Conveyancing FAQs

It all depends on the type of property transaction and the length of the chain involved.  As a rule of thumb most transactions will take between 8 – 12 weeks.  Please remember we are only one part of what will be at least a 2- way process.  We will ensure you are provided with regular updates on not only your progress and paperwork but also to help you understand any issues the remainder of the chain are dealing with which could have an impact on the timing of the transaction.

The exchange is when all parties in the chain, having already signed their contracts enter into an exchange which has the effect of making the contracts legally binding and fixes the complete date on a specific date, which all parties in the chain will have previously agreed is acceptable and achievable by them.

Completion is the date that all the money moves, and you move into your new property (and out of your old if you are selling and buying). The timing for this is generally around lunchtime once the funds have been transferred by the solicitors via the banking system.

Most property transactions are subject to the standard rate of Stamp Duty Land Tax. This is the rate payable when you are selling your current home and buying another. This rate also applies if you do not currently own a property but have done so in the past.

The amount of tax is payable based upon the purchase price of the property and is charged as a percentage of the overall total across several different bands. The rates payable are as follows:

Property Price	SDLT Rate
Up to £250,000	Zero
£250,001 to £925,000	5%
£925,001 to £1.5 Million	10%
Over £1.5 Million	12%

Higher Rate

The Higher Rate of SDLT is charged on ‘second homes’ when you are not selling your main residence or adding a property to your existing portfolio of houses

The rates payable are as follows:

Property Price	Stamp Duty Rate
Up to £250,000	3%
£250,001 to £925,000	8%
£925,001 to £1.5 Million	13 %
Over £1.5 Million	15%

First Time Buyers

First Time Buyers benefit from a reduced rate of SDLT when purchasing their first property. To qualify for the lower rate, everyone involved in the purchase needs to be a first-time buyer. If any of you have owned a property before, then the standard rates of SDLT would apply.

Property Price	Stamp Duty Rate
Up to £425,000	Zero
£425,001 to £625,000	5%

Search Pack contains an important collection of information relating to the property you wish to purchase from external authorities such as local Authority which will provide details of roads and highway, planning and building regulation consent and permission and any enforcement notices served. Water and Drainage undertaking, Environmental Agency and Coal Authority.

These are always required if you are taking out a mortgage for your purchase, however it would be your decision to undertake the same if you are a cash buyer.  Searches take 7 to 10 working days although local searches in some parts of the UK take up to 4 weeks.

Yes – the standard conditions of sale state that anyone buying a house in the UK should pay a 10% deposit when they exchange contracts.  You can agree a lower deposit with the vendor and if you are selling and buying, it is often the case you can use the deposit being paid on your property, towards the deposit on your purchase property.

Your sale Agents Fee/Invoice on your sale will generally be paid by your solicitors out of your sale proceeds upon completion provided you have previously approved the same and there are sufficient funds to enable your solicitors to make the payment.

You will have this term referred to when your solicitors provides you with the quote for your conveyancing, essentially disbursements refer to payments to third parties that you solicitors has to make payment o on your behalf i.e., Search Pack, Stamp Duty, Land Registry Fees and bank telegraphic transfer fees. They will always be separately itemised on your bill/completion statement and the term does not refer to any legal fees.

It is always a good idea that once you own your first property or you have upsized/downsized to think about, or revisit obtaining good legal advice in connection with your Will, Power of Attorney or Trust Deeds. Our Private Client Department can guide you easily through this process.

If you are local to us, we would always be pleased to meet you in person and we will only need to arrange one appointment when all the contract and mortgage documentation and search results are ready. Alternatively, if it is more convenient to you we can deal with the whole transaction by post, email and telephone calls.

Unfortunately not. Completion must take place between Mondays to Friday, as the funds are sent via the bank transfer system which requires the bank to be open to process the transfer immediately and deal with any enquiries in relation to it on the same day. We don’t work at weekends either

We would not recommend formally booking until contracts are actually exchanged and the transaction is legally binding for the completion date agreed and fixed.   Should you make a booking prior to the exchange you may be charged a cancellation fee by the removal firm. Most removal companies will accept provisional bookings however which is useful because a number of transactions do not exchange until shortly before completion.