Finding a good quality, low cost conveyancing solicitor’s service for a house move or property sale or purchase can be a difficult undertaking. Often, when several quotes are obtained from different solicitors for the same house sale or purchase the items detailed as costs and fees can vary. How do you make any sense of it without getting ripped off or qualifying as a conveyancer yourself?

All legal costs incurred when buying or selling a property can be divided into two separate categories.

Charges paid to third parties are known as “disbursements” and do not form part of the solicitor’s legal fees or profit costs. It is important to note this distinction as in most cases the disbursements should be the same (or a very similar) amount for all the quotes you have obtained. Buying or selling a house is a process like any other and although variations in practice exist, fundamentally, all property transactions must follow a similar process. Where a particular quote includes substantially different disbursements this could be a cause for concern.

All solicitors are required under the professional rules to set out fees and disbursements separately. A solicitor setting out a fee as a disbursement could well be breaching those rules and in any event would probably not be someone you would want to do business with. To successfully compare quotes you will first need to find out which of the two kinds of fees the item shown on the quote falls into, fees or disbursements.

Fees for your solicitor’s time are the actual profit costs of the conveyancing solicitor, the amount you are actually being charged for their time and expertise. These often include administrative charges required for the successful completion of a sale or purchase transaction, such as bank transfer fees (sometimes called telegraphic transfer fees or similar) and identification searches. Such items fall into the fees category. Some may also charge separately for more general items such as postage, faxing and copying, file storage, contribution to professional indemnity amongst others. Once again these form part of the fees and should be added together to get the total cost likely to be incurred with a particular solicitor.

According to the BBC Website the average solicitors fees in England and Wales for dealing with the sale or purchase of a property tend to come in around the £550.00 mark, not including vat and exclusive of disbursements. How do your quotes compare?

You should also bear in mind that even when fixed fees are charged, no solicitor can ever promise that the final legal bill will not amount to more than the quote given at the outset of the transaction. Legal issues are rarely straight forward and it is always possible that matters could arise during the course of the transaction that could affect the final amount you will be required to pay.

It should also be noted that the cheapest quote does not necessarily represent the best value for money so make sure you shop around, obtain at least three quotes from different services providers and compare both the cost and the level of service before you commit yourself and go ahead and instruct conveyancing solicitors to act on your behalf.

Brett Walker

http://www.evolvedconveyancing.co.uk

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What is conveyancing?

When the ownership of a property is transferred from one person to another, whether freehold or leasehold, it involves certain legal procedures. These legal procedures are known as conveyancing. This ensures that the buyer gets the full property rights and the seller transfers all the property rights to the new owner. The buyer as well as the seller appoints their own conveyancing solicitors. There are various firms in London, which provide cheap conveyancing options. This procedure will take at least a month, which would be very fast service or even two or two and a half months to complete. If several properties and more than two parties are involved, then obviously the process can take longer than two and a half months.

Conveyancer and Conveyance -A conveyancer is a person, who acts on the conveyancing process. He can be a professional practicing property solicitor or a certified conveyancer, who has the license to work as a conveyance. A certified conveyancer may not be a qualified lawyer but he is legally authorized to solve legal matters of conveyancing. Most of the firms in London have qualified conveyancing solicitors UK, who are appointed to supervise your conveyancing problems. The term conveyance is used as an abbreviated form for conveyancing.

Conveyancing costs- There are many conveyancing firms, which will try to lure you with their cheap conveyancing services but it would be wise to go for firms, which provide good service, even if they charge you a little more. There are some firms which promise cheap services, but later on as they proceed with your case, you will realize that there are too many hidden costs. It is better that you understand what are the costs involved in conveyancing, so that you are not over charged.

• Part 1 – The basic fee charged by the solicitor. It is charged in any of the three ways discussed below.

1. Fixed fee – This is very rare. According to the price of the property that is bought or sold.
2. The higher your property cost, the higher will be the rate charged by the conveyancing solicitors.

Some charge on an hourly basis.The last option must always be avoided.

• Part 2 – Disbursement

These are those costs that the conveyancer will pay on your behalf to other people. All these charges are fixed, so these must not vary from solicitor to solicitor. It would be better if you could do a market survey of the rates being charged by different firms before appointing a firm to do your conveyancing.

Tricky conveyancing quote

There are many quotes which will try to trick you in paying a higher rate. Some of these tricks are discussed below.

1. They have hidden costs, which are revealed only when you have given the initial basic fee.
2. They make extra profits by adding extra amounts on all the disbursements.

Now that you know all this, choose a conveyancing firm with great care, keeping in mind all these points.

For any help on cheap conveyancing solicitors, check out the info available online; these will help you learn to find the Conveyancing quote!

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Anyone who is selling a home will have heard of the Home Information Pack or HIP as it is also known. These are relating to the property that you are selling and they are now compulsory for the majority of homes that are on the market for sale in England and Wales. As from 6th April 2009 there are certain documents that must be contained within the HIP from the first day that it goes on the market, and below is a list of the compulsory and optional document that a HIP can contain:

Compulsory Documents
• An index which lists all documentation within the HIP.
• PIQ or Property Information Questionnaire.
• EPC or Energy Performance Certificate.
• For new build homes – a document referring to sustainability information.
• Evidence of title.
• Sale statement.

Documents which are compulsory but which can be included up to 28 days after the property has gone on the market for sale.
• A copy of the lease – this only applies to properties which are leasehold.
• Commonhold documents, if applicable.
• Standard searches which include drainage and water searches and any local authority searches.

Optional documents
• Home Condition Report.
• A home contents and use forms – these include information relating to the boundaries of the property, any planning permissions, any part of the property they shared with neighbours and any notices that been served on the property.
• Any guarantees or warranties for work that has been carried out on the property such as cavity wall insulation or damp proofing.
There are of course properties which can be marketed for sale which do not require a HIP, if your property falls into the following categories it will not need a Home Information Pack.
• Any mixed sales – these are properties which have a shop, usually downstairs with a flat above.
• Properties which are used as holiday accommodation or are occupied for fewer than 11 months each year.
• Properties which are non-residential.
• Properties which are not what the market for sale i.e. they are sold to a family member or friend.
• Properties which are due to be demolished or which are unsafe.
• Any ‘Right to Buy’ ‘Social HomeBuy’ or ‘Right to Acquire’ properties.
• Properties which are not a vacant possession and have a sitting tenant.

If you are selling a property you can employ someone else to create the HIP for you, such as a solicitor, a HIP provider or your estate agent or you can choose to compile the documents yourself. It is entirely up to you who you choose to create the HIP, just make sure that all compulsory the documents are available.
Whilst it may seem like tiresome paperwork to have a HIP created is actually beneficial for the seller as potential buyers can see all the information relating to property at the same time. This will then enable them to make a faster decision on putting in an offer on the property and they also help to dramatically speed up the sales process. For more information on HIPs or EPCs contact CR Energy who will be able to advise you further.

Crenergy: Commercial EPC, Domestic EPC, EPC, Energy Performance Certificates, Display Energy Certificates for Commercial buildings and residential buildings. For more information please visit: http://www.crenergy.co.uk.

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An unpublished report commissioned by the Department for Communities and Local Government has surfaced and brings another round of embarrassment to the governments’ Home Information Packs (HIPs).

The report was uncovered by the shadow ministers Eric Pickles and Theresa May after a series of parliamentary questions.

HIPs have been under fire from a variety of sources since their introduction last year including strong opposition from The National Association of Estate Agents (NAEA) and the Royal Institution of Chartered Surveyors (RICS).

The packs can cost the seller up to £600 and contain various details and certifications of the property including an energy performance certificate, the sale statement and the evidence of title. All houses on the market are legally required to have a pack compiled or face large fines.

Named, Home Information Packs: A presentation of research findings, the report found widespread dislike of the packs amongst buyers, sellers and estate agents. Market researchers GFK NOP asked around 4000 people either selling or buying a home their opinions and found “a lack of engagement, experience and interest”.

Because both parties “don’t see the purpose” of the packs “neither buyers or sellers are proactively enquiring about HIPs” it was found.

Estate agents were also sceptical with most viewing the packs as at best an irrelevance and at worst an actual hindrance to house sales. Many described the packs as a “waste of time”.

Despite spending nearly £1 million on an information campaign to explain the necessity and purpose of the packs, the report found that many people didn’t have sufficient knowledge or interest in HIPs.

The packs suffered a major setback early in their existence when a legal challenge by RICS delayed the launch for over two months. At the time Communities Secretary Ruth Kelly blamed the difficulties of swaying public opinion on the packs on a “disinformation” campaign by opponents within the industry.

Grant Shapps, the shadow housing minister, has been a long-time opponent of HIPs and claimed vindication after this current leaked report.

“The Government has been caught red handed trying to hide a damning indictment of this pointless and expensive red tape. One year on, the public don’t trust the paper these packs are written on.” Said Shapps.

The government also faced sharp criticism this week from property developer Brian Lewis founder of Dixons estate agency. After his company Pimlico Homes was forced into liquidation Mr Lewis lashed out at the lack of new houses being built and forecast that this would have an unprecedented effect on the conveyancing sector.

“The Government is losing billions of pounds in revenue because estate agents aren’t selling, solicitors aren’t conveyancing, removal companies aren’t moving – the knock on effects are massive.” He said.

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Conveyancing is a competitive business. Owing to this, conveyancing quotes are seldom transparent. Most are out to trick you and legally rob you of your hard earned money. So what can you do about it? This article is dedicated to helping you make wise decisions and stay away from fraudsters as far as conveyancing is concerned.

Here are some things that you ought to know before you make that lucrative deal that you think is in your favor, but is actually not.

Paying the Solicitors’ Fee: This is the cost of the solicitor’s time, the time which he takes in processing a transaction. You can pay him in three ways:
1. A fixed fee for the complete transaction.
2. A fee that is directly proportional to the value of the property you are buying.
3. A fee on a “per hour” basis.

The third option is going to rip your pockets apart! Avoid it, by all means!

Tricky Conveyancing Quotes: One of the basic tricks that most conveyancing firms tend to employ is to create fake as well as unnecessary disbursements. This is done by taking tasks as well as charges which should be covered within the solicitors’ basic fee. Conveyancing firms call these “disbursements”, mention them in fine prints and put a heavy price tag on them. And how will it affect you? Here are some ways:

1. It will quietly create an extra profit for your conveyancing firm.
2. It will give you a false impression of the basic fee which will be much higher than you think it is.
3. It will make an expensive conveyance quote look extremely inexpensive. Beware of this trick. It’s being used all over the internet these days.

Conveyancing Quote Comparisons: Most conveyancing quotes would appear to be dirt-cheap owing to the fact that they mention only the solicitors’ basic fee. Almost all companies online, quote in this particular way and will keep you oblivious to the actual cost and a detailed breakdown of each disbursement.

What Makes an Ideal Conveyancing Quote?

1. Basic Fee of the solicitor.
2. Land registry copies.
3. Telegraphic Transfer Fee.
4. Bankruptcy search.
5. Local authority searches.
6. Drainage search.
7. Channel repair accountability search.
8. Environmental search.
9. Land Registration Fee.
10. Location specific local searches and
11. Stamp Duty land tax.
Other Hidden Unnecessary Extras
1. PI Contribution.
2. Postage, photocopying as well as phone calls.
3. Stamp duty tax returns and
4. Dealing with your lender as well as leasehold property.

Getting good conveyancing quotes can be tricky. Be sure to look out for fine prints and calculate the sum total while comparing two quotes. Do not be fooled by cheap conveyancing quote offers. Make proper research before getting down to business.

For any help on Conveyance, check out the info available online, these will help you learn to find the Conveyancing an instant go!

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London is unlike any other place in England. It contains the largest number of properties per square mile in the whole country and is one of the areas in highest demand. You can’t escape the fact that London is basically the heart of the UK and everything you could possible need is contained in this fabulous city. This is why property prices are so high, with many people amazed at the incredibly high prices they pay for a flat in London compared to a house elsewhere in England. This puts many people off but in reality it is just a simple case of supply and demand. There are millions of people in London and hundreds of thousands of people looking to live there, with relatively few properties coming on the market at the same time. For this reason, many people try and cut costs in other areas when they are spending so much on a house or flat. The most popular way to do this is to try and save money on the conveyancing, which is one of the most important parts of buying or selling a property and should never be overlooked.

You can get yourself into all sorts of trouble if you try and sort the conveyancing out yourself, because it isn’t necessarily how intelligent you are, it’s more a case of being able to understand the legal jargon and any laws which could obstruct the process. This is why hiring a professional conveyancing solicitor is always the best way to go, and sometimes people are amazed at just how much they are going to have to pay for the privilege of using a professional to take care of the whole process. However, it is really a small price to pay for the incredible amount of time that you would have to spend sorting it out yourself, and could actually save you money in the long run. You’ll also be amazed just how many issues could arise during the process, and it always helps to have a professional with you to guide you through any problems.

If you really want to save money however, you will want to go online to find your quote; not only will it save you a nice heap of cash, it will also save you a great deal of time. Finding a quote online is incredibly easy and you can find the perfect solicitor to deal with your needs. Within a matter of minutes you can have a fully customized quote from a conveyancing firm which will cover all the costs which you will need to pay. You might be amazed at just how much money you can save by looking online, but it also saves the hassle of trying to find one on the high street, which can be time consuming and frustrating at the best of times. Looking online is the way forward, and only conveyancing firms are rapidly becoming ever more popular.

Conveyancing in London is something best left to a professional conveyancing solicitor. Locating a solicitor to carry out your conveyancing in London can be tricky, and the fees vary greatly with little difference in service to warrant the price differences! So why not compare conveyancing solicitor fees online? visit http://conveyancing.homesonsale.co.uk to get the best deal.

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Conveyancing is a tricky business, and one which requires the expertise of a professional to be done right. It takes years to become an efficient conveyancing solicitor, and a great deal of time spent studying hard, which is why it still amazes us that people think they can get away with doing the conveyancing themselves. Not only will people never understand the legal jargon, but the huge number of problems that can occur make it the kind of job that only a real professional can do. Ultimately, everyone who buys or sells a house will hire a conveyancing solicitor, whether they’ve spent the last few months trying to figure it out themselves, or they are prepared to do things properly and hire a professional. Unfortunately, people still get ripped off by conveyancing firms and many people have absolute horror stories about the service they have received, something which worries many people and just goes to show that you really can’t skimp on spending when it comes to conveyancing. So when you’re next buying or selling your house, start thinking about conveyancing early, because it’s really not something you want to be worrying about after you’ve found the perfect house, because you may well end up losing it if you aren’t sharp enough.

The very best conveyancing solicitor is one that you hardly notice. He/she will handle any problem that comes their way and will keep you away from pretty much any hassle that could be caused. They will make the whole process one which you can enjoy, allowing you to concentrate on other aspects of the buying or selling process. The worst thing that can happen is you get stuck in the middle of the process without any professional help, and a professional conveyancing solicitor won’t let that happen. As part of the process, you’ll sign a contract with the conveyancing solicitor in charge of your case, which will explain all of his duties to you and make sure that you are both protected.

Some of the best conveyancing firms are those that operate online, this is because they concentrate many of their efforts on their customers rather than on their high street presence. They will also be able to give you a quote within a matter of seconds. All you have to do is visit the website of a reputable conveyancing firm, fill out a small form and then with the click of a button you can have a completely customized package suited to your needs. The conveyancing firm will give you a complete quote which will cover the whole process and that will be customized towards the information you gave on the form. One of the great things about finding a conveyancing solicitor online is that you can get in touch with them very easily through e-mail, and they will often be extremely responsive. Doing things online also saves you having to go around the high street to shop around, and instead of a pushy sales rep, you just have the honest information provided by the website.

Conveyancing is a something best left to professional conveyancing solicitor. Locating a solicitor to carry out your conveyancing can be tricky, and the fees vary greatly with little difference in service to warrant the price differences! So why not compare conveyancing fees online visit Homes On Sale Conveyancing to get the best deal.

Article Source: http://EzineArticles.com/?expert=Iain_Stubley

If you’re interested in becoming a conveyancing solicitor, discover more about the duties and responsibilities of this type of solicitor, and how you can get into conveyancing.

Conveyancing Solicitor Roles

This sort of solicitor ideals with the legal issues that occur during the buying and selling of property. They also communicate these issues with the vendor, purchaser and local authorities, so that the property sale or purchase takes place as quickly and as smoothly as possible.

The role of a conveyancing solicitor is to carry out what are known as local searches. Local searches involve establishing whether the property is subject to local authority proposals, leases, mortgages, land tax, susceptibility to flooding or subsidence, or liability for unsound building structures and repairs, and other aspects. In addition to this, there are some other duties which this type of solicitor will be involved with on a daily basis, such as:

• communicating with buyers, sellers, estate agents and local authorities regarding all aspects of the property sale or purchase.

• Liaising with mortgage lenders and other financial institutions to establish that the required finance is available.

• Obtaining and checking Land Registry documents and property title deeds.

• Helping to speed up the exchange of contracts and complete the transaction in a timely manner.

• Preparing the home information pack (HIP) if it is required.

Conveyancing Solicitor Qualifications

Under normal circumstances, candidates will be expected to have attained an honours degree at 2:1 level or a first. Those graduates who have a foundation degree or an HND, will not usually be considered to be suitable candidates. However, people with lower qualifications, can enter an appropriate training programme by qualifying as a Legal Executive first.

Graduates from all subjects, not just those with a law degree can become solicitors. Those people who haven’t studied for a law degree will need to complete a one year Common Professional Examination (CPE) or Graduate Diploma in Law (GDL).  Many firms will acknowledge the experienceand usefulness which can be obtained by working in another profession, or having a degree in another subject.

After achieving either a law degree or the CPE/GDL qualification, candidates will then have to take the Legal Practice Course (LPC).  After this, they will begin the two-year training contract with a law firm.  After this, they can become fully qualified as a conveyancing solicitor.

Conveyancing Solicitor Personal Qualities

This type of legal work requires that a conveyancing solicitor must be highly organised, and have the capability to work to tight deadlines, and work well when under pressure. They also need to be commercially aware, and be able to process large amounts of information quickly and accurately, and so will require strong analytical skills.

Solicitors often work within teams, and because of the amount of contact they have with clients, financial institutions and local authorities, theyhave to have excellent teamwork, interpersonal and communication skills.

If you think that you could be a Conveyancing Solicitor, what are you waiting for?

Discover more about the work of a Conveyancing Solicitor and a Commercial Property Lawyer at EADSolicitors.co.uk

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What else do they do, another view?

Conveyancing solicitors are extremely busy people, often dealing with a number of different cases at any one time. They are also incredibly important if you want the process of selling, buying, or remortgaging your house to go smoothly. It helps to understand the sort of work a conveyancing solicitor does before you hire on, and it can also help you understand the type of conveyancing you will need for your particular situation. A conveyancing solicitor could deal with either commercial conveyancing or residential conveyancing. The former is primarily for firms and businesses looking to buy office space for example. The latter deals with the consumer side and with those people looking to buy, sell, or remortgage their house.

The firms that you find on the high street will generally be dealing with the consumer side of things, or potentially small to medium sized businesses. These are the firms that you want to look out for to help you with the process you are about to embark on. These sorts of firms can also be found online, which can be a much easier way of finding a conveyancing solicitor than trekking around your local town! You probably won’t find too many commercial conveyancing firms on your local high street, but you really don’t have to worry about them unless you’re looking into big business.

To start with, you’ll want to contact the conveyancing solicitor with a simple letter explaining your needs. The solicitor will then get back to you with a letter talking about the different aspects of the process and their fees or charges. Once you have accepted their conditions you will want to confirm the agreement formally by writing a letter explaining your acceptance. Once this has been done, you’ll need to supply your solicitor with all the relevant information for your house and any other details that they may need. This is where something like a home information pack comes in handy, because it’s important your solicitor knows exactly what is going on.

The solicitor will then take charge of the handover between the prospective buyer or seller of the property, and will get in touch with the solicitor of the other party. The two solicitors will then formalise an agreement based on all the information both parties have available. The seller must then provide the deeds of the property in order to ensure a quick handover. Any other registry papers must also be handed over to the other party. Once this has been done, your conveyancing solicitor can then draw up a contract which will be signed by both parties; initially he will draw up a draft which can be seen by everyone involved, before a more formal version is finalised.

Once the contract is signed, the process is pretty much finished and all that remains is for a date to be organised for an official transfer of ownership. Once this is done, and assuming everything has gone smoothly, you should be able to move into your new home right away! As you can see, a conveyancing solicitor can be an extremely valuable asset as the complicated process can be overwhelming to begin with.

Conveyancing is a something best left to a professional conveyancing solicitor. Locating a solicitor to carry out your conveyancing can be tricky, and the fees vary greatly with little difference in service to warrant the price differences! So why not compare conveyancing fees online visit Homes On Sale Conveyancing to get the best deal.

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Buying or leasing a commercial property today can become hassle free only when the buyer knows their property law well. Even they are not familiar with the latest news they need correct legal advice. Our commercial property department is experienced in dealing with commercial property transactions including sales, purchases, assignment of leases, purchases of businesses of going concern and sales and lease back transactions. We provide commercial property solicitors for various different sales. One can get expert advice only with a specialized property lawyer. For property transfer we provide a Conveyancing Solicitor too. At Duncun & Lewis we have been assisting landlords and their clients to run business in harmony without any litigation.

Normally, real estate agents in areas recommend commercial property solicitors who they know. They know the area and are knowledgeable about the laws concerning related properties. Many businesspersons try to reduce the hassles by trying to circumvent legal hassles by only relying on the brokers’ advice. The title of the lease or plot has to be clear. But the right option is to engage commercial property solicitors for it. When you approach a commercial property solicitor at our firm they will take into account the compete details before any sale or purchase or any other transaction is made.

Too much emphasis is being given on the protection of the tenants now. A new code was introduced for leasing business premises in UK in March 2007. Sometimes lack of knowledge and not giving due importance to property lawyers can land businesses in trouble. For every negotiation, we make sure that property conveyancing is done easily, with able assistance from a conveyancing solicitor. A conveyance is a deed (legal document) that conveys a house from the vendor (seller) to the buyer, thereby transferring ownership. For transferring the property in the name of one person to another especially in business premises requires legal assistance. We take it to our credit that we have handled successfully, many such cases.

Consider a commercial property solicitor from our firm as an insurance policy against bad decisions. Property owners today do not want long-term tenants and this could mean that some tenants will protest. Tenants whose business depends on the volatile markets tend to take shorter legal routes. The lease term is important and we are aware of the technical issues faced by our clients. We charge reasonable fees but make sure you remain in business. This is our priority. If are looking for knowledgeable commercial property solicitors or conveyancing solicitors, log on to duncanlewis.co.uk. Find a wealth of information here apart from the best solicitors.

Sridhar is an experienced writer with expertise in Conveyancing Online, Conveyancing Quote and other House conveyancing [http://www.duncanlewis.co.uk/residential.htm/].

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Conveyancing solicitors are experts in providing legal representation for refinancing, selling as well as buying a property. The advantage of using conveyancing solicitors is that they are good at negotiating and can negotiate with other parties to get you the cheapest conveyancing quotes in the market. A good conveyancing solicitor will help you in speeding up the transaction.

Why use an online conveyancing solicitor? Firstly, online conveyancing is inexpensive. Secondly, it will eliminate the need of physically meeting your solicitor. There are certain things to take care of while choosing a solicitor.

Choosing the Right Firm

Selling a residence!? Or selling a Commercial Space!? You need to look for firms that specialise in buying and selling specific properties. Many firms specialise in other areas as well such as family, divorce and litigation. Make sure that they have a separate “property buying and selling” team before you take any kind of conveyancing assistance from them.

Choose a Listed Firm

Make sure that the company is credible! Choose a company that has its name listed with The Law Society and only employs qualified and licensed conveyancing solicitors. If you have chosen a firm that doesn’t show up in this list then go for another one that’s listed.

Evaluate Your Access Options

A good Conveyancing firm will start by providing you an online conveyancing quote. Aneven betterone will let you track the status of the claim you’ve made through the internet with the help of Short Messaging Services (SMS). Security is a big concern and shouldn’t be left unattended to. For the purpose of securing your privacy, it’s necessary for conveyancing solicitors to provide you with a username and password for accessing private information.

Conveyancing Quote

Different conveyancing companies offer different payment options. Firms that ask for a one-time fixed fee are the best. Make sure that your conveyancing quotes do not include any hidden charges such as inspections and stamp duty.

You need to have the option to back out from any kind of financial obligations to the company, in case the sale of your property does not come through.

Lastly, you need to beware of firms that are going to charge you on a per-hour basis. These kinds of firms are known to escalate conveyancing bills unnecessarily. These firms commonly include all kinds of unnecessary payments on your bill such as cost of paper and telephone expenses etc.

Making a Commitment

The company is going to send you a client care letter. Check it properly before you sign it and return it. After you sign it, you will enter into a legally binding contract with the firm.

Online conveyancing is big in UK. It’s convenient, saves time, and is comparatively inexpensive than conventional conveyancing methods.

For any help on Cheap conveyancing online, check out the info available online; these will help you learn to find the Cheap conveyancing solicitor!

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More information about cheap conveyancing:

Buying and selling property involves a lot of paperwork. It also incurs a lot of expenses. Whether it is changing your mortgage lender or hiring a solicitor for the process of conveyancing. One way to cut costs is appointing a cheap conveyancing solicitor but one would compromise on quality of the services.

Cheap conveyancing refers to the low fees charged by the solicitors. But in most of the cases there are hidden charges which are imposed on the clients when they have already signed the contract. And obviously the client does not have any option but to pay the extra fees.

But the authentic solicitors are also available if you take a little bit of extra care when you choose your solicitor. The fees of these solicitors may initially seem to be high than many other solicitor’s available but their services will definitely be high on quality. The other very important benefit of hiring these solicitors is that there will be no hidden charges.

Conveyancing quote of the solicitors or the firms should be stated in detail. There must be a step wise price break up of the total charges. The customers must know how much are they paying for each procedure. So that one does not feel that they are being charged more than the original price.

One can check whether they are getting all the services that is involved in the transaction of the property otherwise the solicitors can charge extra for the services that have not been mentioned in the contract. And one cannot do without these services as they may be the necessary ones for the transfer of property.

Cheap conveyancing online

Most of these online conveyancing quotes do not reflect all the charges that are involved. Therefore before signing the contract asks the solicitor about the extra charges that may be incurred during the process of property transfer. So that you may have an estimate of the approximate cost of the conveyancing.

Some of the websites do state all the charges that will be involved in a particular type of transaction. All you have to do is follow some simple steps which are listed below:

• Log on to these sites and choose whether you want the commercial quote or the residential quote depending on whether your transaction is commercial or residential in nature
• You will then have to fill in some of the details regarding your transaction
• You then get a step wise breakdown of the charges with reference to the conveyancing services you will be provided. This leaves no room for any misguidance in case of the charges.

Therefore don’t go for the lure of cheap services as they are a trap. You will always end up paying more for their services.

For any help on online conveyancing quote, check out the info available online; these will help you learn to find the Conveyancing quote!

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In the technological world we are living in today, almost anything can be done online, and conveyancing is no exception.

Conveyancing is the legal term for the process of transferring ownership of a property between two parties. A conveyance is legal document known as a deed that conveys a property from the seller (or vendor) to the buyer.

Property conveyancing is usually carried out by a solicitor, a licensed conveyancer, or, in Scotland, a solicitor’s agent. It is possible to carry out your own conveyancing, but for most people this is not advised. Some estate agents offer in-house conveyancing services, although it is usually wiser to engage an independent solicitor in order to avoid any conflict of interest.

Finding the right conveyancer can be laborious and time consuming and therefore online conveyancing can be a quicker, easier and often cheaper option. There are many benefits to using an online service. Geographical location of the conveyancer is irrelevant as everything is done online eliminating the need to meet at the conveyancer’s office and saving you time.

Many online conveyancers operate a “No move, no fee” policy, ensuring that the user is not liable for any cost other than those occurred on your behalf.

There are 3 types of online conveyancing services:
1) Conveyancing factories. These are usually low cost, large volume solutions. Due to the mass conveyancing approach taken, call centres are often used and communications may suffer.
2) Specialist firms. These are usually more expensive but offer an excellent level of service.
3) Conveyancing brokers. These are similar to insurance brokers as they have access to many services and companies. Once the customer has provided their details, the most appropriate conveyancer will be determined.

It is important to ensure that the online service you choose is regulated by the Law Society and is covered by indemnity insurance.

The online conveyancing process begins with the customer seeking an online quote and deciding to instruct the conveyancer to proceed. The conveyancer will then write to confirm the instructions and send a “welcome pack” which outlines the whole process. The customer is allocated a member of the conveyancing team and given contact details, both telephone number and email. Very often, an online conveyancer will be available to deal with any queries at weekends and evenings, unlike traditional office based services. Most online conveyancing services will provide you with password protected instant updates, by email or SMS, allowing you to keep track of the progress of your case 24 hours a day, seven days a week.

The conveyancing process should involve the following:

1) Verifying ownership of the property and ensuring that a good title is obtained. Title refers to a bundle of rights in a property and is distinct from possession, which can accompany ownership but is not necessarily enough to prove it.
2) Carrying out local authority searches.
3) Ensuring that the land has been registered and checking the existence of any restrictive covenants. Restrictive covenants refer to the restriction of anything from the height or size of building, to the materials used in construction.
4) Ensuring that any planned alterations has necessary planning permission, building licenses, and that they have a warranty.
5) Checking that any debts against the property are cleared before contract exchange.
6) In leasehold properties, the lease and its clauses are checked.
7) Drawing up a contract of sale.
Registering the title in the name of the new owner after the property is sold.

All of the above steps are done online which cuts down on overheads and therefore offers a cheaper conveyancing solution.

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Additional information:

Unlike in the physical world, availing cheap conveyancing services is a simple process! One reason for that is that you won’t need to physically get in touch with your solicitor. Everything can be handled from the comfort of your own living room or office. Online conveyancing works and works faster than you expect it to.

Here is a general best procedure for online conveyancing:

The General Practice

Once you’ve selected a conveyancing service, you can visit their home page to read about conveyancing quotes as well as solicitor reviews. You may either choose a solicitor you want to work with or the company will appoint a suitable solicitor for you. As we’ve already mentioned, the best thing about online conveyancing is that you do not require personal meetings. The solicitors need not be near to your house or work place as well.

All communication between you and the conveyancing firm will happen through telephone, e-mail or by post.

Conveyancing Quotes

Now that you’ve selected a solicitor, you will be asked to fill in a small form in order to get you the best possible conveyancing quote available on the internet. We hope you know about the hidden fees involved! Make sure that the company guarantees its services sans any hidden charges.

Most firms will be transparent enough to give you a complete breakdown of all that is involved.

Contacting Your Solicitors

Most conveyancing firms are open for at least 10 hours a day, every day. If not, make sure that you have an alternate medium to contact your solicitor on off days. You will be able to contact your solicitors through telephone, e-mail as well as by post. Most people prefer making contact through phones. As you can see, this is not always possible. In such a case, most company will have other executives to take your call and forward your queries to your solicitor who will get back with you during office hours.

Besides all these facilities, you will also receive regular updates on your transactions through e-mail or SMS. It’s better to avail services from a company that allows you a single point contact with a dedicated solicitor.

Sealing the Deal

Having agreed on a conveyancing quote as well as a solicitor, you will be sent a conformation email, a soft copy proof for you and the company confirming the name of the solicitor you’ve chosen or has been appointed to you with a breakdown of the price upto the last detail.

Essential paperwork will be sent out to you. You will be required to go through it, accept the terms and conditions, sign it and send it back to the solicitor.

Steer clear of call-centre based conveyancing solicitor firms!

For any help on Cheap conveyancer, check out the info available online; these will help you learn to find the Cheap conveyancing!

Article Source: http://EzineArticles.com/?expert=Brad_Marc

Here we’ve set out the conveyancing process from the point of view of the seller:

Offer to exchange

1. Instruct your conveyancing solicitors

2. Your conveyancing solicitors will send you a client care letter, which you should sign and return, together with proof of identity and details of your current mortgage

3. Your solicitors will send you:

• Fixtures, fittings and contents form
• Property information form
• Leasehold property information form (if applicable)

Complete these forms (with help from your solicitor) and return them, together with:

• any building work guarantees you have
• any planning permissions or building consents you’ve been granted

4. Your conveyancing solicitors will obtain your:

• Title deeds
• Land Registry Office Copies

If your property is leasehold they will also ask your management company for:

• service charge accounts for the last 3 years
• estimated costs for the next 12 months
• building insurance details
• a copy of the lease

5. Your conveyancing solicitors will prepare the draft contract (which is subject to negotiation)

6. Your solicitors will compile a contract pack and send it to the buyer’s solicitor

7. Your solicitors (with help from you) will answer questions from the buyer’s solicitor about the contract pack and contract negotiations (if any) will take place

8. The buyer and seller, through their solicitors, will negotiate a target completion date, which will be added to the contract

9. Once the buyer’s searches and enquiries have been completed satisfactorily and once any contract negotiations are finished you are ready for exchange

10. You and the buyer will each receive a copy of the contract to be signed and returned to the respective solicitors

11. The solicitors will then “swap” the contracts – this is the exchange part

12. At the same time, your solicitor will receive the buyer’s deposit, which will be held on your behalf, pending completion

The contract is now legally binding. If the buyer backs out now they may lose their deposit unless they entered into it because they were misled.

Completion

1. Your conveyancing solicitors will confirm with your bank the redemption payment required to pay off your current mortgage.

2. Your solicitors will receive a transfer deed (TR1) from the buyer’s solicitor. Your conveyancing solicitors will check it and forward it to you to sign and return to them as quickly as possible.

3. On the day of completion your solicitors will receive the outstanding balance of the purchase price from the buyer’s solicitor. They will then:

• send the title deeds and transfer deed to the buyer’s solicitor
• make the redemption payment to your bank to pay off the outstanding balance of your current mortgage
• pay themselves (if you have given them permission to do so)
• pay the balance to you

Once payment has been received and the mortgage redeemed your conveyancing solicitors will confirm to you that it is safe for you to hand over the keys to the buyer. Congratulations – you’ve completed!

Conveyancing Solicitors dot info review the UK’s leading Conveyancing Solicitors so you don’t have to. Click here now for your FREE, instant, no-obligation Conveyancing Quote.

Article Source: http://EzineArticles.com/?expert=John_A_Tighe

Additional info

If you’re thinking about moving house, then you’ll need to know a bit about residential conveyancing, so that you can make sure that you get the services you need, and can buy or sell your home with the minimum of fuss and delay.

Here’s what you need to know.

1. Buying and selling home is likely to be the biggest investment and commitment you’ll ever make. Getting it wrong will be expensive and could leave you massively out of pocket.

2. Most people will only ever need a solicitor when buying or selling a house, and might not be familiar with the legal processes involved, or what to look out for.

3. It can be hard to choose the right solicitor. You might want to choose a local solicitor, or your normal solicitor, or perhaps you’ll choose a firm of solicitors that specialise in residential conveyancing, and will know exactly what you need.

4. Moving house can be very time consuming. There are lots to go through, such as various structural surveys and checks regarding boundaries and much more. A committed solicitor will keep you informed of the situation, and what you can do to speed things up. You don’t want to waste your time having to keep ringing your solicitors in order to find out what’s going on.

5. Landlords and tenants can use a residential conveyancing solicitor to make sure that tenant agreements are legally binding, or what to do if tenants stop paying rent. This means that it should be easy to make sure that rent agreements are not unfair, and that tenants would have no reason not to pay their rent.

6. You might want to know more about land registry and property deeds. Perhaps something has come to light and you want to make sure that you are entitled to be using the land, or making changes to your property.

7. If you’re considering buying additional land, perhaps adjacent to your property or are looking for land to build on, then you’ll want a residential conveyancing solicitor to help you through this process.

8. Maybe you’re considering equity release, and want to know more about it, and if it’s the best option for you. Releasing the equity value of your home might be a good way for you to enjoy your retirement. A residential conveyancing solicitor will be able to advise you, and point you in the direction of the right financial advice.

9. If you need help with home building or contents insurance, then your convenyancing solicitor will be able to help you.

10. You might need assistance finding the right mortgage or estate agents to help you buy or sell your home. Perhaps you’re new to the area, or have specific mortgage requirements.

Now you know about what’s involved in buying or selling your home, or being a landlord or tenant, and the sort of assistance you might need, perhaps now is the time you need Residential Conveyancing.

If you’re thinking of moving home, why not find out more about the Residential Conveyancing and read the Residential Conveyancing Advice offered by Lees Solicitors, at Lees.co.uk today?

Article Source: http://EzineArticles.com/?expert=M_James

Ten Tips for Choosing a Conveyancing Solicitor

Choosing your Conveyancing Solicitor when you move home is a daunting task. Moving a home can be a stressful time. But who will be right for you. Here are ten steps to choosing your Solicitor for Conveyancing.

1. Listen to friends and family who have been moved home recently. Who did they use would they recommend their Conveyancing Solicitor to you?

2. Don’t be bullied by your Estate Agent into using their preferred lawyers. Many corporate estate agents are incentivised and in some cases disciplined if they do not gain a Conveyancing Instruction when they take a property onto the market for sale.

3. Do the research. Google, Bing and Yahoo are your friends. Type into Google “Conveyancing Solicitors in Chipping Sodbury” for example as a starting point in your area. Some Solicitors who specialize in Conveyancing have a vast amount of information already for free to guide you through the home buying process

4. A local Conveyancing Solicitor will know so much more about your area than a so called “national” Conveyancing firm. For example a local solicitor should know about planned developments in their area, which have not yet been the subject of a formal planning application. In Chipping Sodbury there is a planned application for a Waitrose Supermarket, yet there will be no record of a formal application until later this year.

5. Price is a factor, but should not be your sole reason for choosing a Conveyancing Solicitor. “Bucket Shop” Conveyancing was in the news just before Christmas when a firm in the North West had 5 solicitors suspended for alleged financial irregularities. This firm was heavily promoted for cheap Conveyancing. Many disgruntled clients complained of poor or non existent communication, and felt strongly enough to voice their frustration on the internet.

6. This leads on to the very important question of communication. How and by what means do you wish your Conveyancing Lawyer to contact you. This should be established before you instruct your Conveyancing Lawyer. If you want to hear once a week or every other day this should be demanded. At the very least will they guarantee that all your telephone calls will be returned by the end of the day

7. You should demand a full breakdown of all the costs involved with a guarantee of no hidden extras. The biggest source of complaint against solicitors in general is in the nasty final bill shock with legal fees which were not anticipated or expected. Your Conveyancing Solicitor may not have all the information about your matter at the beginning of a transaction, but must be able to give you a fixed price guarantee for any matter which might occur.

8. Can your Conveyancing Solicitor provide you with testimonials? These will be either on their website or available in Google Local.

9. If your Conveyancing Solicitor says we value you call when you ring yet do not have anyone to answer the call and you are put in a queue. Avoid like the plague

10. Will I get on with the Conveyancing Lawyer and the firm? How was I treated when I first contacted them? Courtesy and engage are rarer than you might think. If you like your lawyers and they are nice people, your transaction is likely to go very smoothly. Conveyancing Solicitors despite some popular opinion to the contrary are human beings as well.

Paul Hajek has been a lawyer for 27 years

He has been managing partner of Clutton Cox Solicitors in Chipping Sodbury, Bristol, South Gloucestershire for the last 24 years.

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Three things to look for

Good Conveyancing Solicitors are vital for a successful property transaction so how do you make the right choice?

Here are the top 3 things to look for:

1. A “No Completion No Fee” guarantee

2. “Fixed Fee” quotes

3. A firm that will “match any quote”

Let’s look at these in a bit more detail to see why they’re so important:

1. A “No Completion No Fee” guarantee

This means if the sale falls through you don’t pay a penny.

And since poor legal work is a key reason for sales falling through you want to protect yourself.

If a firm offers a “No Completion No Fee” guarantee and the sale falls through they don’t get paid. This is the best incentive there is for them to do a good job, as law firms hate not getting paid!

Most solicitors will never make this offer so what does it say about a firm that does? It says that they are very confident that they will do a good job and that the transaction will be successful.

2. “Fixed Fee” quotes

The second thing to look for is a “Fixed Fee” quote.

This means that however long your transaction takes you have the “peace of mind” of knowing how much you’ll be paying at the end.

And with no hidden costs you don’t have to worry about solicitor’s letters at £50 a time – you’ve capped your exposure.

As a bonus, it also incentivises your conveyancing solicitors to get everything right quickly and first time, since if they drag things out they’re costing themselves money. Since speed can often be vital in getting your sale or purchase through successfully this is a real advantage.

3. A firm that will “match any quote”

This guarantees you’ll get the best possible price.

Together with a “Fixed Fee” quote it’s a powerful way of getting a great deal. It means you won’t have to pay any more than you need to.

Finding your Conveyancing Solicitors

Finding a conveyancing firm that offers all these three things is easier said than done, for the simple reason that they’re very rare!

Even searching for online quotes is not always the best answer as the quotes are only as good as the solicitors that are linked to the website you’re using.

But, if you can find a conveyancing firm that meets all three of the criteria set out above then the chances are that the conveyancing side of your transaction will run smoothly and you’ll pay a lot less than the average buyer or seller.

We review the UK’s leading Conveyancing Solicitors so that you don’t have to and we ONLY recommend firms that meet the criteria set out above.

Click here now for your FREE, instant, no-obligation Conveyancing Quote

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Acceptance

When you are offered and accept a mortgage offer from a lender this is what you need to sign and return.

APR

Stands for ‘Annual Percentage Rate’ relating to interest on a loan

Applicant

The term used by an estate agent to refer to you when you are a potential buyer of a property.

Appraisal

When selling your house an estate agent will ‘appraise’ your property to determine a current value for it.

Arrangement Fee

Some lenders may ask for this fee for providing or ‘arranging’ a loan

Assignment

The transfer of ownership from one person to another. For example if you buy a leasehold property ownership is ‘assigned’ to you via the contract.

Base Rate

This is the lowest rate of interest a bank will charge when it lends you money and is used as a benchmark to set interest rates for borrowers. This rate set by the Bank of England and is reviewed several times a year. Lenders will charge borrowers a margin above the base rate.

Bridging Finance/Loan

You may need ‘Bridging Finance’ if you are buying a new property before selling your current house. This is to ‘bridge’ the gap before you have sold your property so as to complete the buying process of your new property before selling your existing home.

Broker

This is a person who advises on mortgages and loans, known as a ‘mortgage broker’

Capped Rate

The maximum set interest rate you will pay on a mortgage for a set period of time. This means that the interest rate cannot go higher than the capped rate during the specified time period, usually the first few years of the loan.

Chain

This refers to a sequence of buyers and sellers. Most people who sell their homes are also buying at the same time. There can be a ‘chain’ of several buyers and sellers, each dependent on each other for the sale and purchase of their new homes. If one buyer or seller drops out the whole chain may collapse, leading to a domino effect where the paperwork for several properties is delayed or cancelled altogether.

Chain Free

This is when the owner of property doesn’t need to sell the property in order to buy another, thus it is offered chain free.

Collateral

Your house is ‘Collateral’ when used as a guarantee you will repay a loan to your lender. If you do not keep up with repayment your house could be sold by the lender to get back the money they have loaned you.

Completion

This is the final stage of the property buying process – when the agreed sale price has been paid by the buyer to the seller. Legal ownership has been transferred from the seller to the buyer of the property.

Contents Insurance

This insurance is taken out to cover/protect personal belongings that are in your home.

Contract

This is the agreement that once signed by the buyer and seller binds both parties to the sale and purchase of the property.

Conversion

This can refer to a property that has had the loft converted into a room, or a house that has been converted into flats.

Conveyancing

The name of the legal process that transfers property ownership from the seller to the buyer.

Covenant

A requirement by law on the owner of a property to either do or not do something with their property.

CAM

Stands for Current Account Mortgage

CCJ

This stands for County Court Judgement. If you have a judgement against you for defaulting on a debt it may mean you are turned down for future loans or pay a higher interest rate.

Deeds

The legal documents regarding a property.

Default

This is a term used when you do not do as you agreed, eg. failing to make a mortgage payment. If you fail to make mortgage payments (or default), your home could be repossessed.

Delayed Completion

Typically completion takes less than 28 days after the exchange of contracts. If it takes place after 28 days then it is called ‘delayed completion’

Deposit

In terms of mortgages a deposit is the initial lump sum payment the buyer contributes towards the total purchase price of the property.

Disbursements

This is another word for the legal costs involved with purchasing a property.

Discounted Rate

This type of mortgage has an interest rate lower than the lender’s Standard Variable Rate (SVR).

Early Repayment Charge

This is a charge or ‘fee’ payable if you pay part or all of your mortgage off earlier than agreed. This is used to compensate the lender for interest that would have been paid if the mortgage had run for the full time period agreed.

Equitable Interest

When a person has some legal rights to a property but not including sale of the property.

Equity

This is what you actually own – it is the difference between the market value of your property and the amount of the loan you still owe to the lender.

Exchange of Contracts

This is the point at which the buyer and seller are legally bound to complete the sale.

Execution Only

A service with no advice, just carry out the orders of a customer.

Fixed Rate Mortgage

A mortgage which has a ‘fixed’ rate of interest for a set period of time.

Fixtures and Fittings

These are items in a house that are included in the sale. For example lighting fixtures, carpets and so on – these should be agreed / confirmed before a sale.

Flexible Mortgage

As the name suggests this mortgage is flexible in terms of how you pay the loan back. An example could be that it allows you to make overpayments or pay off your mortgage early.

Freehold

Complete ownership of a piece of land and the property that is on it.

Gazumping

This is when a vendor (seller) accepts an offer but later rejects it to accept a higher offer by another buyer.

Gazundering

This is the opposite of gazumping – when the buyer threatens to pull out just before the exchange of contracts if the price is not reduced.

Gearing

Using loaned funds to progress investments. For example, buying a house with a small deposit and the rest with a mortgage and then selling the property on at a higher price, making a profit.

Ground Rent

This is rent paid annually by the leaseholder of a property to the owner of the freehold. Usually it is paid to the owners of the land on which the property/properties are built.

Guarantor

A person who agrees to guarantee that they will pay a debt or loan if you default on payment.

Home Information Pack ( HIP )

Also known as a ‘Sellers Pack’ this will be a mandatory Survey from the 1st of June 2007 to be produced by a home owner or selling agents via a home inspector before a property can be put on the open market. The aim is to help improve the process of buying and selling a home, it is part of the conveyancing process and will include detailed information about a property.

IFA

Independent Financial Adviser

Instruction

This is when you give an estate agent ‘Instructions’ or the right to sell or let your property.

Joint / Multiple Agency

This is when you instruct more than one estate agent to market your property.

Land Certificate

The certificate that proves ownership of land issued by the land registry.

Land Registry

A government office that stores records of land ownership and any charges like a mortgage.

Lease

A legal document detailing an agreement made between a freeholder and those occupying their property for a specified period of time. It lists all the conditions which the leaseholder must abide by and what the landlord’s responsibilities are.

Leasehold

Land or property is ‘leasehold’ when the owner has to pay the freeholder an annual sum of money.

Lender

A person or company that lends money for an agreed time period. They expect to have the money repaid back with interest added – your mortgage company is a lender.

LTV

Loan To Value

Maintenance Charge

A landlord charges for the annual maintenance of a property which should be agreed in your contract. This includes keeping the outside of the property in good order and gardening services in communal areas.

MIG

Mortgage Indemnity Guarantee – an insurance premium some lenders may need you to take out on certain mortgages.

B>Mortgage

Money borrowed from a lender to buy a property. The borrower agrees to use his or her property as security against it until the loan is paid back.

Mortgage Deed

A document which has the details of a mortgage arrangement.

Mortgage Offer

An offer from a lender which details the terms and conditions of a loan.

Mortgagor

The individual who is borrowing money for the purpose of buying a property.

Negative Equity

When you owe more than the market value of your property, or have paid or are paying back more than a property is worth.

Offer

An offer, usually below the asking price, you make on a property.

OMV

Open Market Value – the value a property can achieve when there is a willing buyer and seller.

Redemption

This is the moment when you pay off your mortgage

Registered Land

Land including any property on it that is registered with the land registry.

Right Of Way

The legal access to a piece of property so as to access your own property.

ROI

Return On Investment – how much you get out of what you put in.

Searches

The process of finding out if there are any unwanted effects now or planned for the future on a property.

Sole Agency

When a single (sole) estate agent has been given the right to sell or let a property.

Stamp Duty

Tax paid to the government on the purchase price of property.

Subject To Contract

The point at which both parties are free to pull out of an agreement before exchange of contracts.

Survey

A survey is the report produced by a building surveyor for the purpose of determining the value of the property and if it is structurally sound.

Tenant

A person or persons (can be a company or organisation) who is entitled to occupy a property under the terms and conditions of a tenancy agreement.

Tenure

The type of ownership of a property such as Freehold or Leasehold

Title

The legal right to ownership of a property.

Title Deeds

A Document that shows ownership of a property.

Under Offer

When a property has had an offer accepted but contracts have not been exchanged.

Valuation

A service by an estate agent or independent expert to determine the value of a property in the current market.

Vendor

The person who is selling a property.

This is meant as a general guide and should not be seen as legal advice.

Bridging Loan – a bridging loan is a short term loan taken out to bridge the gap between buying a new home and selling an existing property. The loan bridges the gap between the sale of the two homes in the housing chain and eases the completion of the purchase.

Chain – the property chain refers to the sequence of sales that must take place before an individual property transaction can take place. Since most people selling their home will also be buying a new property there can be a chain of buyers and sellers each dependent on each other. If one buyer or seller drops out the whole chain may collapse.

Completion – completion in property sales refers to the point when contracts have been exchanged and ownership of the property has been legally transferred.

Conveyancing – conveyancing is the legal process that must be completed for the transfer of ownership of the property to take place. Conveyancing work is usually performed by solicitors.

Endowment Mortgage – an endowment mortgage is a type of mortgage where the property buyer makes monthly payments into a life assurance (endowment) policy. At the end of the loan period the mortgage is paid off in one lump sum.

Energy Performance Certificate (EPC) – the Energy Performance Certificate is a document showing the current energy rating of a property as well as suggested ways in which the energy rating could be improved. The EPC is a compulsory part of the Home Information Pack.

Estate Agent – a professional who acts on behalf of a person selling their home to find a buyer for the property. The estate agency service includes valuing the home, advertising and arranging viewings.

Fixed Fee Estate Agent – fixed fee estate agents a new type of property agent that offer to sell homes for a fixed fee. An alternative to traditional estate agents that set their fees at a percentage of the value of the home being sold.

Gazumping – a common practice in property sales where the seller of the home accepts one offer to buy the property but later rejects it to accept a higher offer by another buyer.

Home Information Pack (HIP) – recently made compulsory in the UK the Home Information Pack contains a series of documents relating to a property being sold. The HIP is designed to assist potential home buyers by making important property information available at an early stage.

Land Registry – the land registry is a government office that stores records of land ownership. Updates to the registry are typically performed by solicitors who register new owners of a home.

Negative Equity – a situation where the mortgage being paid on a property is of a higher amount than the actual value of the home. This means that the home owner has paid or will pay back more than what the property is worth.

Repayment Mortgage – a type of mortgage where monthly repayments cover both interest and capital so that the amount outstanding will gradually decrease until the mortgage is fully repaid at the end of the agreed term.

Stamp Duty – a government tax charged when a property is sold. The actual rate of taxation will vary according to the value of the property.

Title Deeds – the title deeds are documents showing the past and present ownership of a property.

WOW Property are a group of UK online estate agents helping you to sell your home.

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