If you are buying or selling a home, you will no doubt have many questions about the process. We have answered five of the most common questions we are asked to help you understand how conveyancing works.
What happens in the conveyancing process?
Once you have found a property to buy, the estate agent will pass your advocate’s details to the seller’s advocate so that they can make contact.
If you are buying and you instruct us to act for you, contract papers will be sent to us and we will go through them and ask the seller relevant questions about the property. We will also apply for searches, to include a local authority search which will reveal issues such as planned development in the area, a drainage search and environmental enquiries.
You would generally also obtain a survey to ensure that you are happy with the condition of the property. Once we have satisfactory replies to all points, we will be ready to exchange contracts. At this stage, we would pay a deposit to the seller on your behalf, usually ten per cent of the purchase price. If you are also selling a home, then the deposit from your sale can usually be used for your purchase.
A date for completion is agreed when contracts are exchanged. On the day of completion, we will arrange for the balance of the purchase price to be sent to the seller’s advocate, who will contact the estate agent on receipt to confirm that the keys to your new home can be released to you.
If you are selling, you will need to fill in property information forms at the start of the transaction and reply to the questions raised by the buyer’s advocate. On the day of completion, you should leave the keys to the property with your estate agent once you have vacated.
What do I need to do if I am buying or selling a house?
If you are buying a property, you will need to instruct an advocate to act on your behalf and provide details of your identification to them, as they are required by law to check this.
You should also arrange a mortgage if you need one. This can be done ahead of time to ensure that delays are minimised.
If you are selling, then there are property information forms to fill out and some accompanying documentation that you should provide, to include an energy performance certificate and any guarantees that you have, for example for windows or solar panels.
If the property is leasehold, you will also need to provide information about the management of the property, to include management company accounts and ground rent receipts. If you ask us to act for you, we can guide you through the information that is needed to ensure that everything is provided to the buyer’s advocate in good time.
When should I instruct a conveyancing advocate?
It is a good idea to have an advocate in place early on. You can ask us to act for you before you have found a buyer or a property to purchase. We can then let you know exactly what we need from you and start putting the documentation in place. This will help avoid delays later on.
How long will my conveyancing take on the Isle of Man?
The length of time taken to buy or sell a property varies, but on average it usually takes between six and twelve weeks. If there is a chain of transactions, then the process can be slowed down if one person has a problem. At Quinn Legal, we always make sure we stay in close contact with estate agents to try and keep the process moving as quickly as possible.
We also always make a point of dealing with contract papers and enquiries straight away so that there is no delay on our part.
How much will my conveyancing cost?
There are a number of costs involved in conveyancing on top of the legal fees, particularly if you are buying a property. For example, you will need to pay for searches and the Land Registry fee to register your ownership.
For a guide to the costs involved, use our Conveyancing Calculator which will set out the expenses you can expect.
Buying a property on the Isle of Man
At Quinn Legal, we believe that the Isle of Man is one of the best places to live and our lawyers would be delighted to help you secure a home on the Island. We understand the anxiety that can be involved when buying or selling a property and we will do everything we can to make the process as stress-free as possible.
We have one of the largest and most experienced property teams on the Isle of Man. We are friendly and approachable and we will work proactively on your behalf to complete your sale or purchase. We make sure you are kept updated throughout your transaction and we are always available to discuss your case and answer any questions you may have.
Alternatively, you can fill in our online enquiry form and one of our team will be in touch within 24 hours.