Shared Ownership Conveyancing

Conveyancers are lawyers (qualified or unqualified) that specialise in the legal process of moving home.

A Conveyancer will guide the legal process and draw up the legal documents to transfer the property ownership from one person to another.

There is a specific process that needs to be carried out in order to transfer the legal ownership of property. Your Conveyancer will know how this is done. A good conveyancer will help make the process a lot smoother and seem easier to understand. While all solicitors will be qualified to undertake this type of legal work, not all will be experienced in this area. So, it makes sense to opt for a conveyancing expert that specialises in residential property transactions or to go with a dedicated Licensed Conveyancer. Licensed Conveyancers are regulated by the Council for Licensed Conveyancers and Solicitors are regulated by the Solicitors Regulation Authority.

On average, it takes approximately 6-8 weeks for a conveyancing transaction to complete. Having said that, in cases where there is no chain and there are no difficulties with the title to the property, that timescale can be greatly reduced. When there is a long chain of transactions, or there are complications (such as a Licence to Assign / Deed of Variation being needed on the sale of a flat), the transaction can take longer than two months.

We will provide you with a detailed estimate of costs and disbursements specific to your matter when you first contact us. Please contact us to obtain a costs estimate.

Where you are purchasing a property with no related sale transaction, the contract will provide for a 10% deposit to be paid on exchange of contracts. On occasions a reduced deposit is agreed, for instance, where you are obtaining a 95% mortgage the deposit payable on exchange would be 5% of the price. Where you are selling and buying simultaneously, very often the deposit being paid by the purchaser of your existing property can be used as the deposit payable on your onwards purchase transaction.

The English property system operates on the basis of buyer beware and if you miss an item of disrepair for example then you are likely to be left with the cost of putting right. Therefore we always recommend that you have an independent survey carried out on the property that you are buying (preferably a full structural survey). Even if you are buying a leasehold property you are likely to have to bear a part of repairing the structure and exterior of the building as a whole.

When both buyer and seller are ready to commit themselves to the transaction, contracts are exchanged. From this point on, the transaction is legally binding on both parties and the agreed completion date will be recorded in the contract. Until contracts have been exchanged then usually either party can walk away without liability (except for their own legal costs and disbursements).

Local Authority Search: A comprehensive search that reveals whether the property is listed, in a conservation area, subject to tree protection orders, planning history, and more.

Environmental Searches: Reveal flooding history, land contamination, telephone masts etc. within 500 metres of the property.

Water Searches: Shows whether the property is connected to mains water and sewage and the location of pipes.

Chancel Search: Checks if the property has any liability to contribute towards the repairs of the local church (an old quirk of English law).

Once we have received your money on account (usually £500.00) and a plan from the seller’s solicitors. It is always advisable to wait until a plan of the property is to hand before sending for the search.

This is possible but not always in the best interests of the parties. The drawback is that both parties will be making moving arrangements without the security of a binding agreement.

After exchange of contracts we liaise with your lender to ensure the money is available by the completion date. We report to the lender confirming the title is in line with their requirements and advise them of the completion date.

We will ask you for some money at the time you instruct us (typically £300) to cover the cost of initial disbursements. The rest of the money will be requested from you after exchange of contracts and we will require cleared funds usually on the working day prior to completion.

Stamp duty land tax is payable on the purchase price of the property where the price is above £125,000.00. When we provide you with a quote we will advise you on your SDLT liability.

If you are selling, the keys are left with the estate agents. The estate agents will not release the keys unless authorised by the seller’s solicitors. Where you are buying, the keys can be collected once the full purchase price has been paid.

The time of completion depends on the banking system (CHAPS). Some completions happen early in the day, others late in the afternoon. The bank only guarantees same day delivery, not a specific time.

Once contracts have been exchanged, the estate agents will send the commission account to the solicitors. With your approval, we usually pay the estate agent’s commission out of the net sale proceeds on the day of completion.

After exchange, arrange your removals for the day of completion. Take final meter readings on the day you vacate and notify your utility providers. Book new services (broadband, sky, etc.) for the new property.

Licensed Conveyancers are highly qualified, regulated, professional property lawyers who specialise in the legal aspects surrounding buying and selling property in England and Wales. They are regulated by the Council for Licensed Conveyancers and have the same legal authority as solicitors in conveyancing transactions.

Normally the contract time is 1pm or 2pm on the day of completion. When you move out please ensure you take your rubbish with you and leave the property in a clean condition to avoid any claims regarding vacant possession.