Conveyancing - frequently asked qustions

 

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How long do transactions normally take ?  

The average length of time to reach completion is 10-12 weeks.  A typical re-mortgage will take 7 days from receipt of mortgage offer. However, we will always try to meet a deadline that you may be working towards. There are a variety of factors that can affect the timescale involved in completing a transaction; for example: 

  • The number of parties in the conveyancing chain.  Sometimes this can delay the process especially if one of the parties in the chain loses their buyer.  It is sometimes difficult to get all the parties to agree to a completion date if they have differing priorities. 
  •  It is important that all the parties involved have secured mortgage funding (if necessary).  Delays can take place if funding isn’t in place in sufficient time. 
  • Once a survey on a property has taken place it could reveal unforeseen problems or may recommend further investigation such as specialist reports on damp proofing, electrics or central heating.

On the positive side the transaction may be able to proceed faster if the property being purchased is already empty or if you don’t have another property to sell.

 

 

At what stage will I need to pay out any money?

At the outset we will need to collect £200 from you to cover the cost of pre-exchange searches, such as the local authority search which has to be paid for upfront.  Prior to completion you will have to pay the balance of all other monies due.

 

 

Will I need to pay a deposit on a property that I’m purchasing?  

Yes, this is the usual procedure.  The seller will normally seek a 10% deposit when contracts are exchanged.  However, if for instance, you are obtaining a mortgage in excess of 90% we will ask the seller’s solicitor to accept a deposit of less than 10%.

If you are in a property chain you may not have sufficient funds available to pay a 10% deposit on the property you are buying.  So, we ask the vendor’s solicitor for the property you are buying to accept a deposit comprising the value of the sale deposit due to you from your buyer (if you are trading up this amount will often be less than 10% of the value of your new property).

 

 

What type of survey do I need?

If you are applying for a mortgage, your lender will carry out a mortgage valuation. This is not a structural survey and cannot be relied upon as an accurate assessment of the property’s true condition.  Basically your mortgage lender assesses the property to ensure that they can recover the value of the mortgage advanced to you.  The value of the mortgage advance may be less than the value of the property.

For this reason we advise strongly that our clients have an independent survey carried out, which is separate to the lender’s mortgage valuation.

Typically there are two types of survey to choose from – a full structural survey which is likely to flag up any problems with the property or a home buyers report which costs less and has less detail.

 

 

What searches are carried out?

We will carry out a Local Search, Drainage Search and Environmental Search on your behalf. In addition, depending upon where the property is located, it may be necessary to carry out a Mining Search.
There is an additional optional search which we can carry out – a Plan Search which will highlight any planning applications in the neighbourhood that have been submitted.

 



What happens if the transaction falls through, and what would I be liable for?

You will have to pay for all the disbursements (expenses such as searches) that we have incurred on your behalf, plus a contribution towards our legal fees.
To protect you, from the expenses relating to our legal fees, in the event of the transaction falling through you can apply to join our ‘No Completion, No Fee’ scheme at a cost of £25 plus VAT, at the time you instruct us to act on your behalf.

 

 

How soon will I receive my funds after selling a property?

Funds are sent to clients within 2 working days of completion either by cheque by first class post or straight in to your nominated account (subject to a nominal telegraphic fee).

 

 

House key arrangements

You should liaise with the seller regarding the collection of keys. It is common practice for the seller to leave the keys with their estate agent.  The agent will be authorised to release them to you once the seller’s solicitors have received the balance of monies from us.

 

 

How long does a remortgage take?

We aim to complete a re-mortgage within 10 working days from the receipt of the mortgage offer.  To ensure that the process runs smoothly you will need to provide all the necessary information to your mortgage broker or lender in good time so that the funds are available.

 

 

How much does a remortgage cost?

Our price for a remortgage is an all inclusive figure of £345.
If the property is leasehold, we may have to pass on fees due to your landlord or management company for providing us with information and to cover their fee for registering your new mortgage with them.

 

 

What happens if you want to remove or add a name to the title deeds during a remortgage?

This is called a Transfer of Equity.  We charge £190 plus VAT plus disbursements (expenses relating to land registry fees) for dealing with this.

In some cases stamp duty may be due, however, this is relatively unusual and we will be able to advise you if this is likely to apply when you instruct us.

 

 

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