It doesn’t matter if you are a first-time buyer, selling and buying or simply selling a property as an Executor, conveyancing can seem very daunting and overwhelming.
Below are some frequently raised questions:
1. What is conveyancing?
Conveyancing is the legal process of transferring property ownership from one person to another. It covers everything from preparing contracts to conducting legal searches and registering the new owner with the land registry.
2. Do I need a solicitor or conveyancer?
Yes. A legal professional will be able to ensure that the conveyancing process is followed correctly and will provide the necessary undertakings required to ensure a smooth transaction. They can provide you with legal advice regarding any rights or covenants that affect the property.
3. How long does conveyancing take?
On average, a straightforward conveyancing transaction will take around 8 weeks from when the contract pack is issued until completion. This will take longer if the property is leasehold, there is a long chain, delays in searches or mortgages being issued and if any legal issues are revealed that need to be addressed.
4. What’s the difference between exchange and completion?
Exchange of contracts is when all parties in the chain commit to the transaction and the deal becomes legally binding. Completion is when keys are handed over and the Buyer becomes the legal owner.
5. What are property searches, and why are they needed?
Searches check for issues that might affect the property. These include flood risks, planning permissions and building regulations, environmental issues, coal mining risks and water and drainage checks.
6. What is the difference between searches and a survey?
Searches are carried out by the Conveyancer and consist of desk top investigations against the property and what information statutory bodies hold. A survey is carried out by a chartered surveyor who will visit the property and will carry out a full inspection of the house / flat, both inside and outside. They will provide a report which will identity any work that may be required, if there are any issues with subsidence, structural movement etc.
7. How much does conveyancing cost?
Fees vary depending on the type of property and whether you are buying, selling, or both. Law Firms will usually publish their fees on their website or can be obtained by request. Most firms offer an online quote facility. Always ask for a full breakdown of fees upfront to avoid any hidden costs. If you require our fees, please visit our website or contact our New Business Co-Ordinator.
8. What can cause delays in conveyancing?
Common causes include:
- Incomplete paperwork and not answering enquiries fully
- Not sending all relevant paperwork including gas certificates and planning documents that affect the property.
- Waiting on mortgage offers and search results
- Leasehold complications
- Delays in the property chain
9. What is a property chain?
A chain is when multiple transactions are linked, for example, you are buying from someone who is also buying. The chain will always start with a First-time buyer, or someone purchasing a property but not selling, and end with someone who is not buying on – this could be the sellers of a deceased estate, and the property is empty.
10. What does breaking chain mean?
This is when one of the links in a chain transaction agrees to complete on their sale or purchase before their related transaction is ready. If they agree to complete on the purchase, there will be additional costs such as higher stamp duty to pay. If you agree to complete on the sale before your purchase is ready, you will need to find temporary accommodation to move into until your purchase is ready to complete. There are also risks involved but your Conveyancer can discuss this with you.
Next Steps...
If you would like a no-obligation quote from us please use our online calculator or call us on 0800 011 6666 to speak to our friendly and knowledgeable team. For more information, visit our website here.
