Monthly Archives: February 2017

house conveyancing Leeds

What happens during house conveyancing Leeds?

Solicitors in Leeds help buyers and sellers in exchanging property ownership. Usually, for house conveyancing Leeds has a complicated process that very few common people can undertake on their own. It gets even more complex when the buyer has to pay for the property using a mortgage. A house solicitor will help you negotiate every step of conveyancing such that no errors or omissions occur. They will take the responsibility of buying the house off your head so that you can concentrate on other things. The question most new buyers ask is what conveyancing is all about and how the solicitor will help them through it all.

House Conveyancing in Leeds

House conveyancing begins right when a buyer spots a property of interest. Houses for sale are found in advertisements in many media outlets like newspaper, TV and magazines. If you are looking for a home, try going through the classified section of newspapers. The seller will state the price of the house and the type of ownership. It is advisable to contact a Leed’s solicitor once you see a house you want and that you think you can afford. The solicitor will advise you about the details of the type of ownership and how to finance the house. These are the things a buyer needs to know before buying a house. There are many ways you can own property. If you are not clear about the type of property ownership you want, the solicitor will advise you appropriately.

The way you will finance house purchase is as important as the type ownership you will be getting into. You may finance a house from your own pockets or ask the help of mortgage lenders, or the government. These two bodies have their own criteria for admitting buyers into their home ownership schemes. Their criteria for admission depend on the price of the house, the location of the house, your household income, among other things. These are the things that you need to verify with your solicitor.

House Purchase Process

The next thing that happens after you identify a property you like is to express interest to the seller or landlord. Your lawyer will contact the buyer’s solicitor and tell him of your intention to buy the house. Both you and the seller will then draw a draft contract. It is called a draft because it has not yet been mutually agreed upon by both you and the buyer. Each of you expresses his own wishes of how the property should be exchanged.  Your solicitors help you draw the draft. Once you come to a mutual agreement, the final contract is drawn and exchanged between yourself and the seller. Solicitors facilitate this exchange.

Exchange of contract marks a point when you and the seller become committed to getting the property ownership exchange hands. You must pay a deposit once a mutually agreed contract is signed. This deposit is usually 10% of the price of the house. You can agree on a lesser deposit in your contract. The 10% is the legally accepted amount.  You will lose the 10% if you pull out of conveyance before paying the full amount. The seller is not allowed to sell the house to someone else once he receives the full deposit. All that remains after payment of a deposit is property research and completion of conveyance.

conveyancing estimates

Know about the conveyancing estimates you need to pay

Conveyance has several costs. Costs of conveyancing can be the difference between a buyer and a home of his choice. Conveyance costs are not the price of the property. They are the other expenses that a buyer incurs during conveyance besides the price of the house. Most of these costs are not covered for by mortgages. They have to paid for from the buyer’s own pockets. Alternatively, a buyer may take a separate loan to pay for these expenses. If he does this and still takes a mortgage, then he must be conscious of the fact that he will have two loans to pay for. The best part about these conveyancing estimates is that they are less than the actual price of the house. The buyer can pay for a loan that he took for these expenses within the first few months of buying a house.

Highest Conveyancing Cost

The largest cost of conveyancing is the solicitor’s fee. This statement should not be as scary as it sounds. The cost of conveyancing is still way less than the price of the house you will be paying.  Solicitor’s fee makes a tiny fraction of the price of the house. Nevertheless, they are very significant and must be paid. Solicitors play a very crucial role in conveyancing. They do almost everything on behalf of their clients. All the client does is pay the price of the house. All other things are taken care of by solicitors. That is why solicitor’s fee is the largest and most significant cost of conveyancing.

Solicitors do not charge equal amounts of fees. However, the fees they charge fall within a given range. Solicitors in Kent are known to charge the least. This is partly because the housing market in Kent is still young. It may also be an incentive for the solicitors to encourage people to buy.  Conveyancers in Kent charge around £400. This is quite cheap compared to other parts of the UK such as London where lawyers may charge fees as high as £900.

Factors affecting Solicitors Fees

Several factors will determine how much a Kent solicitor charges you. The most important one is the type of property that you are going to buy. Solicitor fees are charges for the service of solicitors. The more a solicitor does, the more he charges. A solicitor can know the amount of work that awaits him once he knows the type of property that you want to buy. Conveyance of some properties is very complicated. They involve a lot of research and documentation. The solicitor must negotiate with so many people on your behalf. If this is the case, the attorney will charge more.  Other determinants of solicitor fee include the location of the property and the number of people who have shown interest in buying the property.

There are other costs incurred in conveyancing that is different from both solicitors’ fees and price of the house. These are called disbursement costs. The costs are much less than these other two costs. They include costs of doing research and costs of recovering or filing documents at the Land Registry. They usually do not exceed £200.