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Welcome to RG Law
Purchase or Sale Conveyancing
Purchase or Sale Residential Conveyancing Made Simple
This page will give you an insight into the nuts and bolts of residential conveyancing - from understanding what it entails to knowing how much it could cost you. You'll also learn about the critical role a licensed conveyancer, property lawyer or solicitor plays in managing transactions and spotting potential issues. Moreover, we'll walk you through the entire process and explain why searches are so important.
If you want to learn more about the conveyancing process, read below, but if you need conveyancing help today, feel free to contact our team of lawyers right away!
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What is residential conveyancing?
It's all about residential conveyancing - the process where the legal ownership of a property is transferred from one person to another. Whether buying or selling, you'll need an experienced conveyancer, property lawyer or solicitor to guide you through this intricate process.
From reviewing contracts and reviewing searches to handling deposits and registering new ownership with HM Land Registry – we will ensure everything runs smoothly. Remember, it's not just about finding your dream home; it's also about ensuring a seamless transition into it.
What is the role of a property lawyer licensed conveyancer or solicitor?
You'll find that having a dedicated residential conveyancing team by your side, guiding you through each step of the home-buying process, can significantly ease your worries and stress.
Expert lawyers or solicitors take care of all legal details to make the process straightforward, explaining options, giving legal advice and providing regular updates.
Costs?
While it's true that buying a home is an exciting journey, it's important to be aware of the costs involved.
Residential conveyancing fees include legal fees for your solicitor or property lawyer, who handles the entire legal process of the property transfer. These fees can vary, but at RG Law, we're upfront and honest about them.
Process overview
Understanding the residential conveyancing process of buying or selling a home can be complex, but we're here to break it down and guide you through each stage.
Our residential property team handle all the legal details for you, making the process as simple and straightforward as possible
After an offer is accepted, it is important to instruct your property lawyer or solicitor as early as possible.
We will open a transaction, and you will need to do the following:
What do I need to do?
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Complete your client information form; if you are selling a property, there will be protocol documentation to complete
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We are required to verify your identification
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If you are purchasing, you will need to verify your source of funds. This is the money you are using to purchase your property
4. We will need to raise enquiries on the property you are purchasing or answer enquiries from the other side's lawyer or solicitor if you are selling 5. Once we are sure that all questions have been satisfied, we will discuss the exchange and completion dates 6. The exchange date will be agreed 7. A completion date will be agreed upon 8. We'll exchange contracts on your behalf with the other side's property lawyer or solicitor 9. Upon completion, ownership of the property is registered with the HM Land Registry, and stamp duty land tax payments are facilitated. Along the way, our team will keep your transaction moving by identifying potential issues and providing you with the best legal advice.
The importance of searches
Just as a treasure hunter wouldn't set out without their map, you shouldn't embark on your property journey without searches.
Buying a property is a major financial investment; these checks are crucial for uncovering any hidden issues that could affect your decision. If unchecked, you could find out that you have a problem when you try to sell
Here's what you need to know: 1. Local Authority Search: This reveals information about planning permissions and restrictions, nearby road schemes, and more. 2. Environmental Search: It identifies potential environmental risks like flooding or contamination. 3. Drainage and Water Search: This provides details about water and sewage connections. 4. Chancel Repair Liability Check: Some properties carry an ancient liability to pay for church repairs. By undertaking these searches, you'll gain peace of mind knowing there won't be any nasty surprises later on after the exchange of contracts.
Dealing with gazumping!
Navigating the property market can be tricky, particularly when dealing with gazumping.
Gazumping occurs when a seller accepts a higher offer after agreeing to a deal with you.
It's an unfortunate reality that can throw your conveyancing process off track"
To guard against this, RG Law advises moving swiftly. Once your offer's accepted, instruct us promptly so we can get the ball rolling. We'll aim to exchange contracts as quickly as possible and agree on a completion date - this legally binds the sale.
Remember, until contracts are exchanged, nothing's legally binding, as the conveyancing transaction is incomplete.
Chain free purchases
Buying a property that's chain-free can streamline the purchasing process for both parties involved, as the sale isn't contingent on another transaction being completed.
This means you won't be left in limbo waiting for other buyers or sellers to sort out their affairs
Here are some things to keep in mind: Advantages: - Speed: A chain-free purchase usually progresses more quickly towards contract completion. - Certainty: There's less chance of the deal falling through. Disadvantages: - Cost: Sellers might expect a higher price for the convenience of a chain-free sale. - Competition: These properties can be in high demand, potentially leading to bidding wars. Remember, our experienced property lawyers at RG Law are here to guide you through each step.
