We can recommend at very competitive prices, a solicitor to act for you to carry out your conveyancing, whereupon we can communicate with the licenced conveyancer/solicitor during the sale/purchase transaction. The same solicitor will act for both the sale of the current property and the purchase of the new property in most cases simultaneously.
As well as paying a solicitor or licenced conveyancer for the work that they do, you will have to pay the cost of land registry charges and various search fees. The solicitor will provide you with a full breakdown of the fees and all additional costs.
The process is conducted in two stages:
Exchange – Whereupon contracts through the chain are exchanged and your deposit is paid. There is no ‘turning back’ now, you are committed to complete on the sale. If you do pull out of the sale after exchange, significant costs are incurred as all parties in the chain will sue you, and you lose your deposit.
Completion - follows exchange and is the day that monies are transferred (through the solicitor) to pay for the property and once the sale goes through the property belongs to you.
Stamp Duty is a land and property tax payable on buying a property and applies to most properties under current legislation. Your solicitor will collect the stamp duty to pay to the inland revenue. The levels of Stamp Duty will be confirmed by your solicitor.
The FCA does not regulate Solicitors.