When you are buying a new property, or selling your old one, your conveyancing firm will carry out quite complex investigations. Arrow Conveyancing are experts in their field and will ensure all aspects of your purchase or sale are covered.
Arrow Conveyancing are very experienced when it comes to the legal aspects of buying and selling property and can help make the process of moving home as easy as possible. We’ve created this article to help you understand the process and to explain why it’s important to choose a conveyancer that you can trust.
Here is a selection of services your conveyancer may carry out on your behalf, with brief explanations of what is involved:
Searches are made via a number of organisations to obtain information and make checks on many issues connected with either or both properties. Even if you are not obtaining a mortgage, you should still have them carried out. These are some examples of searches your conveyancer will carry out on your behalf: (Please note that this is not a complete list of searches that may be undertaken):
The Local Authority search
Will advise whether the building is listed, whether planning permission has been applied for and granted for extensions and alterations, whether there are any planned traffic schemes affecting it, and whether it is in a Conservation Area.
The Water Authority search
Will confirm whether there is a mains water supply and main drainage, and if any main sewers run near or under the property. It will also advise if a water meter is fitted.
The Bankruptcy search
Will investigate the financial status of your purchaser and only applies where a mortgage is being applied for.
The Environmental search
Will provide information on old coal workings and therefore subsidence, possible flood risks, landfill sites, mineral extraction and local contamination.
The Chancel Repair search
Will find out if the property is in a parish which may have a historic liability towards the repair of the local church. Indemnity insurance can be bought at no great cost against this liability. Your conveyancer will advise.
Known as SDLT (Stamp Duty Land Tax) is a tax for re-registration of a property. That means you pay it whenever you buy (but not sell) such an asset. The buyer's name has to be recorded at the Land Registry. What you pay will depend on the value of the property and your own circumstances. In some cases you may be able to claim exemption. Stamp Duty can amount to a substantial proportion of your costs of moving.
The duty must be paid within 14 days of completion (in England and in Northern Ireland) and within 30 days (in Wales and in Scotland). Your conveyancer will usually file your return and pay the tax on your behalf on the day of completion and add the amount to their fees. They’ll also claim any relief you’re eligible for, such as if you’re a first-time buyer. On the bright side, the majority of people buying a property are also selling one and you won’t have to pay any SDLT on the one you’re selling!
Land Registry and Boundaries
Your conveyancer will check whether the vendor of the property is the registered owner and then register the new ownership. They will discuss with you any concerns about boundaries.
Planning and Legal Restrictions
Will be investigated by consulting the local authority and your Conveyancer will advise on any required action.
Services and Utilities
Gas, water, electricity and drainage need to be checked for availability and location, and any special or unusual circumstances investigated.
Survey and Energy Performance Certificate
Unless you are using a mortgage facility, there is no legal requirement to have a survey carried out on your new property, but you can avoid costly and worrying problems later by having it done. If any problem is encountered, you can decide what action is needed and perhaps use it to negotiate the price. There are several levels (and costs) of surveys. Your conveyancer will discuss these with you. When selling you must provide an EPC carried out by an accredited assessor.
If you are selling, your conveyancer will draw up a contract for transfer of the property. The draft of the contract for your purchase has to be carefully checked and changes negotiated where required. The contract for your sale will be drawn up and sent to the purchaser for agreement.
Timings of Exchange of Contracts and Completion
These have to be carefully co-ordinated and realistic, and transfer of payments made at agreed times. Any chain involved must be carefully managed. Each purchase and sale will be different, so it is quite difficult to predict just how long the work will take. At the outset, your conveyancer should explain what can affect the timings, as well as keeping you informed during the process.
Dealing with your Mortgage
Your conveyancer should scrutinise the terms of an offer and funds have to be confirmed as available on or before completion.
As you can see from just these few examples, conveyancing is a complex process and you really need to be in professional hands. Arrow Conveyancing are a family run business that focuses exclusively on conveyancing. It is all they do. They aim to deliver their services to the highest possible standard. For your additional security, Arrow Conveyancing are members of The Conveyancing Association and are regulated by the CLC (Council for Licensed Conveyancers).
For more information about conveyancing or buying and selling a property, contact the experts, Arrow Conveyancing Ltd.
Choose Arrow Conveyancing for:
Fast, efficient transactions
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Arrow Conveyancing Ltd.
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