Francis Alexander Solicitors have many years of experience in conveyancing with many of our clients returning and asking us to manage their second or even third move. We have a highly-trained staff ready to answer your queries and we will guide you through every step of the process.
We charge £495.00 plus VAT and disbursements to handle the sale of your house or home and £525.00 plus VAT and disbursements for the purchase. They are competitively priced to ensure you get a good service at a time when funds may be tight.
But before you contact us to ask our advice, perhaps we should explain exactly what conveyancing is and how does it affect you in your house purchase or sale?
Put simply, it is the “act of transfer of title to property from one person to another”, or in layman’s terms it is the legal process of buying and selling property.
They represent the interests of either the buyer or seller in the property purchase or sale. They must ensure the terms and conditions of the contract of sale are fair and reasonable and all the financial information is correct for whatever side they represent. What they do to achieve the transfer of ownership will depend on whether they represent the buyer or seller.
The first job for the seller’s conveyancer is to request a copy of the land registry entry for the property for sale. Once this is received they will prepare a contract for sale, which incorporates the registry plan and details, and will forward them to the buyer’s conveyancer.
The buyer’s conveyancer will apply for various searches, including one from the local authority, and will inspect the contract for sale that has been sent from the seller’s conveyancer. If a mortgage is required to fund the purchase, the buyer’s representative will also need a copy of the formal mortgage offer and be satisfied the buyer has sufficient funds to complete the transaction.
Should there be any aspect of the contract for sale that the buyer’s solicitor is not happy with, he will raise those queries with the seller’s solicitor. Once all those hurdles are cleared, both parties will be in a position to exchange contracts.
This is the point it becomes a legally binding agreement for the seller to sell the property and the buyer to buy it off them. Prior to this point, either party can withdraw without incurring any penalty other than monies spent on surveys, searches, mortgage application fees and other disbursements.
This is normally agreed at exchange of contracts when the transfer will be finalised. On that day, monies are transferred between parties and the keys are handed over, usually via the estate agent.
Based on a purchase price of a house around £250,000 in the Stockport area, below is a list of the disbursements you may have to pay:
|Coal Mining search||£37.44|
|Copy of plan from land registry||£12.00|
|Land Registry fee||£3.00|
There is also stamp duty to be paid:
1% on a property price between £125,000 and £250,000
3% on a property price over £250,000 to £500,000
4% on a property price over £500,000 to £1milion.
Based on a sale price of a house of around £220,000, below are the disbursements you can expect to pay:
|Land Registry fee:||£6.00|
|Bank CHAPS transfer fee:||£30.00|
|ID fee:||£ .00|