Conveyancing FAQ

The term “conveyancing” is used to outline the legal process to transfer the ownership of land. At Lex Solicitors, our experienced conveyancing solicitors would handle with any legal aspects of either buying or selling of a property on your behalf. We would keep you updated with the entire process.

When it comes to the length of the process to the buying or selling of a property, there would be many factors that it could depend on for it to be finalised. The following is some of the key factors that it could depend on:

• How quick are the mortgage offers made?
• Are there any issues with regards to the title of the property?
• Where do the parties stand within the process?
• How efficient are the conveyancing solicitors?

 

At Lex Solicitors, we can assure you we would achieve the best possible terms of settlement ensuring we update with you with all stages of the process. Get in touch with our specialist solicitors by booking a free initial consultation or you could contact us on 01204 387310.

The term “stamp duty” refers to the Government tax on levies on the purchase of the land. Both a house and a flat could be required to pay a stamp duty.

It is important to consider the threshold of the property prior to the purchase of the property. If the property is bought beneath the threshold, SDLT would not apply and therefore there is no stamp duty required.

 

Current Stamp Duty = The threshold for residential properties is £500,000. This would change on 1^st April 2021.

The threshold for non-residential land / properties = £150,000.

 

Thresholds for SDLT from 1^st April 2021

£125,000 – Residential properties

£150,000 = non-residential land / properties

 

First time buyer

From the 1^st of April 2021, a discount will be in force in which there will be a decrease in stamp duty tax or no tax due. The following must be met for this to apply:

• You along with the person you will be buying the property with or first-time buyers
• Purchase price of the property is £500,000 or lower

 

Please see https://www.gov.uk/stamp-duty-land-tax for additional information.

A mortgage offer is made from a bank / building society in which they loan out money to an individual assisting them with purchasing the property.

A mortgage advisor could be used to instruct and advice you on the right mortgage with rates suiting your budget.

The process for conveyancing is complicated and difficult if completed alone. Our specialist conveyancing solicitors can assure you the process will be dealt with very smoothly to ensure we assist you with buying or selling of the property. Our specialist solicitors could advise and assist you with the following:

• Contractual agreements
• The preparation of documents
• Stamp duty cost
• Registration of the Land Registry
• Title of the property