Conveyancing Q&A

  1. How long does the Conveyancing process take from start to finish?

Once you instruct your selected Solicitor or Conveyancer you should aim to complete within 8 weeks. If there are no problems and no chain, exchange is about 2 – 3 weeks from the buyer’s solicitor or conveyancer receiving the contract. Completion is usually about 2 weeks after exchange.

 

  1. What do I need to budget for?

Selling  – You need to pay for estate agent’s fees and Conveyancer legal fees.

Buying  – You need to pay for legal fees and disbursements. You will also need a Survey on the property you are buying and your mortgage lender will need a valuation carried out.

Your Conveyancer details payments that they will need to make to complete your property transaction. Stamp duty, Searches, ID checks, Land registry fees etc. These are shown in the instant quote our panel of solicitors and conveyancers give you.

 

  1. Why does conveyancing for a leasehold property cost more?

Leasehold conveyancing purchases usually involve more work than freehold conveyancing purchases. This includes lease investigation, liaising with the landlord about serving appropriate notices, obtaining up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts (where a management company looks after the property).

The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from start to finish – no matter how many different owners have owned the lease since it was first granted.

 

  1. When should I instruct my solicitor?

Selling  – Instruct your Conveyancer when you advertise your property.

Buying –  Have a Conveyancer in mind when you place your offer for your new property. You can instruct a solicitor or conveyancer directly from our instant quote page.

 

  1. Will I be able to speak to my conveyancer when it’s convenient for me?

Yes, there is a Call Me Back facility offered by all the conveyancers on our panel and you can select the time for call-back to suit you.

 

  1. When do I legally own the property?

When contracts are exchanged a legally binding agreement arises between the buyer and the seller and neither party can back out. After exchange you set a completion date. A date when you can move into your new property or alternatively when your tenants can move in.

 

  1. When must I insure the property?

Most lenders stipulate that you must have insurance in place on exchange of contracts. Many comparison sites offer an easy search facility for you to get a great deal for your buildings and contents insurance.

 

  1. What are the pitfalls on striking a great deal?

After accepting your offer for the property, the seller may decide to take a higher offer from another buyer. This is called gazumping and can happen before exchange. It would worth considering taking out exchange insurance as this covers many situations when through no fault of your own the transaction fails. Instant Quote with Exchange Insurance.

 

  1. What are Property Searches?

The risks associated with buying a property can be evaluated by carrying out specific searches that relate to the property and its location. Your Conveyancer relies on these searches to advise you if the property value could be affected if the search results have negative information.

 

  1. The builder wants a fast exchange. Is this possible?

New developments often have pre-package legal work and this saves time. You can sometimes agree a conditional exchange. Your Conveyancer will explain what can be achieved and by when.

 

  1. Do I need to have a survey?

Yes and your lender will insist that you have one carried out. The survey is your opportunity to see what needs to be done to bring the property up to a building standard as specified by RICS. If you have a survey done then you will be presented with a building improvement to do list. This will provide information that may make you reconsider your offer to the seller or enter into further negotiations.