Residential Property

Conveyancing is the legal process of **transferring ownership of property** from a seller to a buyer. It involves managing contracts, conducting necessary searches (local authority, environmental), dealing with mortgage lenders, and registering the change of ownership.

The average time is **3 to 4 months**, but it can vary widely. Factors include whether there is a mortgage involved, the speed of local authority searches, the length of the chain, and whether the property is **Leasehold** or **Freehold**.

**Freehold** means you own the property and the land it stands on indefinitely. **Leasehold** means you own the property for a fixed period (the term of the lease) but not the land, requiring you to pay ground rent and service charges to the freeholder/landlord.

The stages are: **Instruction** (appointing a solicitor), **Searches** and **Enquiries**, **Mortgage Offer** received, **Exchange of Contracts** (legally binding commitment), and **Completion** (transfer of funds and keys).

Searches are vital for due diligence, providing information on issues that could affect your investment. They reveal potential risks like future road schemes, contamination, planning restrictions, or drainage access that are not obvious from simply viewing the property.

This is the point where the transaction becomes **legally binding**. Both the buyer and seller sign identical contracts, and the buyer pays the deposit (usually 10%). If either party pulls out after this stage, they face severe financial penalties.

Completion is the final stage. The outstanding balance of the purchase price is transferred to the seller's solicitor, and the buyer receives the keys and becomes the legal owner. We then register the change of ownership with the Land Registry.

SDLT is a tax payable by the buyer on the purchase of land or property above a certain value threshold. The rate varies based on the purchase price, whether it is your first property, and whether it is an additional property. We calculate and submit this for you.

As the seller, you must provide your solicitor with the legal title deeds, fixtures and fittings lists, Energy Performance Certificate (EPC), and completed **Property Information Forms (TA6 and TA10)** that disclose details about the property.

Leasehold transactions are more complex. We must investigate the length of the lease (short leases can be problematic), check the ground rent/service charge provisions, review the management company's accounts, and obtain the Landlord's consent if required.

While not legally mandatory, a surveyor's report is strongly recommended. The lender's valuation survey is minimal. An independent **Building Survey** or **HomeBuyer Report** identifies structural defects, damp, and other costly repair issues that a solicitor's searches cannot reveal.

Gazumping is when a seller accepts a higher offer from a new buyer after previously agreeing (but not exchanging contracts) with you. This is legal before the Exchange of Contracts. We work quickly to secure the exchange date to mitigate this risk.

Yes. We handle transactions for investment properties, dealing with the specific terms of Buy-to-Let mortgages, advising on the increased **SDLT surcharge** for second homes, and ensuring compliance if the property is already tenanted.

The main risks are a **lack of personal service**, slow response times (leading to chain breakdowns), and standardized checks that may miss complex issues, especially with Leasehold or unusual properties, leading to costly problems post-completion.

**Instruct your solicitor immediately.** Whether buying or selling, swift instruction allows us to start the legal paperwork, order searches, and prepare the contract pack. Delays in this initial stage are the most common cause of transactions falling through.