What is conveyancing?Conveyancing is, in principal, the transfer of ownership of property from one party to another. It is done by a specially trained solicitor called a conveyancer, who takes a magnifying glass to your contracts and the property itself to ensure that your purchase is legitimate and legal.
What does the conveyancer do?The conveyancer takes care of the legal side of your property transaction, including transfer of funds and ownership. They will ensure your seller is legally entitled to sell the property to you and will conduct searches to check whether any planned works in the area would negatively affect the property or your purchase.
Your conveyancer also thoroughly checks the various contracts and mortgage agreements, and will negotiate any amends on your behalf - this will in turn have an impact on when you are cleared to pay your deposit.
Importantly, a good conveyancer will keep in regular contact with you throughout the process and will explain clearly what is happening, and why.
How long does conveyancing take?Conveyancing can take up to 12 weeks and your relationship with the conveyancer will end only when you have the keys to your new property. Note that leasehold properties will take longer to process.
How much does conveyancing usually cost?There isn't a fixed fee for most conveyancers, and you should receive an estimate for the cost of services in advance of work beginning. However, some flat fees will be expected, including reimbursements to the conveyancer for work including Land registry fees (£150-£220), Local Authority fees and bank transfer fees.
The value of the property you're purchasing will also have an impact on your final fee - the more expensive the property, the higher the fee.
Generally speaking, you should avoid conveyancers that charge an hourly rate, and you should also receive a fully itemised quote from the conveyancer.
How does Martin & Co approach conveyancing?Differently to most estate agents. We have a mortgage and conveyancing partner, London & Country, who have a conveyancing service that guarantees a solicitor who is approved by your mortgage lender, and are also in contact with specialist firms that deal with certain types of property.
Unlike with some conveyancers, you will pay a pre-agreed fixed price to avoid any hidden costs further down the line, and you will not pay a conveyancing fee in the event of a non-completion.
Customers also get free Buyer's Protection - an insurance product that covers your valuation fees, legal searches and admin fees in the event of you being unable to progress with your mortgage.
For more information about conveyancing, please contact your local Martin & Co office today.