Whether you’re buying or selling property, there’s a lot to think about. It’s good to take advice from professionals, and find out as much as you can about the process in advance.

Conveyancing covers the legal aspects of buying and selling property.  It’s much easier to rely on the services of someone who’s used to dealing with the forms, offices, and agencies that are involved in transferring property and registering transactions with the Land Registry.  Finding a good conveyancing solicitor can make the difference between a smooth, stress-free transaction and a deal falling through.  It’s important to shop around, find someone that you either feel comfortable with, or who comes recommended through first-hand experience.

Whether you’re the buyer or seller, there are several steps involved in property conveyancing. A typical transaction takes a minimum of eight weeks.  It can take longer and become more complicated if there’s a chain of properties involved (a chain means that several people are dependent on each other to complete their transactions at the same time).

• When an offer is accepted, conveyancing solicitors need to be appointed.  In most cases, each party needs to appoint a separate solicitor.
• Mortgage lenders will organise a valuation of the property which you may have to pay for.
• You may want to have other surveys carried to find out more about the property’s structure for your own benefit – assessments of electrical wiring, plumbing, structural soundness and damp in particular.
• The solicitor will carry out searches to find out official details about the property. These could include things like registered boundaries, tree preservation orders or authorised works – planning permissions that have or have not been granted for extension work, that you should be aware of.
• In England and Wales, you will ‘exchange contracts’ when all solicitors are satisfied that their searches have shown no problems.  Any deposits are usually paid at this point, and the contract becomes legally binding.  (In Scotland, the contracts become binding at an early stage.  Solicitors sign a series of ‘missives’.  Contracts can be signed on an ‘offers over’ basis, a ‘fixed price’ basis or ‘subject to survey’ basis.)

What costs are involved in buying and selling property?

In addition to your deposit (and any estate agent’s fees if you’re the seller), you’ll need to pay:

• Your solicitor’s conveyancing fees plus VAT
• If you are buying a leasehold property, you are normally required to pay the landlord’s solicitor fees
• Stamp duty of 1% of the purchase price for properties above £125,000,  4% on properties over £500,000, 5% on properties over £1m and 7% for properties over £2m.
• Mortgage arrangement fees (although these can sometimes be rolled into your mortgage).
• Transfer fees, search fees and land registry fees, which may appear on your solicitor’s bill
• Survey fees – for your mortgage company’s valuation, and any other surveys you choose to have carried out.

We can help you find conveyancing solicitors, independent financial advisers and whole of market mortgage advisers in your area.  Use our search tools, and get expert advice on buying or selling your next property.

Questions you might like to ask your solicitor …

Are all of the search fees included in your estimate?

What paperwork can I expect to receive from you and at what point in the process? 

Will you need a deposit for your services?

How often will you contact me, to let me know how things are going?

Can you tell me how long it will take?