A conveyancing contract contains two major parts: the exchange of contract whereby the property is passed from one to another individual and completion where the legal title of ownership of the property is passed. Conveyancing is done in three stages: prior to the contract, prior completion and after completion.
Choose a solicitor – The money maker
You will need to select a solicitor to complete the conveyancing process. Always select a solicitor who is experienced (though he will charge more). The solicitor should be very clear about his prices and charges so that later you do not have a heart attack seeing the bill! Go through various feedbacks from other clients before zeroing on a particular solicitor.
Conveyancing costs – A real pinch in the pocket
Conveyancing costs fall under two broad sets. The first set of conveyancing costs contains solicitor’s legal fees for the entire process of conveyance. These costs are not fixed and they vary wildly between different solicitors who charge differently. This is where a lump sum of your money goes away in a wink. Some solicitors have their fees fixed and these are much more reasonable as whatever the cost of the transaction will be, their fees will be fixed, while others look for a percentage on the price of the property. The second set of conveyancing costs are known as disbursements. These are basically overhead charges solicitors charge and they are fixed for all solicitors. Such charges include land fee, registry fees, telegraphic transfer fees, stamp duty and so on. Do make sure that your solicitor is very transparent about his prices and charges and there are no hidden costs in their disbursement like charges for filling conveyance form, telephone calls charges, photocopying charges and so on. Do good research on different solicitors and compare different conveyancing quotes in order to get the lowest legal fees.
Other costs:
There are many conveyancing costs, which are generally itemized by the solicitor on completion of the conveyance process. These costs include:
• Local search done by the conveyance for revealing any matters that affects the property such as road widening schemes, land fee and planning consents.
• land Registry fees, which are incurred when the ownership of the property is transferred from the old owner to another the new owner on the register
• Stamp duty.
Conveyancing process
At first you will need to fill in a form with all the information required. This form should be filled carefully to avoid undue delay. After you have provided everything needed in the form, you need to give this to your solicitor who will get the required documents and compile a demand draft. Then your solicitor will agree on a completion date between you and your purchaser and after that you will get your completed contract. When the transfer deed is send by the buyer’s solicitor and after you have checked it thoroughly and send it to your solicitor who will give it to your buyer’s solicitor and with this the property becomes legally transferred to the other person.