What is Conveyancing? – A Guide for First Time Buyers

 

Q  What is conveyancing?

A  Simply put conveyancing is the area of law that deals with the preparation of documents for the conveyance (transfer) of property.  In reality conveyancing is an umbrella term that includes all of the legal and administrative work that’s required to ensure a property purchase or sale is valid in law.

 

Q  What are the steps?

  • Legally Prepared – This involves completing the initial documentation early in the transaction before an offer is accepted.  Instruct us as early as possible in the process to avoid delay.  – Estimated time 1 week
  • Ready to Go – Once an offer is accepted your lawyer will carry out all of the relevant searches and check the draft contractual documentation.  – Estimated time 4 – 6 weeks
  • Reporting – Once search results are received and any requested information and/or documentation is received from the vendors’ representative then your lawyer will report to you on your purchase.    – Estimated time 1 week
  • Exchange of Contracts – Once you are happy and have signed the contract then we can exchange contracts.  Once exchanged you are legally bound to buy the property.    – Estimated time 1 week
  • Preparing for completion – Before you complete your lawyer will carry out the final checks and prepare a financial statement detailing any monies required from you prior to completion.    – Estimated time 1 – 2 weeks
  • Completion – This is the day you have been waiting for.  As soon as completion monies have been received by your vendors’ representatives you can collect the keys from the estate agents.
  • Registration – Your lawyer will now proceed to register the property in your name at the Land Registry and paying any Stamp Duty Land Tax that may be payable on your behalf.  Once registered your lawyer will send you the relevant title documentation for your safe keeping.

 

Q  How much will it cost?

A Legal fees for conveyancing can vary greatly, but (unfortunately) the phrase “you get what you pay for”, often rings true.  Here at BTMK Marcus Baum we know that we aren’t the cheapest and we don’t pretend to be, however we do offer fixed fee conveyancing, and a ‘no sale-no fee’ promise. We pride ourselves on the transparency of our quotes, – in fact anyone can get a free instant quote from our website.  Communicating with our Clients and other parties is the bedrock of our offering.

 

Q  How long will it take?

A  Generally a purchase will likely take 8 – 10 weeks – however this all depends on the other parties in the transaction.  Often the processes that slow down a purchase are:-

  • Waiting on the searches from the Local Authority (it’s important that we’re able to order these as soon as possible once the purchase is agreed),
  • The production of your mortgage offer
  • The production of a ‘leasehold information pack’ (This is a pack containing important information if you’re buying a leasehold property as opposed to a freehold property)

 

Q  What advice would you give a first time buyer?

A  Select your lawyer carefully.  Do shop around for quotes, but don’t base your choice on price alone.  Often quotes that seem too good to be true are exactly that. 

 

Q  Any other tips

A  Be prompt with returning paperwork and forms etcetera.  If you have any queries or questions please don’t hesitate to ask your lawyer.  When liaising with a selling agent or estate agent please keep your lawyer up to date with any agreements made or information required (about the purchase).

 

You can contact Chris Maddison at

BTMK Marcus Baum, 100-102 Alexandra Road, Southend-on-Sea, SS1 1HQ

Office Hours – 01702 221972

24/7 – 03300 585 222

Email – chris.maddison@btmk.co.uk

Instant Quote Available at www.btmk.co.uk

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