Conveyancing Services for First Time Buyers

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.

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.

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.

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.

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.

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

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.

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.