more affordable than new builds 9 You are only responsible for the property itself. There is no single best or most important question to ask during the conveyancing process. It is worth ensuring you ask any questions you have to enable you to understand the process properly before legally committing and embarking on your journey into homeownership. At Prince Evans we are happy to answer any questions you have at quotation stage. Please call 020 8799 1860 or email rst@prince-evans.co.uk
9 The balance due to complete is usually due prior to completion.
Q. HOW MUCH SHOULD I BUDGET FOR THE CONVEYANCING FEES?
Q. IS THE CONVEYANCER FAMILIAR WITH A CASE LIKE MINE – FOR EXAMPLE AFFORDABLE HOUSING CONVEYANCING?
You should budget for between approximately £1,000 to £1,800 plus disbursements (payments to third parties such as the Land Registry) and Stamp Duty Land Tax. Q. IS THERE ANYTHING I CAN DO TO MAKE SURE THE PROCESS RUNS SMOOTHLY?
It’s crucial to ask this question and ensure your conveyancer is an expert in the area in which you are purchasing. At Prince Evans, we specialise in resales and staircasing and are experts in this area. Q. WHAT IS THE DIFFERENCE BETWEEN EXCHANGE AND COMPLETION? 9 Exchange of contracts is the point when there is a legally binding contract between the parties 9 Completion is the day that monies are transferred between solicitors and you can collect your keys and move in. * Generally there is about one or two weeks between exchange and completion.
Keep in regular contact with your 9 Mortgage adviser 9 Conveyancer 9 The sales office or estate agent.
Q. HOW OFTEN WILL I RECEIVE UPDATES?
Most firms will update you via email or phone at least once a week. At Prince Evans we are one of few firms who use an app to update our clients via notifications. Q. WHEN DO I NEED TO PAY THE CONVEYANCING FEES? 9 Most firms will ask you to pay between £200 and £300 upfront 9 The deposit will be requested before the exchange
Q. WHAT ARE THE STANDARD SEARCHES?
Standard searches usually consist of 9 A local search, which searches for matters in the local authority records
130 First Time Buyer August/September 2024
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