If you are transferring property ownership from one person to another, that’s conveyancing – it’s a complicated legal subject and best handled by experts. Fortunately RG Law is here to explain all
What is conveyancing?
Conveyancing is the legal process of transferring property ownership from one person to another. It involves a series of legal tasks, such as conducting searches on the property, drafting, and reviewing contracts, arranging for payment and transfer of funds and registering the property with the relevant authorities. Conveyancing is typically carried out by a licensed conveyancer or solicitor, ensuring the transaction is legally binding and transparent for all parties.
Why do I need an expert to do the conveyancing?
Instructing a conveyancing firm is extremely important to handle the transaction because they have the necessary legal expertise and experience to navigate all property transactions. They ensure that all legal requirements are met, including checking the ownership of the property, reviewing all the information received from the search results, reviewing the contractual clauses that you will be legally bound by and ensuring that the correct legal enquiries are raised on your behalf. They also offer professional indemnity insurance to protect clients against potential legal disputes. Attempting to do conveyancing yourself can be risky and time-consuming, potentially leading to mistakes or legal issues that could be costly to rectify and ultimately you may not be able to register the correct ownership of the property after the transaction has completed.
How much does it cost?
The legal fee on a purchase with RG Law will typically start at £775.00+VAT and cover a review of the legal title of the property and forms provided by the vendor, raising the correct legal enquiries, approving the contract of sale, reporting to you on the searches and mortgage offer (if applicable), investigating your source of funds, arranging the transfer of funds, exchanging and completing the transaction for you legally and then registering the new ownership at the land registry.
The legal fee on a sale is the same and involves drafting the contract of sale, checking the forms completed by the vendor, advising the seller on any enquiries raised, dealing with your mortgage lender and answering these for the buyer’s Solicitor and exchanging and completing the transaction legally.
How long does it take? What can I do to speed it up?
According to Rightmove in June 2022, on average transaction was completing in around 21.5 weeks. To speed things up, you can ensure that you have all necessary documents and information ready, respond promptly to any queries from your conveyancer and choose a proactive and experienced conveyancer who keeps you updated at every stage of the transaction.
Who arranges a survey on the property and what are the different survey options?
When purchasing a property, it is the responsibility of the buyer to arrange a survey. There are different options you can opt for when choosing the right survey for you, including a homebuyer report, building survey and condition report. The purpose of a survey is to provide the buyer with a detailed assessment of the property’s condition and any potential issues that may need to be addressed. By obtaining a survey, buyers can make informed decisions about their purchase and negotiate any necessary repairs or price adjustments.
Is there a difference between conveyancing for residential and commercial properties?
Yes, there are several differences between conveyancing for residential and commercial properties. Commercial properties are often more complex and involve additional legal requirements, such as planning permissions and environmental regulations. The contracts and negotiations for commercial properties are also typically more detailed and may involve multiple parties. conveyancing for commercial properties is more complex and time-consuming than residential conveyancing.
What is involved in a local authority search and why do I need one?
A local authority search is a standard part of the conveyancing process when buying a property in the UK. It involves requesting information from the local council about the property and the surrounding area, including planning permission history, building regulations, , any proposed developments in the area and whether the property is on an adopted road maintained by the local authority. The search can help identify any potential issues that may affect the property or its value and your intended use for the property, such as planning disputes or restrictions on any future development of the property. The results provide essential information about the property and area and can really help the buyer make an informed decision about the property purchase.
What is ‘third party funding’ and why is it significant?
Third-party funding in conveyancing refers to any financial contributions made towards the purchase funds by a third party. The main form of third party funding is typically a mortgage lender providing a percentage of borrowing for a large amount of the purchase price. Third party funding may also include gifted deposit amounts from family or friends. In cases where there is a gift of funds being provided, there will be extra requirements for the giftor to comply with, such as providing valid ID documentation, written confirmation that the sum provided is a gift and also evidence of the source of the funds for the gifted amount.
What’s the story behind RG Law?
RG Law is a UK-based law firm founded in 2007 by Matt Gillies and Karen Marsh, with offices based in both York and Sidcup. With a focus on providing exceptional service to customers, the firm has established itself as a trusted legal advisor in a variety of practice areas. RG Law’s success is largely attributed to its management team’s unwavering commitment to staff development and investment in innovative technologies, by focusing on the people within the company and cutting edge technology, RG Law has delivered unparalleled results to all its customers.
Where can I find out more about RG Law?
Tel. 0208 2699901
Tel. 01904 234091