Residential Conveyancing
As an award-winning solicitor’s with more than 10 years’ experience, Versus Law Solicitors has the acuity and experience to help you in every area of residential conveyancing.
If you’re looking to buy, sell or re-mortgage a residential property, our residential conveyancing solicitors in Manchester will provide you with pioneering legal assistance to help you to navigate the, often, complex process of property law.
Whether you’ve agreed a sale on your home and need expert assistance to ensure that the legalities of the sale are completed or need a solicitor’s to effectively communicate with the vendors of a property you’re about to buy, we can help you.
What Is Residential Conveyancing?
In legal terms, residential conveyancing is the transfer of the legal title of a residential property from one person or party to another. Typically, this is completed is two separate stages. The first is the exchange of contracts whereby the terms of the sale are agreed. The second stage is the completion at which time the legal title is transferred from one owner to another.
Residential conveyancing applies to all forms of residential properties. From small apartments to large detached residential homes, no sale or purchase of a home is legally binding until the conveyancing process has been complete.
Residential conveyancing solicitors are responsible for preparing all the legal contracts of the purchase or sale, ensuring that all fiscal obligations are in place, authorising any fiscal transfers, paying all fees to estate agents, conduct any required searches including local authority and land registry checks, and providing clear and concise guidance and documentation of all aspects of the sale or purchase.
What Residential Conveyancing Services Can I Receive?
When you instruct Versus Law Solicitors to complete your residential conveyancing you will receive a diligent and transparent service throughout the conveyancing process. We provide expert advice and guidance at every stage of the process. We will also resolve any legal issues that may arise.
With more than 10 years’ experience as award-winning residential conveyancing solicitors in Manchester, our acumen is unquestioned. Our thorough residential conveyancing services include the following:
- Full legal support when buying or selling a residential property, including Buy to Let and other investments
- Handling or mortgage transfer
- Equity Release Schemes
- Legal guidance on Buy to Let Schemes
- Legal guidance on Right to Buy Schemes
- Shariah finance
- Sound legal advice on lease and freehold properties
- Buying or selling a property at auction
- Purchasing a new build
Interested in learning more about why Versus Law has built a standout reputation as one of the most conscientious and trustworthy residential conveyancing solicitors in Manchester? Contact us today on 0161 249 5087 or email us at property@versuslaw.co.uk for your FREE consultation. If you prefer, you can complete our contact form here.
How Long Do Our Residential Conveyancing Services Take?
We have an established reputation for providing swift residential conveyancing services across the UK. We promise to complete all conveyancing in a timely manner to ensure that you have a seamless transition between properties.
When you engage Versus Law solicitors you can expect the entire conveyancing process to be completed in between 10-12 weeks. However, this is only a guide. In many cases, we complete all residential conveyancing quicker.
There are some factors that homeowners should be aware of that can influence the speed of residential conveyancing completion. These include the following:
- Delay in getting a mortgage offer
- The vendor is not forthcoming in providing buyer property access for any surveys
- A survey reveals property issues that delay the transaction
- Delay in obtaining property search results
- Property chain delays
- Discrepancies with the vendor’s property title
- Delay in obtaining the vendor’s replies to pre-contract enquiries
- Delay in obtaining information or documents from organisations
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Nationwide Coverage
Our residential/commercial conveyancing covers all areas of the UK. Why pay more?
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Technology
Receive an immediate, FREE quote with our conveyancing calculator and instruct us online.
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Excellent service
We have 5* reviews on Google and Trustpilot
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Experienced and Accredited
We have more than 15 years’ experience and are accredited by the Conveyancing Quality Scheme (CQS).
"Nicola and Natalie were great through the whole process when purchasing our new house. We can’t thank you enough for the A1 service and communication throughout. Thank you - highly recommend :-)"
Liz W
FAQ
What Happens If We Don’t Complete on the Date Specified on the Contract?
If you fail to complete a property transaction on the agreed completion date, you are in breach of your contract. In most cases, the vendors are advised to entertain a 10-day grace period during which time the buyers will continue to complete the transaction.
If after this period buyers are not in a position to make the purchase and back out of the deal, the vendor is entitled to receive damages. Buyers may also have to face the prospect of a forfeiture of their deposit.
When Is Buildings Insurance Sorted?
Buildings insurance covers the cost of repairing structural damage to your property. Aspects of your home that can become damaged and are covered under buildings insurance include the walls and windows and fixtures including baths, toilets and fitted kitchens.
General buildings insurance covers homeowner loss or property damage resulting from fire, smoke or explosions, flood, storms or natural disasters, objects that have fallen from the sky or fallen trees.
Buildings insurance is often purchases by homeowners or those renting out a property that they own at the point that contracts are exchanged.
Why Do I Need to Provide ID?
Solicitors, banks, building societies and mortgage brokers are legally required to obtain satisfactory evidence of the identity of their clients. This is to ensure that they meet all fraud or money laundering regulations.
Given the size of the purchase, and the two third parties involved parties may well be mostly unacquainted with one another, stringent steps are taken to ensure that fraud or money laundering does not occur. Providing ID is the surest way to confirm identity and therefore paramount during a property transaction.
Does the Mortgage Advance come to me?
If homeowners want to borrow against the value of their property, sometimes referred to as an advance, they may do so provided that they have sufficient equity held within their property.
The additional amount that homeowners are borrowing is a separate secured loan, which is linked to your mortgage. Should you secure a loan, all monies will be directly transferred to your solicitors who will release the funds to secure the property purchase.
When Do I Get the Keys to My New Home and From Whom?
Keys to new properties are exchanged on completion day. You can arrange to pick them up from the vendors or have the estate agent hold them in-trust for you to come and collect them at an arranged time.
What Is The Stamp Duty on a Second Home?
As per 2015’s Autumn Statement, there is an additional 3% rate of Stamp duty Land Tax (SDLT) on purchases of additional property, such as Buy to Let properties and second homes. This came into effect on April 1st 2016.
The only caveat to this is that second properties under £40,000 do not have to pay the additional 3% of stamp duty.
What is a Help to Buy ISA?
A Help to Buy ISA is a government scheme designed to encourage those living in the UK to save for a mortgage deposit to buy a home. To quality, you must be a first-time buyer and not own property anywhere else in the world.
Help to Buy ISAs are no longer available, but if you opened your Help to Buy ISA before 30 November 2019, the date new applications closed then you can keep saving into your account and earn a government bonus towards your first home.
As with any ISA product, savings are tax-free. A Help to Buy ISA gives you the added opportunity of earning a government bonus, when you take out a Help to Buy ISA, the government will top up any contributions you make by up to 25% to a contribution limit of £12,000.
What Is An Indemnity Policy?
Indemnity insurance is a protection policy that is purchased by some homeowners during the transaction process. For a one-off payment, homeowners can buy an insurance policy that protects them in the event that the property they’re buying might develop a costly problem that requires significant financial investment to fix in the future.
When Will I Get My Money?
You will get any money from selling a property on the day of completion. The buyer and the vendor should agree a mutually convenient day of completion in advance of moving home.
A conveyancing solicitor is responsible to making sure that property is bought and sold in accordance with all legislation. Once the money has bent sent and received by both parties, your solicitor will authorise the transaction and release the money.
Is It Freehold or Leasehold?
Freehold properties are defined as any estate that is ‘free from hold’ of any entity besides the owner. Freehold estates enjoy free ownership for perpetuity and are able to use the land for any purposes (provided that the purpose complies with regulations.) Also, freehold properties are not fixed-term and they are therefore more favourable to buyers.
A leasehold estate is ownership of a temporary right to hold land or property in which a lessee or tenant holds the rights of ‘real property’ with a title from the landlord or ‘lessor.’ Leases can run for short or longer period of time, for example 99 or 999 years.
Do You Arrange for a Survey?
Versus Law Solicitors is not responsible for arranging for a survey to be completed on any property in the midst of a sale negotiation. Buyers will need to arrange for any property surveys to be completed.
How Much Will it Cost Me?
The cost of moving house does vary quite significantly. There are a number of factors that influence how expensive moving home is. However, there are some general guidelines to what homeowner should expect to pay.
Estate agents take a commission of between 0.75-3% of the property sale price to sell properties. Conveyancing typically costs £500 – £1500 (including VAT of 20%.) Additional significant costs include Stamp Duty Land Tax (SDLT), if you buy a property of more than £125,000. A valuation and surveying fee must also be taken into consideration, as should the electronic transfer fee and any removal costs.
Is It Freehold or Leasehold?
Freehold properties are defined as any estate that is ‘free from hold’ of any entity besides the owner. Freehold estates enjoy free ownership for perpetuity and are able to use the land for any purposes (provided that the purpose complies with regulations.) Also, freehold properties are not fixed-term and they are therefore more favourable to buyers.
A leasehold estate is ownership of a temporary right to hold land or property in which a lessee or tenant holds the rights of ‘real property’ with a title from the landlord or ‘lessor.’ Leases can run for short or longer period of time, for example 99 or 999 years.
How Much Do I Have to Pay Upfront?
To engage the Versus Law’s conveyancing services, you online need to pay a small percentage upfront. Buyers will need to make a payment of £300. Vendors need only make a payment of £100 upfront.
How Long Does It Take?
In most cases, the conveyancing process takes between 6-12 weeks. However, this timespan does vary from situation to situation. Property sales that involve large, complex chains may take longer than 12 weeks. Conversely, a short or no-chain sale can be completed in a matter of weeks.