Navigating the Homebuying Maze: Residential Property Conveyancing FAQs

Buying a home is an exciting milestone, but it’s no secret that it can be complex, especially for first-time buyers.

When buying a property it is important to be prepared from the start.

We recommend that you instruct us during your search for your purchase property in order that we are prepared for the moment your offer is accepted by the seller. This will enable you to provide the estate agent with your solicitor’s details so all parties can be proactive from the start.

What is Conveyancing, and Why Do I Need It?

Conveyancing is a crucial process of purchasing a property. It involves a series of steps, including conducting property searches, drafting and reviewing contracts, exchanging contracts, and ending in the legal transfer of ownership from the seller to the buyer.

A conveyancer ensures that all legal requirements are met and protects your interests throughout the transaction.

How Do I Instruct a Conveyancer for my Purchase?

You can either visit our online, no obligation, quoting tool; or call one of our Salisbury conveyancers on 01722 411 141  or our Chippenham conveyancers on 01249 472 444. 

We are regulated by the Solicitors Regulation Authoriry and are also accredited to the Law Society’s Conveyancing Quality Scheme (CQS). CQS is designed to promote best practice and give greater transparency. We will work with with others in the chain (such as solicitors and estate agents) to ensure the efficient management of your purchase..

You can find some reviews about our services here: Google Reviews 

What Are the Average Conveyancing Fees, and What Do They Cover?

Average conveyancing fees vary depending on the property’s value, location, and complexity. Typically, the fee for a conveyancer’s services range from £1000 to £2,000 plus VAT. In addition you will also need to budget for the following expenses:
Property searches (e.g., local authority, environmental, and drainage searches) – about £380
Land Registry fees – about £135 to £330
Lender fees
Stamp Duty Land Tax (if applicable): https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#!/intro 
Bank transfer fees.

You can get a detailed breakdown of the fee from our online, no obligation, quoting tool. 

What is the Deposit When Buying a Property, and When Do I Pay It?

When buying a house, you’ll typically need to pay a deposit of 10% of the property’s value unless a lower amount is agreed with the sellers and their conveyancers.
This deposit is paid to the seller’s conveyancer upon exchanging contracts, which is the point at which the sale becomes legally binding.

The remaining balance of the purchase price is paid on completion day.

What Are Property Searches, and How Long Do They Take?

Property searches are enquiries made by your conveyancer to various authorities to gather information about the property you are buying. These searches include:

• Local authority searches: Provide information on planning permissions, building regulations, and any enforcement actions related to the property.
• Environmental searches: Identify any potential environmental hazards, such as contaminated land or flood risk.
• Water and drainage searches: Confirm that the property is connected to mains water and sewerage systems.

Different search providers and local authorities have varying turnaround times for supplying search results, and in busy periods this can result in some delays.  What is Exchange of Contracts?

Exchange of contracts is a critical stage in the conveyancing process, as it marks the point at which the sale becomes legally binding.
The time it takes to reach exchange of contracts can vary depending on factors such as:

• The length of the property chain
• The complexity of the transaction
• The responsiveness of all parties involved

On average, it takes between 8 and 14 weeks from the point you instruct your conveyancer to exchange of contract. However, we will be able to give you a more accurate timeframe as your matter progresses.

What Happens on the Completion Day of my Property Purchase?

Completion day is the final stage of the conveyancing process, where the balance of the purchase price is transferred to the seller, and the buyer officially becomes the property’s new owner.

On this day:

• The buyer’s conveyancer will transfer the remaining funds to the seller’s conveyancer.
• The seller’s conveyancer will confirm receipt of funds and notify the estate agent to release the keys to the buyer.
• The buyer can collect the keys and move into their new home.

Completion day is an exciting time, as it marks the end of the homebuying journey and the beginning of a new chapter in your life!

Wrapping Up

Guiding yourself through the homebuying process can be daunting, but understanding the key aspects of residential property conveyancing will help you make informed decisions and smooth out the transaction.

If you have any further questions or need assistance with your property purchase, don’t hesitate to contact Batt Broadbent Solicitors.
Our experienced team of conveyancers are here to guide you every step of the way.
Trust us to provide the expert advice and support you need to make your home-buying dreams a reality.