July 28, 2024
Karen Healy, Head of Residential Property at Bates Wells & Braithwaite Ipswich, looks at the conveyancing process and whether there might be changes with the new government.
We have a new government. Labour has won the election at a time when property prices have dipped over the past two years, as squeezed households put off moving home. Keir Starmer promises that stability will be the cornerstone of his economic policy and that he will accelerate the delivery of high quality infrastructure and housing through the Planning and Infrastructure Bill. He has pledged to build 1.5 million new homes in his first term, keep mortgage rates low and help first-time buyers. For most experts, the future of interest rates is likely to have a much larger bearing on house prices than Labour’s policies but most agree that more available houses could keep prices lower.
No matter who is in government, moving house remains a life-changing event. It can be stressful; perhaps the move corresponds with other shifts in lifestyle; needing to move following a divorce or, more positively, rightsizing for retirement or to meet the needs of an expanding family. For most of us, our home will also be our most valuable financial asset and one which we will want to pass on to the next generation.
Buying and selling can be complex and often time sensitive. We have found in recent months that mortgage offers which expire due to the time it has taken for the chain to be ready to exchange contracts are not being renewed on the same terms. This is leading to a lot of additional stress and chains are collapsing for this reason. We have also seen a rise in remortgages, as people’s fixed rates come to an end and they are forced to remortgage to secure stability and control over their finances.
In spite of all these pressure points, the UK is still a nation of homeowners and so, at Bates Wells & Braithwaite, we aim to work with you to ensure that buying and selling your home is as painless and stress free as possible.
The conveyancing process is the process of exchanging the legal ownership of a property. In brief:
- Once you have accepted an offer on your property, a solicitor needs to be instructed.
- The buyer may arrange a survey and their solicitor will carry out searches, raise pre-contract enquiries and review mortgage offers.
- The seller’s solicitor responds to the enquiries.
- After reviewing responses, searches and any mortgage offer, the buyer’s solicitor will report to the buyer.
- All being well, contracts can be exchanged contracts and a date for completion is fixed. Both parties are then legally committed to the transaction. On completion, sale monies will change hands and the parties physically move to their new home.
- Following completion, the buyer’s solicitor deals with the payment of Stamp Duty, and registers the property in the name of the buyer at HM Land Registry.
At Bates Wells & Braithwaite we know that buying a home is not just a commercial transaction, but a personal lifestyle choice. You are buying a “home” not just a house. And because we are not just property lawyers, we can advise on wider aspects such as how to minimise the risks if you are buying with a partner but are not married or how best to leave your home to loved ones in your will. It is all about being on your side as you shape your future for you and your family.
If we can help you with buying or selling your home, contact me at karen.healy@bates-wells.co.uk or call 01473 295532