The purpose of a conveyancer is to ensure that buyers end up with a property they are happy with, has no unknown restrictions, and will sell without difficulty when the time comes. Catering to the needs of both the buyer and the seller, conveyancers have a huge amount of work to oversee which must be checked and double checked to ensure it is absolutely correct and that nothing is missed.
Understandably this takes time, because if anything is missed it could lead to dire consequences down the line for everyone involved. Yet the increasing demand in the property market and pressure to complete the property transactionas soon as possible has led to a number of conveyancers submitting the Certificate of Title to a lender before all other relevant checks have been completed to the satisfactory standard. A case in 2014 of Santander vs R.A. Legal occurred for exactly this reason – and because it is the fault of the conveyancer for not waiting for the results of other checks before submitting the Certificate of Title, they are in the wrong. In this case, Santander won.
When looking for a property conveyancer with the fastest possible transaction time, keep the above in mind. The speed of the transaction isn’t the most important thing; it’s making sure everything is carried out correctly to the highest standard – and that’s what our conveyancers offer here at Property Transaction.
Unlike conveyancers at solicitors offices that get pulled into other legal issues and conveyancers from estate agents that could charge you over the odds for their services, our conveyancers provide a dedicated, competitively priced conveyancing service that is wholly centred on the buyers’ and lenders’ requirements.
Our property conveyancing services are carried out online, over the phone and via email so there is no need to take time out of your busy schedule to call down to our offices; you can track your property transaction online 24 hours a day, and you have the direct contact details of your dedicated conveyancer who will be handling your transaction. Our chosen conveyancers provide a fast, efficient and smooth conveyancing service without cutting corners – so you can be assured that you’re investing in the best online conveyancing service in the UK without compromising anything.
Get a conveyancing quote cost estimate from us in less than ten seconds! Simply fill in your details for a no obligation quote of our conveyancing services – and if you would like more information please don’t hesitate to call us.
Some Solicitors and Conveyancers offer a poor conveyancing service, they’re slow, inefficient and don’t offer a personal service. But how do you know if the Conveyancer you plan on using is any good? What sort of questions should you ask to ensure your Conveyancing Solicitor can provide the level of service you require?
Online Conveyancers, like Conveyancing Solicitors, are required by law to be licensed with either the Council of Licensed Conveyancers or Solicitors Regulation Authority. Always check that your online conveyancer has this accreditation to their name.
They should also possess full indemnity insurance in order to protect you from suffering a financial loss if there are any defects in the leasing agreement or title transfer.
Solicitors that specialise in litigation, divorce, family, employment or commercial property law rarely provide the best residential conveyancing service. Also, if the solicitors handle other aspects of law then you may struggle to get hold of them if you need to ask an important question. They could be out of the office frequently or present in court and therefore unavailable to deal with your query.
Make sure that your online conveyancer is a specialist in residential conveyancing.
Conveyancing can be quite a complex, lengthy procedure. During this process you will want to know who your point of contact is and be able to reach them, should you have any questions or require any further information.
An effective conveyancing service provider will let you speak directly with the conveyancer or solicitor who is dealing with your request. They should take ownership of the task, offering comprehensive and transparent communication to keep you informed and updated of any developments.
Apart from finding a fully regulated conveyancer who is both a specialist in this field and easily contactable, there are several other features to your online conveyancing service that should be considered.
Of course you will want the lowest price for the overall service. You should also look for a provider who offers a free conveyancing quote, with no obligation to use that particular company.
Another important feature is a No Move – No Fee Policy. This means that if the deal falls down through no fault of your own you will not be left with bills to pay and no house to move into.
Our recommended online conveyancers offer No Move – No Fee, full telephone support, 24/7 Online Case Tracking of the conveyancing procedure and friendly staff who can help you with any queries you may have. Our conveyancers offers all of the above features and more, so there’s no need to look any further for your conveyancing services.
We can provide a quick conveyancing quote for free with no obligation to use our services. We only use fully licensed conveyancers who are specialists in this field and can therefore provide a personal and efficient service.
Property Transaction can help guide you through every stage in the process and explain how everything works in a language that is simple to understand and free from jargon. Contact us today for more details.
Here at Property Transaction we are proud to offer an online conveyancing service, which allows you to stay up to date with the progress of your transaction 24 hours a day, 7 days a week. Not only does this make matters much easier and convenient for you, it also allows us to offer property conveyancing for a great value price which is unsurpassed by other conveyancing companies.
To see how much our online property conveyancing will cost you, simply use our property conveyance quote tool and select the conveyancing service you require. You’ll be given a cheap fee property conveyance quote in under 10 seconds – and the price you see is the price you pay. No hidden costs, no catch. Just fast and effective online conveyancing services which put your requirements as priority.
When you choose conveyancing online from Property Transaction you’ll be assigned your own Licensed Conveyancer who you’ll be able to contact whenever you need in regards to your transaction. This provides you with complete peace of mind that you can always talk to who you need to, and saves you the hassle and inconvenience of coming to our offices each time you have a question or need to discuss something.
With a No Move No Fee guarantee, we really are the online conveyancing service of choice and spend as much time training our teams in customer service as legal conveyancing issues. We are pleased to help in any way we can so please don’t hesitate to give us a call on 0845 485 7083. Alternatively, leave us your details and we will call you back.
Our November edition of the Convey Law newsletter has been distributed today. A PDF version of the newsletter can be ‘found here‘
New research from Santander Mortgages suggests that the vast majority of potential first-time buyers would be better off buying a property than continuing to rent. In every part of the country other than London, average monthly rental prices now exceed those for the average mortgage repayment.
According to the bank’s research, would-be buyers currently renting outside of London could save themselves an average of £1,040 a year if they were able to own their own property. The average monthly rent in the UK (excluding London) is currently just over £420 compared to monthly repayments of £334 for the average first-time buyer – equating to an average saving for homeowners of £86 a month.
Only those in the capital will be better off if they continue renting. Despite rental prices in London being roughly 56% higher than the average across the UK, at £701 a month, exceptionally high house prices mean it would, on average, cost potential first-time buyers an additional £359 a month to buy.
The research into typical first time buyer flats and terraced properties found the average price across the country to be £115,657. This means that a first-time buyer, applying for a 75% loan-to-value mortgage (the average LTV for first-time buyers according to the Council of Mortgage Lenders) would require a deposit of £28,914.
Phil Cliff, director of mortgage marketing at Santander UK said: “People have been justifiably cautious in approaching the housing market in recent months but this research strongly supports the idea that in the majority of cases owning can be less expensive than renting.
“The now ‘average’ LTV of 75% for first-time-buyers has provided an obstacle in some cases but saving for a deposit is clearly a wise move. Lenders are also looking to offer higher LTV products while the Government’s announcement that it will help boost the number of new homes is all positive news for those wishing to take their first steps on the property ladder. As the ‘Home of UK mortgages’ we were the first lender to increase our maximum first-time-buyer LTVs on apartments and houses to 80% and 90% respectively, demonstrating our continued commitment to the first time buyer market.”
Choosing a solicitor or property lawyer
Choose your conveyancing solicitor or property lawyer wisely and make them aware from the outset that you are purchasing a repossessed property and that you are likely to be under a very strict deadline. The estate agent should make it very clear to you the deadline, which may be imposed. In many circumstances you may well have as little as 21 days to exchange contracts.
Mortgage in place and with conveyancing solicitor
Ensure that you have your mortgage agreed in principle. As mentioned above your conveyancing lawyer is going to be under a tight deadline to exchange contracts. You certainly do not want to be held up because of your proposed lenders.
Be prepared to take a view
Be prepared for some pessimistic advice from your conveyancing lawyer. You have to remember that the bank that repossesses a property is not going to have any personal knowledge of the property. In the circumstances, the mortgage company’s conveyancing lawyers are unlikely to provide your conveyancing lawyer with comprehensive information relating to the property. Your conveyancing solicitor is going to probably advise you that there is a distinct lack of information relating to any number of issues including maintenance of boundaries, disputes with neighbours, parking arrangements, etc. In situations where you are purchasing a leasehold property there may well be limited management information available although it is crucial that your conveyancing lawyer ensures that you have clear receipts for service charge and ground rent or alternatively that a retention is held back until such time as receipts are available. In the case of leasehold properties it is important to remember that as a buyer of the property you will inherit the liabilities such as service charge and ground rent as well as being responsible for any breaches of the lease generally.
Leasehold repossessed property
In the case of a leasehold property it is unlikely that the average lender will be able to provide your conveyancing lawyer with any clarification as to whether or not alterations have been carried out to the property. It is therefore critical that you check that the lease plan accurately reflects the current layout of the property. Your conveyancing lawyer has not seen the property do you will need to guide him or her on this. Please note that most leases do contain restrictions on carrying out any alterations to the property without the landlord’s consent or changing the internal layout of the property without consent.
Check the contract
It is of course the responsibility of your conveyancing solicitor to ensure that the contract is accurate and not too weighted in favor of the lender in possession.
Please check that the contract provides that vacant possession will be handed over on completion. As is to the point above, you will be forgiven for thinking that your conveyancing lawyer should ensure that this is the case but it is worth you double checking the position (unless of course you are purchasing subject to an existing tenancy). The reason why this is particularly critical is that many properties are boarded up and therefore are susceptible to squatters getting into the property prior to completion.
Building Insurance on exchange of contracts
In the case of a purchase of a freehold property, the likelihood is that the contract provides for you to insure the property from exchange of contracts. Please make sure that you double-check the position with your conveyancing lawyer. If the onus is on you to insure then please check with the insurers that they are not going to have any problem with insuring the property especially bearing in mind that the property is probably vacant in between exchange and completion. In the case of a leasehold property, this is less of an issue because with most leasehold properties the onus to insure is placed on the part of the freeholder.
Don’t be forced into exchange of contracts
Do not be bullied into exchanging contracts before you, your lender and your conveyancing solicitors are ready. The likelihood is that given the time constraints involved that the agents are going to apply considerable pressure to exchange contracts. Be guided by your conveyancing lawyer. Remember that putting yourself in a position where you cannot complete the transaction is not to be underestimated. The penalties are draconian and bearing in mind that the seller in this case is likely to be a bank or building society they will have deep enough pockets to take this all the way to the Courts.
Be quick, as there is no exclusivity
In most cases please bear in mind that the lender in possession of the property and selling it does have a duty to achieve the best possible price for the property and therefore cannot grant you exclusivity. Should another purchaser place a higher offer on the property before you have exchanged contracts then the said bank will be duty bound to accept that offer.
Watching property prices in Britain is like riding a rollercoaster, one moment you are at the top, the next flying right down to the bottom. Since 1975 prices have increased approximately 3% per year. There were periods of ‘dipping’ such as the early 1990’s and 2008. The prices fell dramatically in this year, leading into a recession caused by the cataclysmic credit crunch.
During the ten year period between 1997 and 2007, property prices rose and fell slightly. What makes these small and sometimes quite dramatic fluctuations?
The main factors which influence property prices are:
Property supply and demand
There are literally thousands of property markets within the UK; they all contribute to the overall ‘average’ house price surveys. All average house prices are ‘statistically’ average and not based on a specific property that actually exists.
The effect of supply and demand has quite a profound effect upon the market, for example, if we have three potential buyers all looking for a semi- detached Victorian house, and we have only one on the market, the buyers are likely to compete to secure that property. This will in turn increase the property price. On the other end of the scale, a developer down the road may have twelve new properties to sell and only six potential purchasers. He will keep lowering the price until they are sold.
Prices will always rise in the long term, due to the fact that we are an ever-increasing population. The population is rising faster than the number of properties already available and more than the number of homes currently being built.
Unemployment and Confidence in the market
The threat of unemployment or even unemployment itself can have a huge impact on property prices. We are constantly bombarded daily by the media on how dire the economy is. We are told wages will be frozen and homes are to be repossessed. No-one is going to feel confident enough to purchase a new home that may either lose value or if made redundant, mortgage repayments that can’t be met. During this period prices tend to fall.
The reverse is true in a booming economy, falling unemployment and rising property prices, boosts confidence. At this time property prices tend to increase, sometimes quite dramatically.
In times gone by (prior 2000) lenders would let you borrow between two and half times a joint salary or three and a half times a single salary to purchase a home.
Then came so called ‘Irresponsible lending’, where you were lent more money to buy that even more expensive property, one that may have previously been out of your league.
In the previous recession when house prices fell, people couldn’t afford a mortgage due to interest rates being high, raising as much as 15%.
This recession, rates have been at an all time low, lending has not been as readily available, but there has been some movement in the property market.
Throughout the good times, the economy blossoms, financial confidence grows and house prices rise. If a first time buyer couldn’t afford a deposit, there would always be a parent or relative to either lend or give them the money required.
Affordability has a major impact on allowing property prices to rise; low cost money available has meant that property prices have kept rising, where as normally they would have fallen.
To summarise, prices are affected by the actual number of purchasers and sellers, the type of property being sold matching the type desired. This is then all affected by whether people can actually afford to purchase, overall confidence about the economy and job security.