Homeowners considering moving house often report being confused by the transfer process. As one of the most important parts of the moving process, it’s important to understand transportation to make sure you don’t get too stressed. It really isn’t that complicated once you understand the basics.
What is the transfer?
Conveyance is the legal and administrative process associated with the transfer of ownership of a property from one party to another. If you are selling, buying, or re-mortgaging a property, you will need to do some form of conveyancing to comply with legal requirements. For practical purposes for the average homeowner, the conveyance as a whole refers to the work performed by an attorney or registered conveyance provider that has as milestones the exchange of contracts and completion.
Who does the transfer?
Traditionally, transfer has been done by lawyers, but in recent years licensed transfer providers have also begun to offer the service. Typically these are solicitors now specializing in transfers only rather than offering the normal range of legal services. Accredited parties must be licensed by the Solicitors Regulation Authority (SRA) or the Licensed Carriers Council (CLC), depending on which group they belong to.
How much does the transfer cost?
This will largely depend on the property you are selling or buying and what complexities exist. Rental properties, for example, attract higher transfer fees because the transfer process involved is more complicated. For the average UK homeowner, expect to pay between £250 and £1,300 for a deed. Be careful with quotes below the minimum figure.
How long should the transfer take?
Transportation takes on average 8-12 weeks from initial instruction to completion. More complicated cases will take longer than this, and any delay will increase the time needed. Owners should instruct a provider as soon as possible to ensure there is sufficient time available for the transfer to take place without rushing: as an important legal process, it must be carried out correctly.
What can I do if I feel that my transport provider is inefficient?
If you have instructed a lawyer, you should have received a customer service letter in the early stages. This details the company’s complaint procedures and allows you to move forward in the event of a complaint. Resolve the issue internally if possible – A quick phone call to a senior partner is often enough to get things back on track. If things can’t be resolved internally, you may feel like it’s time to fire your transportation provider. If you choose to go this route, you will receive a bill for the time spent on your case up to that point; if you think it is unreasonable, ask for a breakdown of all costs. Sometimes it may be impossible for you to agree on how much you owe. In this case, you may need to contact the Solicitors Regulation Authority (SRA) if you are dealing with a lawyer or the Licensed Carriers Council (CLC) if you are working with a licensed carrier. And remember to let your mortgage provider know if you change providers, as they will need to reissue your offer.
