Wednesday, 31 May 2017

Mortgage Conveyancing 101

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Once you have found a property and you have started the process of putting a mortgage in place, you need to select a conveyancer to process the legal side of purchasing a property. Conveyancing can be done by property solicitors and conveyancers and their job is to look after all the legal work once your mortgage offer has been accepted, this includes:

  • Dealing with the Land Registry
  • Stamp duty charges and payments
  • Collecting and transferring money
  • Providing legal advice and recommendations
  • Drawing up and assessing contracts

Choosing a solicitor or conveyancer is extremely important and it is best to make sure you choose a firm that specialises in property transactions. We would always recommend that you ask your financial adviser to provide you with the names of reputable solicitors with whom they have worked alongside previously. This is by far the safest option. Your estate agent may also recommend their in-house service or an external company and this is also something you may wish to consider. Whatever you do, do not make your decision purely based on price. The firm you pick will be responsible for all of the legal work surrounding your property purchase, and if they miss anything or make a mistake, it could end up costing you a lot more than the amount you saved by choosing the cheapest service.

Conveyancing fees range from around £500 to £1,500, depending on the cost of the property and whether you're just buying, or selling one home and buying another. The cost will also depend on how complex the property transaction is and therefore how much legal work there is to do. A good solicitor will be able to provide you with a quote upfront so that you can see what exactly will be covered.

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