Purchase & Sale Conveyancing
Residential Conveyancing Made Simple
Navigating the sometimes choppy waters of residential conveyancing can be a daunting task. But don't fret; it doesn't matter where your property is in England and Wales. RG Law is here to support you every step of the way. With our expertise in the field of property law, we will steer you safely through the intricate process of buying or selling a residential property.
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!
What is Residential Conveyancing?
"Isn't it ironic that you've spent years dreaming of your perfect home, only to find out there's a whole world of legalities behind transferring the title of a property that your dream didn't include?"
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."
With our proactive approach, we keep transactions moving efficiently, spotting potential problems early on to mitigate them. We ensure every legal detail is checked to minimise risks and are upfront about fees for transparency.
Whether you're buying or selling a property, instructing a property lawyer or solicitor as early as possible is crucial. Rest assured that RG Law offers professional residential conveyancing services, which have been rewarded by winning 2022/23 - Conveyancing Law Firm of the Year Award.
"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."
There are also additional costs, such as survey fees, land registry fees, and mortgage application fees which can sometimes be rolled into the mortgage itself. Conveyancing searches are another vital aspect, providing information about your potential new home, including any planning restrictions or environmental issues. Remember, gazumping can be avoided with precautions like specialised insurance!
It may seem overwhelming but don't worry! Our professional residential conveyancing team based in Sidcup and York is here to guide you through every step, ensuring a smooth transaction.
"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:
Complete your client information form; if you are selling a property, there will be protocol documentation to complete
We are required to verify your identification
If you are purchasing, you will need to verify your source of funds. This is the money you are using to purchase your property
We will need to raise enquires on the property you are purchasing or answer enquiries from the other side's lawyer or solicitor if you are selling
Once we are sure that all questions have been satisfied we will discuss the exchange and completion dates
The exchange date will be agreed
A completion date will be agreed
we'll exchange contracts on your behalf with the other side's property lawyer or solicitor
Upon completion, ownership of the property is registered with the HM Land Registry, and any payments of stamp duty land tax are facilitated.
Along the way, our team will keep your transaction moving forward by spotting any potential issues and giving you the best legal advice.
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 huge investment of money; these checks are crucial to uncovering any hidden issues that could affect your decision to buy. 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 happens when a seller accepts another higher offer after agreeing on a deal with you previously. 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. So don't delay! Contact us today for expert advice and help with residential conveyancing.
"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:
- Speed: A chain-free purchase usually progresses more quickly towards contract completion.
- Certainty: There's less chance of the deal falling through.
- 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. You can also read our frequently asked questions to get a better insight.