Our experienced conveyancing department deal with all aspects of residential conveyancing in an efficient and proactive manner. We offer advice on buying and selling property (whether leasehold or freehold), remortgaging, transferring equity in a property or registering ownership of a property with the Land Registry for the first time, help to buy, and buy to let.
What is involved in a conveyancing process?
There are various steps in the conveyancing process that your conveyancer will handle for you. Exactly what is required will depend on whether you are a seller or buyer, whether you are transferring, re-mortgaging and the type of transaction.
Typical tasks that a conveyancer will carry out on your behalf includes;
• Drafting or reviewing the sale and contract and associated documentation.
• Checking the title deeds to ensure the seller has a legal right to sell the property and whether there are any defects in title that need to be rectified.
• Dealing with any enquiries raised by the purchaser's solicitors and offering advice.
• Carrying out any searches to ensure there are no issues affecting the property such as coal mining or ground contamination that you and your Lenders need to be aware of.
• Liaising with your mortgage Lender to ensure compliance with Lender's requirements.
• Handling the exchange of contracts to make the transaction legally binding.
• Paying the Land Transaction Tax/Stamp Duty.
• Registering the property with HM Land Registry.
• If the property is Leasehold, liaising with the Management Company in respect of the transfer of the property.
• Redeeming any charges/mortgages on a sale property.
What Searches do we carry out;
What searches we carry out will depend on the type and location of the property but generally our search bundle consists of the following;
• Local Search - the Local Search is a series of standard and where necessary, additional enquiries of the local authority. The results relate to both the property itself and the immediate area around it. Amongst others, it will establish whether the roads are adopted, whether there is any knowledge of contaminated land, if it is a conservation area and whether there are any previous or pending planning consents.
• Coal Mining Search - the Coal Mining Search reveals whether the property is in a likely zone of influence on the surface from coal workings. Whether or not ground movement should by now have ceased and whether there are reserves of coal that exist in the locality which could be worked at some time in the future, subject to feasibility, licences and planning consents.
• Drainage Search - the Search will highlight if the property is connected to foul and surface water drainage or if the property is served by a private Drainage System.
• Environmental Search - this will determine the levels of radon gas in the area and whether or not the property itself was built on contaminated land.
EXCHANGE OF CONTRACTS
The Seller will be signing a Contract identical to yours and when both parties are ready to enter into a binding commitment, we will exchange contracts with the Seller's Solicitors over the telephone. Upon an exchange of contracts you will be under a legal obligation to buy and the Seller will be legally committed to sell. The Completion Date (the day on which you will move) will be fixed at this stage. Contracts are then said to have been exchanged.
On the day of completion we will pay over the balance of the purchase monies to the Seller's Solicitors and upon receipt of that money you will be given possession of the property. We cannot guarantee a time for completion, but we will contact you as soon as completion has taken place. The normal timeframe is between 12-2pm but it can be before or sometimes later depending on the length of the chain.
How long does the conveyancing process take?
Exactly how long a conveyancing transaction takes will depend on many factors i.e. the length of the chain, what enquiries are raised and need to be raised. We estimate that a straightforward transaction takes between 8-12 weeks from start to finish although sometimes completion can be achieved sooner and it may sometimes take longer.
If you need help or advice please contact us for a competitive quote by telephone on 02920 864666 or by email at Costley and Partners