Residential Conveyancing in London

Residential conveyancing refers to the selling and purchasing of domestic properties. The entire process is completed by a solicitor or a conveyancer, such as GALIP ELDAR Chambers. During the transaction, the contractual title of a residential property is transferred from the former owner to the buyer.

Though every case is different, you can expect similar general steps during any conveyancing process. This list usually takes eight to twelve weeks to complete, but you can face delays at any point without the support and expertise of an experienced professional.

The Residential Conveyancing Process:

1. Receiving a quote.
2. Stipulating and printing full details of the sale between parties.
3. Creating a purchase file.
4. Curation of contracts from the seller’s solicitor.
5. Local, drainage and environmental searches on the property.
6. Checking the buyer’s mortgage offer. (If applicable)
7. Completing the stamp duty payment.
8. Transferring funds.
9. Signing contracts.
10. Completion, and receiving keys.
11. Applying to HM Land Registry.

Residential conveyancing is slightly more complex for new build properties, since you’re relying on the construction company to complete works effectively and the local authority to support building plans. Sometimes you may be reserving a building before it has been finished, or perhaps before construction has even started! Rather than receiving a quote as the first step, you’ll have to register your interest and reserve the house while it is being built. 

Our new build department at GALIP ELDAR Chambers can support you every step of the way, so you needn’t fret as a first-time buyer.

Usually, you’ll have a month to exchange contracts. If you don’t achieve this, the construction company can pull out of your deal. You’ll lose the house, and your reservation fee. As soon as your offer is accepted on a new build property, you need a residential conveyancer to secure success.

Staircasing refers to a process where the partial owner of a shared property purchases further shares of the building. A partial owner can usually buy in tranches, or blocks, of ten percent. Figures may differ depending on the housing associations involved. 

As you complete staircasing, you’re one step closer to owning the property in full. You’ll pay less rent, and you may be able to repeat the process until you’re responsible for one hundred percent of shares. GALIP ELDAR Chambers can help you to negotiate a staircasing deal for your residential property.

If you choose to remortgage, you’re changing the purchase deal on your property. You can complete remortgaging by moving to a new lender, or changing the rates of your agreement. It’s recommended you complete remortgaging three to six months before your current deal expires, so you secure the best rates. A residential conveyancer will support you as you negotiate new rates, and advise a sensible decision.

Yes, if:

• Your current mortgage is about to expire.
• You want a loan that’d be more expensive in a different form.
• You’d like a more flexible contract.
• Your home’s value has massively increased.
• You have concerns about interest rates rising,
• You’d like to make extra payments but your current contract won’t allow it.

No, if:

• You’re facing current credit problems.
• Your current rate seems competitive and you can’t find better.
• Your home’s value has rapidly dropped.
• You own less than ten percent of the property this far.
• Your current provider requires a large early repayment charge.