This article will discuss frequently asked questions with regards to the conveyancing process.A solicitor at MG Legal stated that, “one of the most common questions asked is: what actually is conveyancing?
To put it simply, conveyancing is the process of legally transferring ownership of a property or land from one person to the next”. In essence, this is the process your conveyancing solicitor undertakes when you buy or sell a property or remortgage.
Another common question asked by first-time buyers, looking to buy a house, is with regards to the issue of Stamp Duty Land Tax (SDLT). One such question is: As a first-time buyer there will be no stamp duty payable on any property I buy, is that true?
Those purchasing whom are not first-time buyers, will, however, have to pay Stamp Duty Land Tax on property which is £125,000.00 or more. If the purchase will result in the buyers owning more than one property, a higher rate of SDLT will be payable.
Another common question asked is with regards to the duration of the conveyancing process when buying a property.
Generally, it must be noted that the conveyancing process takes on average between 6 to 12 weeks to complete. However, this time frame can differ dependent on a number of factors, for example: the length of the chain involved and ensuring that all parties are ready to complete the matter, as well as, the complexity of the transaction and the extent to which enquiries need to be raised and dealt.
The conveyancing process comprises of three stages, these include:
1.Pre-Contract Investigation and Enquiries
2.Exchange of Contracts
3.Completion and Post Completion Matters
At MG Legal, we provide you with a conveyancing guide which outlines each process of the conveyancing transaction at length. This way, our clients are always aware of what stage their matter is at, and what needs to be done to progress to the next stage.
Many clients also ask, what is the need for a survey to be carried out on the property I am purchasing?
Although, as your conveyancing solicitor, we carry out searches on your behalf, we do advise that a survey is also carried out on the property. This is something which you should arrange independently. The searches we carry out include a Local Authority Search, a Water and Drainage Search, an Environmental Search and a Coal and Mining Search.
If you are purchasing with the assistance of a mortgage, your lender will be sent to value the property to ensure that the loan amount is granted in accordance with property value. The lender will provide you with a copy of this, however, there is little information included here and may put you at risk of missing important elements that may require further investigation. We do, therefore, advise that you arrange for an independent survey to be carried out at the property.
For more information, and answers to your conveyancing questions, please contact our specialist team on 01995 602 129, or email us at mglover@mglegal.co.uk.
For legal conveyancing advice consult conveyancing solicitors in Manchester.
About the company:
MG Legal are a law firm of renowned conveyancing solicitors. The firm has solicitors in Preston as well as offices of solicitors in Lancaster.