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Residential Conveyancing Department - House Sales & Purchases 

 

Whether you are buying and/or selling your home, Anthony King Solicitors offer a prompt efficient service at competitive fixed prices.

Conveyancing Quotes:-

Our current rates (excluding VAT and disbursements) are from £475

To obtain a full quote including VAT and disbursements, either telephone 01268 240400 or email ecronin@anthonyking.co.uk


 

 

Buying and Selling your Home - Your Questions Answered

 

Introduction   

 

Sometimes buying or selling a house can seem very confusing. The likelihood is that  you will be faced with technical jargon and legal complexities that you have not encountered before.

This guide sets out the conveyancing process and explains what we, as your solicitors, will do for you.

 

Conveyancing -  What exactly does it mean? 

 

The procedure for transferring ownership or certain rights in property from one person to another is known as conveyancing.  Our job is to ensure that this transfer takes place and that you will not discover problems about the property you are buying or selling before it is too late.

 

Do I need a solicitor for conveyancing or can I do it myself?

 

Given the value and importance of property transactions, most people want the peace of mind of knowing that all the legal formalities have been done properly.  As solicitors, we are used to dealing with conveyancing matters on a day to day basis and are in a much stronger position to identify any problems and overcome any obstacles should they arise.

 

I have often heard solicitors talk about exchanging contracts.  What exactly do they mean by this?

 

The usual procedure is for the solicitor representing the seller of the property to draft a contract which will be sent to the solicitor representing the buyer.  Likewise if you are buying and selling a property at the same time the seller's solicitor will also receive a contract from the solicitor representing your seller.  The contracts are documents setting down on paper exactly what the people involved have agreed.  

 

Clearly from your viewpoint, the most important parts to check are things such as the price, and any additional fixtures or fittings such as wardrobes, curtains, carpets, etc.  From a legal viewpoint, the solicitor needs to ensure that the title to the land is guaranteed and that there can be no dispute as to ownership.

 

After both the seller and the buyer have signed their own contracts they will then literally be exchanged between the various solicitors.  This is what exchange of contracts refers to and it is of particular legal significance as the agreement after exchange becomes totally legally binding and neither party can then back out without suffering loss.    

 

What information will I need to give/ receive? 

 

If you are selling your home you can expect to receive a long list of questions from the buyer.  If you are buying property, we will send the seller's solicitors a list of questions on your behalf.  In this way, we will be able to check up on almost every aspect of the property involved for you.  Thus, there will be questions about any rights of way, disputes with neighbours, problems over boundaries, any extensions that have been built or drainage problems, etc.  We will know the questions to ask based on experience.

 

Depending on the replies received, we will then advise you either to continue with the transaction, or hold off until further information has been received.  For example, if you are considering buying property that has had a recent extension that ought to have had planning permission, we will want to make sure on your behalf that formal planning permission and/or building regulation approval was indeed granted.

 

What are the Local Searches for?

 

In the same way that we will ask the person selling the property a number of relevant questions, we will also carry out a similar investigation with the local authority.

 

This investigation is known as a local search.  In practice, we are trying to find out on your behalf whether there are any matters which you ought to know about that might might affect your decision to proceed with the transaction.

 

If, for example, we discover that a new motorway route is being planned near the property, or a new airport is to be built nearby and your proposed home would be directly under the flight path then you might wish to think again!

 

When will I need to pay a deposit?

 

Traditionally, the deposit is 10% of the purchase price and this becomes payable when contracts are exchanged.  If you are selling as well as buying then we will exchange on both transactions at the same time so that the deposit taken from your buyer can be put towards the deposit on the property that you are buying.

 

The need to have both transactions running at the same time is one of the reasons why it is important to have solicitors handle your conveyancing.

 

When do I get the keys?

 

It is unusual for you to have the key and be allowed access to the property until ownership has passed to you.  This will normally not take place until you have paid the purchase price.  This part of the transaction is known as completion.  Thereafter your solicitor will, in most cases have to attend to the payment of your stamp duty and the registration of your title to the property. 

 

What will it all cost?

 

We will agree our fee with you at the outset of the transaction so that you can budget accordingly.

 

As this is undoubtedly the most important and single largest transaction you are likely to enter into, you want to be sure it is done properly so as to give you maximum peace of mind. Paying up to £100 less on conveyancing charges does not make good economic sense if this results in a lower level of quality and service than is required.

 

In addition to our charges, all solicitors are obliged to collect “disbursements”.  These are additional sums, which we are collecting on behalf of the Government and other organisations and official bodies.  These include stamp duty which is a tax levied by the government on property purchases.  More often than not this is at a pre-set percentage. There will also be local search fees.  It is also worth noting that VAT will be added to the solicitor’s charges, but generally not to the “disbursements”.