When a property is sold in the UK, a legal process needs to take place which is called conveyancing. The workload that is involved when it comes to conveyancing typically depends on a myriad of different factors. However, regardless of whatever the situation is, selling and buying properties in the UK is always going to be a costly process. In addition to the actual cost of the property, many different costs need to be budgeted for, and this includes paying for a conveyancing solicitor. So, if you are thinking about selling your home or simply buying another one and not sure where to start when it comes to paying for conveyancing and what’s included, then keep on reading our article, it is a great place to start.
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How Long Does The Conveyancing Process Take?
In a typical situation, the conveyancing process takes about 8 weeks but can last up to 12. While the process is taking place there a number of people that will be involved such as mortgage lenders, representatives from your local authorities and your conveyancing solicitor who takes the lead.
Disbursements
Disbursements are the items that your conveyancing solicitor will need to pay for on your behalf to any third parties that are involved in the transaction. These are normally payable irrespective of whether your conveyancing solicitor offers a no move no fee deal to you. The typical disbursement fees that are paid to these third parties can include:
Stamp Duty: This is the tax that will be payable when a property is sold or bought that costs more than the minimum threshold.
Land Registry Fees: When a property is bought, and names are exchanged, this needs to be registered with the land registry by law. The fee that you pay is dependent on what the property is worth.
Searches: Different companies will have to searches to identify if there are any issues such as potential flood risks or problems with planning permission.
Valuation Fees
If you are buying a property with the finances from a mortgage deal, then your provider will insist that a survey is carried out before the transaction takes place.
Additional Costs
If you are buying a property, then you are going to incur most costs than you would selling. This is because there will be additional tasks that will need to be carried out. It’s important to talk about these additional costs before you commit to buying a property and securing a mortgage with a prospective lender.
Always Look at The Small Print When Considering a Conveyancer
Before making a decision to go with a particular conveyancing solicitor or company, you need to make sure that you read all of the small print. And, once you have done that, do it again. Transparent individuals and law firms will actually have a small number of additional charges that they will be very open about. On the flipside of that, secretive firms will have a long list of potential additional costs that should make up of part of the overall fee. These are the ones that you need to stay well clear of.
What To Do If You Need To Fill a Complaint About Your Conveyancer
Like most things in life, not everything goes as you want it to. Most people are completely satisfied with their conveyancer and how they handled the process. But, problems do occur so you must read your completion statement extremely carefully and question anything that doesn’t make sense to you or any charges you were unaware of. In the majority of cases, people find that their conveyancer can clear up any confusion caused by the paperwork. But, if you want to make a formal complaint then follow these 3 steps:
Step 1: Write a letter that states why you are making a complaint and what action needs taking. And then, send it to your conveyancer or acting firm.
Step 2: If writing a letter doesn’t resolve the issue in hand, then you must follow the conveyancer or firms in-house formal complaint procedure which they should have given you at the very start of the conveyancing process.
Step 3: If 8 weeks have passed and you haven’t had the issue resolved, then you are in your right to take your complaint to the Legal Ombudsman.