Conveyancing Frequently Asked Questions
What is an Exchange of Contracts?
In every transaction both the Seller and the Buyer have a Contract. Both Contracts are identical. When both parties are ready to fix a moving date the Contracts are dated and the Buyer puts down a deposit via his solicitor. The deposit is usually 10% of the purchase price. The moving date is written into the Contract and from this stage onward both the Seller and the Buyer are legally committed to selling and buying the property on the date specified in the Contract.
What does Completion mean?
Completion is the moving date specified in the Contract. This is the date that you have to legally vacate the property if you are the Seller and the date you can move into the Property if you are the Buyer. Completion occurs when the money constituting the Sale Price is received into the bank account of the Solicitor acting for the Seller. Typically this happens around lunchtime or if there is a significant chain involved Completion may occur later on in the afternoon.
The keys will not be handed over to a Buyer until Completion has occurred. We will notify you as soon as Completion occurs.
Can I Exchange and Complete on the same day?
Yes you can but it is important to note that the Seller and Buyer will not be bound by the terms of the Contract until exchange occurs. This means that the Completion date will not be fixed until the last minute and as such the Seller or Buyer could walk away from the transaction at any time before Exchange.
How long will it take?
The time scale of all transactions can vary greatly as there are so many factors and parties involved.
If you are in a chain, the process can only go as fast as the slowest link.
What can you do to help speed up the move?
• Return your completed client information form, ID and money on account to us as soon as possible and then we can start the process straight away.
• Respond to any questions raised by the buyer as quickly as possible so that we can act on your responses.
• If you are having a mortgage, speak to your lender/broker at the outset of the transaction. It can take some lenders longer than others to issue mortgage offers and you cannot complete your house purchase without it.
• Inform us at the outset of your expectations with regard to timescale and we will do our best to accommodate your needs.
How much will it cost?
Why not visit our online quote facility – click on the link at the top of the page
I am currently renting a property, when shall I give my notice in?
Do not give notice on your rental property until you have exchanged Contracts on your Purchase. Remember the Seller can walk away from the transaction at any time prior to Exchange of Contracts.
If you are selling a property and moving into rented accommodation do not sign the rental agreement until you have exchanged Contracts on your sale as the Buyer can walk away from the transaction at any time before Contracts are exchanged.