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Francis Alexander Solicitors |
Conveyancing Solictors Manchester FAQ's
WHAT IS CONVEYANCING?
Conveyancing is the process by which legal title to property is transferred. Conveyancing is not a separate legal subject on its own but actually combines elements of property law, contract law and equity and trusts. At Francis Alexander Solictors Manchester our Conveyancing experts are on your side to ensure you get what you are paying for and don’t subsequently discover any problems with your new home.
WHAT DOES EXCHANGE OF CONTRACTS MEAN?
This is a crucial step in the house buying process. The reason it is important is that prior to exchange either party can walk away from the deal, but upon exchange an actual written contract exists, and deposits will have to be paid. Before you reach this point Francis Alexander’s Conveyancing specialists will already have made enquiries of the seller to ensure they have good title to sell, and they will have also sent the seller a long list of questions in which they clarify exactly what will be staying i.e. fixtures and fittings and what will be leaving. Francis Alexander will contact you to discuss the seller’s answers to this form and ensure what they say is staying is what you have agreed when you viewed the property.
WHEN DO I PAY MY DEPOSIT?
You will need to pay your deposit a few days before exchange of contracts. That is because we will need to have your cheque in our account as actual cleared funds before we can exchange.
The term deposit can cause some confusion. When most people talk about the deposit they mean the sum of money that the buyer is putting down him/herself to make up the difference between the mortgage offer and the purchase price. When your solicitor refers to the deposit he means the amount that must be paid on exchange of contracts.
HOW MUCH WILL THE DEPOSIT BE?
As a standard term of sale contracts it will be 10% of the purchase price. At Francis Alexander we understand how difficult this can sometimes be and will normally ask for this figure to be reduced. We will have discussed this important issue with you in your initial meeting and you will already have an idea how much it will be.
CAN’T I JUST USE THE MORTGAGE TO PAY THE DEPOSIT?
No – technically the bank or building society won’t have actually transferred the mortgage proceeds until much later in the transaction. You may however be able to use the deposit on your sale if you have one. Francis Alexander will have discussed this with you and explained the best way to proceed.
WHAT IS A LOCAL SEARCH?
You may often hear solicitors talking about the results of searches in the house buying process. One important search is enquiries made with the local authority.
A local search is a list of questions about the property which Francis Alexander Solicitors Manchester will send to the local authority. It will answer questions such as: - Will I have to maintain the street outside my house or will the council? Are there proposals to build a new motorway next door? Are there any charges/debts for which I might become liable? Are there any planning conditions which will affect my proposed use of the property?; and a host of other questions and enquiries which Francis Alexander’s specialist Conveyancing solicitors will put on your behalf.
WHY BOTHER WITH ALL THE SEARCHES?
Caveat emptor or put more simply Buyer Beware, is a cornerstone of Conveyancing in England and Wales. It means that you are deemed to have knowledge of certain matters which could affect the property and you will be bound by these matters whether you knew about them or not.
WHAT OTHER SEARCHES SHOULD I CARRY OUT
Depending upon the location of the property there could be other searches related to water and drainage. Environmental searches to ensure the land is not contaminated, a coal mining search may reveal risk of subsidence, a commons registration search may reveal if people have rights to graze cattle on your front lawn!
This list is not exhaustive, but it should bring home to you the importance of obtaining the services of a specialist solicitor to help you through the house buying process. The fact that Francis Alexander also sells houses means that they may already be familiar with the house that you are purchasing, and will almost certainly be familiar with the local area. This local knowledge and continuity of service means we can advise you on what searches you need, ensure you’re not wasting money on irrelevant searches, and more importantly, that no essential searches are neglected.
WHAT ABOUT ONLINE CONVEYANCERS. THEY SEEM VERY CHEAP?
A house is probably the most expensive asset you’ll ever purchase. It is important that you ensure that you have expert advice from a specialist solicitor. A telephone conversation can never replicate a face to face meeting.
From your first interview, Francis Alexander will allocate you a person that will deal with your transaction from start to finish, adding a degree of continuity that you will never get with an online conveyancer. He or She will contact you regularly to update you on progress and keep you informed. If you ever need to contact the office you will know who to ask for and we’ll ensure you’re not left wondering what’s going on.
I THOUGHT SOLICITORS DO THE LEGAL STUFF AND ESTATE AGENTS SELL THE HOUSES. WHAT EXACTLY IS A SOLICTOR ESTATE AGENT?
Recent high profile documentaries have highlighted the nefarious practices of some estate agents. Few people know that most estate agents have no formal qualifications, no regulatory body and no formal complaints procedure.
Francis Alexander along with many other solicitors firms have begun to realise that the estate agent was the problem link in the chain, and indeed often problems in the buying and selling process could be traced back to the actions of one or other of the agents involved.
In response to this Francis Alexander has joined forces with the Solicitors Property Shop (www.sps.net) the largest industry body for solicitor estate agents.
Regulated by the Law Society all solicitors have undergone a minimum of 4 years academic and 2 years on the job training. Solicitors have a transparent and public available code of conduct when selling houses.
Solicitors also have a regulatory body, The Law Society, which has real disciplinary teeth and a clearly defined complaints procedure.
No wonder that selling your house through a solicitor estate agent is becoming increasingly popular!
CAN FRANCIS ALEXANDER HELP ME WITH THE MORTGAGE?
Solicitors can and should offer independent advice about your mortgage needs. We can explain to you the different types of mortgage product on offer and advise you on what type of mortgage we consider to most appropriate given your exact circumstances. We can explain the difference between endowment and repayment mortgages, whether any product has any early repayment charges or any other hidden costs such as arrangement fees.
Francis Alexander can refer you to a specialist mortgage adviser. Not tied to any one provider, and regulated by the FSA, our specialist mortgage adviser is free to search all the providers on the market ensuring that you get the best deal and most appropriate product for you. Again, keeping it under one roof ensures a continuity of service that minimises the risk of ‘gazumping’ or any other unforeseen problems affecting your transaction.
WHEN DO I GET THE KEYS?
Normally when the transaction has been completed and the purchase monies handed over you will at last get the keys to your new house.
HOW LONG DOES IT TAKE?
No two transactions are the same and no specific answer can be given. Francis Alexander will deal with your side of the deal as speedily as possible, however if you’re in a chain, the chain can only move as fast as the slowest link.
On average if no unforeseen problems arise most transactions can be completed in 4-8 weeks.
WHAT WILL IT COST?
Francis Alexander will be able to discuss your specific requirements and give you a detailed individual quote. A Quote will be split into two parts the fee we charge and the disbursements payable on the transaction. Call us today for a no obligation initial interview.
DISBURSEMENTS – WHAT ARE THEY?
These are fees that we must pay to third parties in order to complete the transaction and include items such as land registry fees and local authority search fees. The amount paid may differ from one transaction to the next. These fees would be payable in addition to our fee for dealing with your transaction.
HOW MUCH WILL THE DISBURSEMENTS COST ME?
As stated above the amount paid may differ from one transaction to the next but we have detailed below an indication of what disbursements you might pay if you sold a house for £225,000 and bought one for £275,000.
AN EXAMPLE SALE & PURCHASE
Disbursements on the Purchase of house for £275,000 |
Cost |
Stamp Duty (1.00%) |
£8,250 |
HM Land Registry Fees |
£220 |
Mining Search |
£24 |
Office Copy Entries |
£4 |
Office Copy Document |
£4 |
Local Search |
£145 |
Drainage and Water Search |
£47 |
Environmental Search |
£38 |
| Additional Fees | Cost | Vat |
Mortgage to obtain/redeem |
£65 |
£11.38 |
SDLT Form Completion Fee |
£50 |
£8.75 |
Telegraphic Transfer Fee |
£35 |
£6.17 |
Disbursements on the Sale of house for £225,000
Disbursements on the Sale of house for £225,000 |
Cost | Office Copy Entries |
£8 |
Office Copy Document |
£4 |
| Additional Fees | Cost | Vat |
Mortgage to obtain/redeem |
£65 |
£11.38 |
SDLT Form Completion Fee |
£50 |
£8.75 |
Telegraphic Transfer Fee |
£35 |
£6.17 |
The above list is only intended as a guide. Prices of these items may change, and not all disbursements will be incurred on all transactions.
For example if the residential property you are buying is worth less than £125,000 you will not pay any Stamp Duty Land Tax (SDLT).
Call Francis Alexander’s Conveyancing specialists, and we will be able to provide you with an individual quote today.
Francis Alexander your new home starts here.