Q: How long does conveyancing take?

There is not set time frame for the conveyancing process , but it usually takes on average 8-12 weeks between hiring a conveyancer and moving into your home.

Q: How much does conveyancing cost?

While there is no set price for conveyancing , most homeowners will spend around an average £2,038 including fees and disbursements. If you’re a First Time Buyer this average £1,314 (Based on reallymoving data collected February 2024).

Q: How much does remortgaging cost?

There are many fees involved with remortgaging . Early repayment fees can cost 1-5% of your remaining balance and exit fees can cost £50-60. Mortgage valuations cost £300-1500. There will be extra fees if you’re moving to a new mortgage provider. You will also need to pay your conveyancer and mortgage broker if you use one.

Question 1

What is a conveyancer?

Accepted Answer

A licensed conveyancer is a legal professional who’s job it is to carry out the conveyancing process for you. They are regulated by the Council for Licensed Conveyancers (CLC).

You can also use a conveyancing solicitor, a trained solicitor who specialises in conveyancing registered with the Law Society and regulated by the Solicitors Regulation Authority (SRA)

Question 2

How long does conveyancing take?

Accepted Answer

There is not set time frame for the conveyancing process, but it usually takes on average 8-12 weeks between hiring a conveyancer and moving into your home.

Question 3

What are conveyancing searches?

Accepted Answer

Conveyancing searches (AKA property searches) are checks that a conveyancer carries out to find out information about the property. This can be to find out things such as whether planning permission will be granted or where there is access for vehicles.

Question 4

How much does conveyancing cost?

Accepted Answer

While there is no set price for conveyancing, most homeowners will spend around an average £2,038 including fees and disbursements. If you’re a First Time Buyer this average £1,314 (Based on reallymoving data collected February 2024).

Question 5

When do you pay conveyancing fees?

Accepted Answer

Conveyancing fees are often paid at the end of your property purchase. Once your deposit has been transferred, and your purchase completed, you&rsquo;ll receive your conveyancing bill.

Question 6

When should you remortgage?

Accepted Answer

Remortgaging for a better deal can restructure your monthly budget. Releasing equity with a remortgage could help you fund building work or a deposit on a new home. Remortgaging to higher repayments could also help you pay off the mortgage quicker.

Question 7

How long does remortgaging take?

Accepted Answer

The process of remortgaging a property usually takes between 4 and 8 weeks, but this can depend on the current property market and what time of year you do it.

Question 8

What's involved in the remortgaging process?

Accepted Answer

Remortgaging is not too different from taking out a mortgage when you first buy a property, as your conveyancer and broker will carry out many of the same processes and you will need to provide your ID and paperwork. If you switch early or too a new provider, there may just be extra steps.

Question 9

How much does remortgaging cost?

Accepted Answer

There are many fees involved with remortgaging. Early repayment fees can cost 1-5% of your remaining balance and exit fees can cost £50-60. Mortgage valuations cost £300-1500. There will be extra fees if you’re moving to a new mortgage provider. You will also need to pay your conveyancer and mortgage broker if you use one.

Question 10

How do I choose a great solicitor for my remortgage?

Accepted Answer

We recommend checking their experience in remortgages and asking for examples. You should check reviews online, and spend some time speaking to your potential solicitor, to see if they offer everything you expect.

Question 11

How does equity release work?

Accepted Answer

Equity release is essentially like lending someone your property (or a piece of it). You take money in exchange for it and pay that back once you no longer own it.
You don’t need to worry about negative equity using a Lifetime Mortgage, as they have a ‘no negative equity guarantee’. Whereas Home Reversion is best used later in life, when you have no intention of paying off a mortgage or interest.

Question 12

Can I still sell my house if I release equity?

Accepted Answer

If you are using a Lifetime Mortgage equity release, you can sell and move home, taking the mortgage with you or paying it off. With Home Reversion, you cannot move, as the reversion company now owns part of your property.

Question 13

How do I apply for equity release?

Accepted Answer

The best thing to do is to find a legal expert who knows about equity release, to make sure it&rsquo;s the right choice for you and your family. They can help ensure that you qualify, that it&rsquo;s in your best interest and that you&rsquo;re getting the best deal.

Question 14

What are the downsides to equity release?

Accepted Answer

With a Lifetime Mortgage you need to consider whether you&rsquo;ll pay back a monthly fee to cover the interest, or let it build up and be aware of whether the interest is variable or fixed. While Home Reversion limits you from moving unless you are going into a care facility.

Question 15

How much will setting up equity release cost?

Accepted Answer

In order to apply for equity release, you&rsquo;ll need both legal and financial advice, which could cost around &pound;1000, depending on the complexity of the case. Your solicitor is there to ensure you fully understand the product and the conditions it comes with. A financial advisor is there to confirm it won&rsquo;t leave you in a negative financial situation.

Question 16

What is transfer of equity?

Accepted Answer

A transfer of equity is the process of transferring property ownership from one person to another. This could be all or only part of the property equity.

Question 17

Do I need a transfer of equity solicitor?

Accepted Answer

You will need a conveyancing solicitor to complete equity transfer. They&rsquo;re able to support you with the legal requirements and processes involved. It's possible to complete some parts of the transfer without legal support, but not recommended.

Question 18

Transfer of equity Stamp Duty

Accepted Answer

Whether you pay Stamp Duty on transfer of equity depends on the 'consideration' and the nature of the transfer. For example, if the property is split equally between 2 people or not. Your solicitor can tell you if you will need to pay it.

Question 19

How long does a transfer of equity take?

Accepted Answer

On average, equity transfer should only take up 4-6 weeks. Usually, the main length of time taken is by the mortgage lender assessing eligibility. However, if you&rsquo;re transferring equity without a lender, it can be very quick.

Question 20

How much does transfer of equity cost?

Accepted Answer

Cost can vary depending on the situation. Usually, transfer of equity costs can be anywhere between £100-£500 plus VAT. Factors that affect the cost of a transfer include the property’s value, if you’ll need to remortgage, and solicitor fees.

Question 21

How do you qualify for enfranchisement?

Accepted Answer

To qualify for enfranchisement, both the premises and the tenants must meet certain requirements such as at least two-thirds of the flats in the block being let to tenants who qualify for enfranchisement.

Question 22

How long does leasehold enfranchisement take?

Accepted Answer

Enfranchisement is a very complex process therefore it can take typically 6-12 months to complete, sometimes even a little longer.

Question 23

Can the landlord refuse enfranchisement?

Accepted Answer

As long as a landlord is given the correct amount of notice of enfranchisement, they should not be able to refuse. A legal professional will help you ensure you qualify and are following procedure.

Question 24

What are the costs of enfranchisement?

Accepted Answer

Collective enfranchisement involves many costs in addition to buying the freehold, such as valuation fees, solicitor fees (you must also pay the landlords legal fees) and potentially stamp duty.

Question 25

Do I need a solicitor for enfranchisement?

Accepted Answer

It&rsquo;s necessary to have a property solicitor for enfranchisement, as it is a very complex legal procedure with many steps that need the expertise of a legal professional.

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