*except disbursements incurred on your behalf such as search fees, etc.
Whether you’re buying, selling or remortgaging, you’ll need a conveyancer to oversee all the legal requirements and ensure everything progresses to completion.
*except disbursements incurred on your behalf such as search fees, etc.
You can compare mortgages from the whole market with MoneySuperMarket. Whether you’re buying your first home, moving up the property ladder, remortgaging or buying to let, we can help you find the best mortgage rates.
If you're looking for a mortgage but don't know where to start, you're not alone. Many people find mortgages totally confusing - which isn't suprising given the thousands of deals to choose from, from buy-to-let to first-time buyer mortgages.
You can get free mortgage advice, including deals from the whole market, from our partner broker London & Country. Call free from your landline or mobile on 0800 170 1943, seven days a week.
‘Conveyancing’ refers to the legal process of transferring a property or piece of land from one owner to another. There are normally two steps to the process: exchange of contracts, when the contract details are agreed upon; and completion, when the legal titles are passed over. It can be done either by a general solicitor or a conveyancer – a solicitor who has chosen to specialise in property law or the legal work surrounding conveyancing.
A draft contract is drawn up by the seller when an offer is made on a property. This contract must include various details including the price, the boundaries, planning restrictions, among other things. This contract must also include a completion date for the transaction and an energy performance certificate.
Although the paperwork can be daunting, it's important to go through the contract extremely carefully and negotiate any terms if necessary. Your solicitor or conveyancer will be able to help you with this and offer sound guidance. A conveyancer will also conduct a number of searches and checks on the property.
You can apply for a mortgage before putting an offer in on a property. Based on the information you’ve given your mortgage lender (usually a bank), they’ll evaluate how much they are willing to lend you, and provide you with an ‘offer in principle’ outlining this figure.
You'll have to have a survey done on the property you’re looking to buy before that becomes a formal mortgage offer, however. This is because the lender needs to know that the property you want to buy is worth what you are willing to pay.
A survey is also important for your own peace of mind, as you need to know that there aren’t any nasty surprises about the structural state of the building.
There are three types of survey. The most basic is a valuation survey. This is fine if you're remortgaging or buying a new build. It only provides an indication of the property's value however, and doesn't look at whether the building is structurally sound and won't highlight any potential problems. In most instances, it is worth paying for a more in-depth survey.
The most popular type of survey is a homebuyer's report. This will look at the general state of repair of the building, the roof and the windows, and note any problems such as evidence of subsidence. Some problems can still go undetected as the surveyor won’t do any deep-digging, such as lifting the floor boards.
If you’re buying an old property or a renovation project, it is worth having a full structural survey done. Whilst this will cost you more than a homebuyer’s report, it is far more comprehensive. This will give you the most detail about the state of the property you’re looking to purchase.
When the buyer and seller are both happy with the terms, they sign and exchange contracts. The deal is now legally binding, so there's no going back! The buyer will normally pay a deposit on exchange and is now responsible for the home insurance on the new property.
Completion day is the final element of the conveyancing process. You can exchange and complete within a matter of hours, but most people prefer to leave seven to 28 days for any final checks.
Once everything is in order, the balance of the purchase price can be paid. It can be a nervous wait on completion day because you have to wait for your mortgage lender to transfer the money to the seller's bank account which can take time.
Once the funds land, the property is yours and you can collect the key and move in. Your conveyancer will then register ownership with the Land Registry and arrange for you to pay any stamp duty that’s owed.
It's perfectly possible to carry out conveyancing yourself, but it can be complicated and time consuming. You could also end up in a terrible mess if something goes wrong, so it’s highly recommended you find a solicitor to do it for you. Most people instruct licensed conveyancer to act on their behalf, as they’re specialists.
Conveyancers are solicitors who focus on property law and are regulated by the Council for Licensed Conveyancers (CLC) in England and Wales. They can sometimes work out cheaper than a solicitor, but a licensed conveyancer can only deal with conveyancing. If any problems arise that do not relate to property law, you will have to call in a solicitor.
A solicitor can carry out conveyancing, but is also licensed to advise on other areas of the law.
You probably want to choose a conveyancer who is familiar with your area. Most people also want to instruct someone who comes recommended. It’s important to remember that solicitors’ fees can be expensive so you should always check the likely cost before you instruct a conveyancer.
Make sure that you understand exactly how the fee system works. Some firms for example do not charge if the sale falls through, which could save you hundreds of pounds in legal fees.
MoneySuperMarket has joined forces with ULS Technology and Optimus so you can compare more than 200 highly-rated solicitors and licensed conveyancers to find the right firm at the right price.
We want to show you conveyancing quotes from as many solicitors as possible. We can’t promise to show you quotes from every single firm, though, because some don’t want to be included on comparison websites. We’ve ranked conveyancing quotes from the cheapest to the most expensive.
The process of buying and selling a house is different in Scotland, so you should choose an experienced local firm if the property is north of the border.
Conveyancers split their fees into two sections:
The length of the process varies between every case. The average time can be around six to eight weeks to completion, however this depends on multiple factors including how complex the transaction is and the length of the property chain attached.
There are numerous elements that will affect your conveyancing fees in comparison to others:
There are many different type of disbursements that may be necessary when buying or selling property:
On average, money is spent in three stages when buying property or land:
MoneySuperMarket gives you lots of clever ways to save a lot, by doing very little.
So how do we make our money? In a nutshell, when you use us to buy a product, we get a reward from the company you’re buying from.
But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?
We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.