Compare My Move can save you money on your conveyancing fees by connecting you with up to 5 licensed London conveyancers in Chelsea. Our hardworking team ensures every licensed conveyancer goes through our strict verification process. They must be regulated by either the SRA, CLC, LSS, CILEX or LSNI before joining us as a partner.
Your chosen conveyancer will arrange all the legal aspects of your property purchase. They will also be responsible for organising essential searches on the property and surrounding land. These searches will reveal flood risks, ground stability, and radon gas levels.
Your conveyancer will oversee the legalities of your property purchase or sale. They will also explain any legal jargon and carry out relevant searches.
Kensington and Chelsea is the most affluent borough in London. It is home to various landmarks including Harrods and Kensington Palace. According to the UK House Price Index, 1,815 existing properties and 68 new builds were sold in the Chelsea area over the past year. Semi-detached properties increased the most in price, rising by as much as 31.2% in April 2022.
If you instruct your conveyancer as soon as your offer has been agreed upon, you'll find that you have a better experience. Here is what to expect from the conveyancing process:
Your conveyancer may have to carry out additional tasks if you have a more difficult case. This can include those who are part of a property chain.
Data taken from UK House Price Index
The average house price in Chelsea is £1,474,723. According to our research, the average conveyancing fee when buying a property is £2,550 for freehold and £2,710 for leasehold. When selling a property in Chelsea, the average fees are £2,430 for freehold properties and £2,520 for leasehold properties.
Conveyancing costs are made up of legal fees, disbursements, and searches. The full Local Authority Search is compulsory to ensure that your property is suitable for living in. According to the Kensington and Chelsea Council website, a full Local Authority Search costs £336.20 including VAT.
Factors that can impact your final cost include the property type, and whether the property is freehold or leasehold. The main reason why costs are high is because of the location.
Data taken from Compare My Move’s Moving House Calculator
In London, the conveyancing process takes an average of 159 days to complete. This is no different in the Kensington and Chelsea area, matching the 159-day national average.
The entire process in Chelsea from initial listing to completion day takes 297 days. The national average is 274 days. This means that properties will stay on the market for a longer period of time before an offer is accepted.
The timescale will differ depending on how difficult the transaction is. Some transactions go more smoothly than others. However, there are some conveyancing processes that take longer. An example is selling or buying leasehold properties. This is due to the extra paperwork that your conveyancer will have to submit.
Data taken from Get Agent
One of the most crucial steps in buying a house is the conveyancing searches arranged by your conveyancer. These will provide essential details of the property you are looking to buy. The searches include reviewing information held by the local council.
Sewer flood risk and surface flooding are considered particularly problematic. This is due to the inability of the sewers to cope with a fast intake of surface water run-off during heavy rainfall and storms.
Geobear's Subsidence Map revealed the extent of subsidence concerns in Kensington and Chelsea. As is the case with many of the boroughs situated in central London, the risk of subsidence appears particularly high.
Radon Gas Levels in Chelsea and the surrounding area are considerably low. As a result, it is unlikely that you will find that this will be a concern in your conveyancing search reports.