FAQs

How long do transactions normally take?

The average length of time to reach completion is 10 to12 weeks and a typical re-mortgage will take seven days from receipt of mortgage offer.

Timescales can vary according to a number of factors, such as the number of parties in the chain, unforeseen problems following surveys, delays over funding, or where one party loses their buyer.

Transactions usually proceed faster if the property being purchased is already empty or if you don’t have another property to sell..

Return to top of page

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 per cent deposit when contracts are exchanged.

If you are in a property chain you may not have sufficient funds available to pay a 10 per cent deposit on the property you are buying. So, we ask the vendor’s solicitor to accept a deposit comprising the value of the deposit’ due to you from your buyer.

Return to top of page

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. 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.

Return to top of page

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.

Return to top of page

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 failing, we provide a ‘No Completion, No Fee’ service.

Return to top of page

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

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

Return to top of page

What are the house key arrangements?

You should liaise with the seller regarding the collection of keys. It is common practise 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.

Return to top of page

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.

Return to top of page

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. 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.

Return to top of page