August 13, 2013 | Posted in:Conveyancing
Fixed Price Conveyancing
When buying a new home your budget is going to be stretched to the max. You will want to try to save some money to pay for removal costs and new items for your brand new house. Knowing how much your conveyancing costs are going to be from the outset will help you maintain a budget. You can find fixed price conveyancing quotes on our website. We will supply you with a number of quotes from top property solicitors who provide a no sale, no fee, fixed price.
You can choose to pay the costs as you go along. With fixed fee conveyancing you get a figure from the outset before the work begins. By doing it this way you will know what the costs are to complete the property legal work. This will stop any expensive surprises and give you the peace of mind so you have less to worry about.
All of our conveyancers offer fixed price conveyancing and all the quotes provided will give you a full breakdown of cost. This will ensure that the transaction runs smoothly and is the most cost-effective way of managing your money.
Being part of a chain and common causes of delays.
One of the most commonly asked questions about conveyancing is “How long will it take?” In truth, there is no way to answer this question accurately at the beginning of the conveyancing process. All sales and purchases involve dealing with a number of different people and agencies, all who have their own workloads, responsibilities and agendas. Any of these people can cause a hold up. Not only this, but most sales and purchase a part of a chain, meaning that delays can occur that are completely out of your hands.
On average, most conveyancing solicitors estimate that it takes about 8 to 12 weeks for a sale or purchase to complete. However, the actual amount of time any given conveyancing transaction takes can range from one week to over a year! The time taken to reach exchange and completion is often significantly reduced if the transaction involves:
- No chain: a chain comprises all the buyers and sellers involved in linked transactions. Remember that a sale or purchase does not only involve you and the other party involved in your transaction. If you are a buyer, the person selling the property will need somewhere to go when they vacate so that you can move in. They are usually making an onward purchase. They cannot complete the sale of their property to you until the seller involved in their onward purchase is ready to complete also.
- A cash buyer: Mortgage Offers are the number one thing that holds up conveyancing transactions. Mortgage lenders need to ensure that the property is worth the purchase price and that the buyer is likely to be able to meet the repayments. The amount of time it takes to issue a mortgage offer can vary greatly, but until the offer is in place contracts cannot be exchanged. If there is no mortgage involved and the buyer is paying cash, then this cuts out the need to wait for a Mortgage Offer.
What Delays Can Occur?
Generally speaking, the longer the chain, the longer the conveyancing process will take. This is because delays can occur at any point in the transaction, so the more linked transactions there are, the more chance there is of something going wrong somewhere in the chain. The whole chain can only move as fast as the slowest member.
Common causes of delays are the personal agendas of people involved in the chain. If one person is going on holiday, their transaction may not move forward for several weeks while they are away. Likewise, if someone is living in rented accommodation and has to give notice to move out, this can hold up everyone higher in the chain.
The other most common reason for delays is complications with required aspects of the transaction. For example, there may be boundary disputes, problems with the mortgage offer, bad survey reports, delays in obtaining searches or problems securing cleared funds. If any of the transactions in a chain suffers with any of these issues, the whole chain will be experience delays.
Fixed Price Conveyancing Quotes
At house conveyancing we believe in complete transparency and do not hide anything in the small print. If your property transaction has any unexpected problems arise that have not been taken into consideration when working out your fee, you will be contacted immediately. A fully investigation by your conveyancer will look into any problems or delays and make the necessary arrangements to resolve these issues. The price will be adjusted accordingly once you have approved any additional work.
You can find the best fixed rate fees for conveyancing in the UK on our website. Not only do we provide the best prices but all our solicitors offer top rate services.