Conveyancing Made Easy – First Time Buyers

Conveyancing Made Easy – First Time Buyers

This week, we managed to catch up with our Head of Conveyancing, Colin Bethell, who has 12 years experience in property law. We put some questions to him in the hope of assisting people who are looking to purchase their first home, but aren’t altogether sure how the process works.

On the face of it, Conveyancing can seem incredibly complicated – especially if you haven’t been through the process before. Hopefully Colin’s answers clear a few things up for you!

Why do I need a Conveyancing solicitor?

Moving house can be extraordinarily stressful, whether you are first time buyer or have gone through the process multiple times previously. Your solicitor will deal with all of the legal and administrative aspects of the sale / purchase on your behalf, and highlight any issues to you as they arise. It is your Conveyancing solicitor’s job to make the process of buying or selling a property as simple as it can possibly be.

How long should I expect my Conveyance to last?

The length of a transaction varies a lot depending on the specific complexity of the property, and unfortunately how well the other transactions within the “property chain” are able to progress. It’s always hard to give an exact timeframe, but I would say that approximately 8 weeks is a typical timeframe for Conveyancing – though obviously it can be delayed beyond this point.

What is the difference between an Exchange and a Completion?

This is a common area of confusion, particularly for inexperienced buyers and sellers of a property! Simply put, this is the difference between the “exchange” date and “completion” date. Despite the confusion, some clients can be too embarrassed to ask their Conveyancing solicitor what the difference is.

The date where the buyer and seller “exchange” contracts is point where both become contractually bound to buy / sell for the agreed price, and the date for “completion” is fixed. Subsequently, “completion” simply refers to the date where the purchase funds are finally sent to the seller’s solicitor, and the buyers are able to collect their keys to move into the property.

What are the costs associated with a house purchase?

On top of the solicitor’s fees, which are usually a fixed percentage of the overall cost of the property you are purchasing, there are several other factors that can add additional costs to your house purchase. These are referred to as “disbursements” and are administrative fees you have to pay under certain circumstances – such as Stamp Duty or Land Registry fees.

At Pabla & Pabla, we will always give you an upfront breakdown of our fees, and any disbursements you will have to pay. These can all be found using the Conveyancing Quote Calculator on our main Conveyancing page.

What is Stamp Duty?

Stamp Duty Land Tax (SDLT) is a tax charged to the purchaser of a property and must be paid within 14 days of completion. It is paid in increasing portions of the residential property price. We will provide the exact liability for each transaction at the start of the process, however, to provide a guide, the current tax bands are as follows:

Please note that the tax due will be less for most first-time buyers, however it can be higher if you already own another property on completion of your purchase. For an exact breakdown of your SDLT fees, you can use the Stamp Duty Land Tax calculator here. We would also recommend checking if you are eligible for SDLT reliefs or exemptions.

Why choose Pabla’s to deal with your purchase?

Our team have the expertise and understanding to ensure that you are led through the process in an efficient manner, ensuring that you are kept up to date with progress of your transaction.

If you are looking to buy your first home, please get in touch with our property team on 0161 446 1122, or by emailing enquiries@pablasolicitors.co.uk.

The Old Town Hall, Lapwing Lane, Didsbury, Manchester. M20 2NR.