What is involved within the conveyancing process?
See our simple guide to the conveyancing process and conveyancing jargon booklet for more information.
What do solicitors do when I am buying a property?
During the course of your purchase, your solicitors role is to manage the legal aspects of the transaction whilst keeping you appraised with regular contact and updates. My Legal Co has been established with the view of providing the highest level of service to ensure a seamless process from reservation to completion. The services included within our service are as follows: -
- Dealing with due diligence (including ID requirements)
- Reviewing the documents supplied by the seller’s solicitors regarding the seller’s title to the property itself and any associated liabilities.
- Carrying out searches and legal enquiries in respect of the property.
- Receiving, reviewing and reporting on any mortgage offer and raising any necessary issues with the lender.
- Providing a report on title detailing the information disclosed by the title documents, search results and replies to enquiries raised and highlighting any pertinent points.
- Advising on and representing the purchaser in negotiating the sale contract and transfer and reporting on their terms.
- Exchanging contracts and dealing with pre completion enquiries.
- Carrying out pre-completion searches between exchange and completion.
- Completing the purchase (receiving the purchase monies and sending funds to the seller’s solicitors).
- Drafting a tax return to HMRC relating to Stamp Duty Land Tax for approval (there may be additional charges if this return is complex as separate advice from our tax team or an accountant may be required).
- Applying to HM Land Registry to register the purchaser as owner of the property and to register any relevant rights, easements, covenants or restrictions. We can also deal with registration of company charges at Companies House.
Is there any part of the process the solicitors do not deal with?
Whilst we can advise and guide you through a significant part of the process, we are unable to advise as to:
- The tax implications of purchasing the property or any complicated stamp duty advice.
- Any life planning arrangements (such as wills, trusts or inheritance tax) which may be affected by purchasing the property. Our private client team can assist with these queries.
- The physical condition of the property.
- Any environmental and health and safety matters arising.
- Any matters associated with the valuation of the property.
How long does the process take?
Each property transaction is devised into two stages: exchange and completion. Exchange means that, from that point forward, all parties are legally required to buy/sell the property at the agreed price and on the agreed completion date. Completion is the point following this whereby legal title to the property is transferred from the seller to the purchaser.
Our target with every client is to proceed to exchange contracts within 4 weeks of reservation (far faster than the 14-20 week national average). From this point, completion will either be: (1) a date agreed between yourself and the seller; or (2) or period of time following physical completion of the development (if the property is not yet constructed).
How much does the process cost?
See a summary of our fees here.
What is different about My Legal Co?
The highly experienced team at My Legal Co are able to provide a seamless and integrated conveyancing process to ensure you are kept up-to-date and informed throughout the transaction. This service is able to be offered through our:
- Guaranteed acknowledgement to all emails on the same day they are received.
- Accessible and friendly members of staff with vast experience in the sector.
- Fixed fee quotations – no hourly rates or hidden fees.
