Dean Wilson LLP’s Head of Residential Conveyancing, Siobhan Cox, shares five top tips on conveyancing for those looking to buy or sell their home.
1. Choose the right conveyancer
Select an experienced conveyancer with a good reputation. If you are recommended a conveyancer by your estate agent, ask why they are recommending that conveyancer. Is it because they have an agreement with them where the estate agent benefits financially from the referral, or, are they recommending them because they are an expert in their field and the best person for the job? The amount that a conveyancer charges will vary but you should not base your choice solely on price. It is important to choose a qualified and experienced conveyancer with a good reputation and someone that you know will be available to speak to you throughout the transaction to explain the process and any issues that arise. It is a good idea to speak to the conveyancer who will be acting for you before you instruct them. Building a good relationship with your conveyancer is vital as buying and selling a home is a stressful time and having someone on your team who you trust is essential.
2. Understand the conveyancing process
Familiarise yourself with the steps involved, including property searches, contract reviews and the transfer of ownership so that you have an understanding of the various stages of the process. Discuss the process with your conveyancer and ask them to let you know realistic time scales for the transaction so that you can plan accordingly.
3. Instruct your conveyancer early
When you place your property on the market, it is also a good time to instruct your solicitor. This will enable you to complete all of the necessary compliance steps with the solicitor which will save time when a sale/purchase is agreed and will mean that you can move straight into the conveyancing process. As a seller, there are a number of forms that need to be completed and documents to be collated. Your conveyancer can send these to you so that you can start to complete the forms and pull all of the documents together or obtain duplicates for any that you discover cannot be located. Your conveyancer will also be able to obtain the title documents for the property to ensure that there are no discrepancies with names or addresses that need to be rectified before the sale can proceed.
4. Understand all of the costs involved
Make sure that your conveyancer provides details of all of the likely costs that will be involved at the outset so that there are no unexpected sums to pay which could lead to financial strain. You should ask about the Stamp Duty Land Tax, Land Registration Fees and any additional costs that may be involved, particularly if you are buying or selling a leasehold property.
5. Selling a leasehold property
Check the length of your lease and speak to your conveyancer about whether you should look at extending the term before you place the property on the market. The buyer will need to know what the current ground rent is and the current service charge payable, so make sure all of this information is to hand, as well as details of any major works that have recently been completed, or are due to be completed in the next 12 months. If there is a managing agent, pass these details to your conveyancer. On a sale your conveyancer will need to obtain a pack of information from the managing agent or freeholder. There is usually a charge for this and occasionally, it can take three to four weeks to obtain this information. It is therefore important to request this pack as early as possible in the transaction.
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