Online conveyancing quote

What is conveyancing?

Conveyancing is the legal process of dealing with property.  This can involve a sale, purchase, remortgage or transfer of equity amongst other transactions. This process ensures that the client complies with legal requirements and safeguards their interests in the property transaction.

The conveyancing process

The conveyancing process in the UK typically involves several key steps:

1. Instruction - the process begins when a buyer instructs a solicitor or licensed conveyancer to handle the transaction.
2. Pre-contract stage:
   • Property checks - the solicitor conducts searches and checks regarding the property's legal and physical aspects.
   • Drafting contracts - the seller's solicitor prepares a draft contract to be sent to the buyer's solicitor.
3. Pre-contract enquiries - the buyer's solicitor raises queries and seeks clarifications from the seller's solicitor based on the draft contract and property searches.
4. Property survey - the buyer may arrange for a survey to assess the property's condition.
5. Mortgage application - if the buyer is obtaining a mortgage, they apply for it during this stage.
6. Exchange of contracts - once both parties are satisfied, contracts are exchanged, and a deposit is paid by the buyer. At this point, the transaction becomes legally binding.
7. Pre-completion stage:
   • Completion statement - the buyer's solicitor calculates the final amount due.
   • Mortgage offer - the mortgage lender sends the funds to the solicitor.
   • Searches updated - final checks are made on the property.
   • Signing documents - both parties sign final documents.
8. Completion - the buyer's solicitor transfers the purchase price to the seller's solicitor, and the keys are released to the buyer.
9. Post-completion stage:
   • Stamp Duty Land Tax (SDLT) - the buyer's solicitor pays SDLT to HM Revenue & Customs, when due.
   • Land Registry - the buyer's solicitor registers the property in the buyer's name.
   • Notice to utilities - informing utility companies of the change in ownership.
10. Then the conveyancing process is complete, and the buyer officially owns the property.

These steps may vary slightly, depending on the specifics of the transaction and any unique circumstances involved.

What is a conveyancing quote?

A conveyancing quote is a written estimate provided by a solicitor or conveyancer, outlining the anticipated costs and fees associated with their services for a property transaction. It typically includes legal fees, disbursement and VAT. and it will also provide a list of any potential additional charges for full transparency  This affords  clients a full picture of the expected expenses for their conveyancing needs.

What are conveyancing fees?

Conveyancing fees are the amount of money that you will need to pay a conveyancing solicitor to handle the legal requirements of a property purchase or sale. Some conveyancing fees may only apply to sellers and some need to be paid by buyers.

The conveyancing fees you pay will include the required legal searches that the solicitor orders on your behalf, such as with the local authority to check on any nearby development plans that could negatively impact your property’s value.

How long does conveyancing take?

The average time that conveyancing takes is approximately 8-12 weeks, but in some cases, can be done much quicker, depending on the circumstances of the property and the speed of response to the legal searches carried out.

Whilst the conveyancing process can sometimes take just a few weeks, if the circumstances of the property are complex, or the searches done are not returned quickly or there are other delays by other parties that your solicitor can’t control, conveyancing can sometimes take significantly longer.

How much does conveyancing cost?

Conveyancing fees can vary somewhat but will typically range between £750 – £1,800. It’s not recommended that you choose a conveyancing solicitor purely based on the estimated cost of their services, but take into account their reputation too.

You can usually get an online conveyancing quote from solicitors, but we aware that these are estimated costs only, and if there ends up being more legal work required than first thought, these fees could rise.

Using experienced conveyancing solicitors can actually end up costing you less, even if the initial quote for conveyancing isn’t the lowest. Their expertise could save money in the long run by helping get the transaction over the line quicker or dealing with any issues along the way more easily due to their experience in this area. Feel free to ask several service providers for conveyancing solicitor’s quotes before you make a decision on who to instruct.

Why does the cost vary in conveyancing?

The cost varies so much in conveyancing because every property sale or purchase is unique and can have a number of different issues to overcome. E.g. a property near a river or an area that has been mined could need extra searches and legal work to be done.

If your property is leasehold rather than freehold, this could mean that your conveyancing costs are higher, and selling a property can sometimes cost less in conveyancing fees than purchasing one. For buyers, it should also be noted that any stamp duty (SDLT) that is due will be on top of the conveyancing fees.

What does a conveyance solicitor do?

A conveyance solicitor facilitates property transactions. They handle legal aspects, including property searches, contract preparation, and financial transactions, ensuring a smooth and legally compliant transfer of property ownership. They represent either the buyer or seller, safeguarding their interests, and help navigate complexities like stamp duty and land registration. Their role is vital in ensuring a secure and lawful property transfer process.

When will I need to pay the conveyancer?

Searches and any other disbursements will need to be paid as and when required during the process. The remaining funds, including legal fees will be requested when we are in a position to exchange.