FAQs
FAQs
1. How long will the transaction take?
On average the whole process will take between 6 to 8 weeks. However, many transactions can be completed more quickly, while a handful of the more complex transactions will take longer. We will always aim to meet your deadlines, where possible.
2. What is a Conveyancing “chain”?
Where you are selling a home and buying another the two processes will be linked as each transaction will be dependent on the other and the exchange of contracts for each must take place simultaneously. The speed of the progress will therefore be dictated by the slowest link in the chain.
3. How much will it all cost?
If you are selling, you need to budget for estate agent’s and legal fees. If you are buying you need to budget for legal fees and disbursements (payments made by us to cover stamp duty, land registry fees and search fees). You will also need to budget for lender’s valuation fees and your own survey fee. We will provide you with a “no hidden fees” quote at the outset of the matter.
4. When to instruct a solicitor?
If you are selling, it is best that you speak to your solicitor before you put your house on the market. This will enable you to make sure that you have ready all the information and documents you will need to provide to the buyer’s solicitors once a buyer has been found.
If you are buying, it is recommended that you speak to your solicitor before making any offer.
5. When to apply for a mortgage?
You need to make initial enquiries before you start viewing properties so that you have an idea of the amount you can borrow and therefore prepare your budget.
There are many types of mortgages available. You can obtain a mortgage in principal from most lenders and an independent mortgage broker can assist you as well. Be careful not to have brokers put in applications in principle as this will affect your credit rating.
6. What is “exchange” and “completion”?
A completion date is the date on which you are able to move into your new property or receive the keys and when you have to move out of your existing home and hand over the keys. The agreed completion date is written into the contract and at the time of exchange of contracts. On exchange of contracts the seller and buyer become legally committed conditionally to the transaction.
7. What are "searches”?
These are standard enquiries that your solicitor raises with the local council and also to the various agencies to deal with flood report and environmental issues affecting the property and locality.
The Local council search relates only to the property and deal with its planning history and roads. It does not reveal any planning issues of any neighbouring land or property. The fee for the local search will be part of the "disbursements" quoted by us.
8. How do I find out if there are plans to build nearby?
Enquiries can be made to check whether planning permission has been granted. This information is not, however, contained in the Local Authority Search. You will need to speak with the local council planning department.
9. Can Stamp Duty be saved?
It is possible to apportion the price between the property and the fixtures and fittings. There are a number of rules to follow, but the basic one is that any apportionment has to be an accurate reflection of the true price of the items involved.
10. Is there any Capital Gains Tax to pay?
Not if it is your main residence that is being sold as you are exempt from Capital Gains Tax. If you own more than one property you can elect which property carries the exemption.
11. Is a survey needed?
If you are taking out a mortgage, your lender will require a valuation. However, this is not a survey and is for the lender’s benefit, not yours. It is always advisable to have your own independent survey. Your solicitor can recommend a good local surveyor.
12. Can I avoid inheritance tax?
If you are buying a property jointly arrangements can be made so that you each benefit from inheritance tax exemption and this can help avoid paying tax on the value of the property once you die. Your solicitor can advise you further about Inheritance Tax Planning.
13. When to start insuring the property?
The contract usually provides that you to insure the property from the time of on exchange of contracts.
14. Can I have access if the property is empty?
Not automatically as the contracts normally states that you only get the keys on the day of completion. However you may be able to obtain the keys by special arrangements and on certain conditions. Your solicitor can advise you further on this.
15. What deposit do I have to pay and when?
The contract provides that a 10% of the purchase price to be paid as a deposit on exchange, but sellers often agree a lower deposit. This is a matter of negotiation. You can also usually use any deposit you receive on a sale as part payment of your deposit on the purchase. Your solicitor can advise you further.
16. Can I let the property?
If you are buying with a mortgage you must get the consent of lender before letting your property. If you own a leasehold property you must check the terms of the lease to make sure that letting is permitted.
17. Can I extend my property?
There can be restrictions in the title deeds which prevent extensions or you may require the consent of another landowner. Larger extensions will require local authority planning permission and structural work will also need Building Regulations approval. You should check these things before you commit yourself to a purchase.
18. Can the same firm of solicitors act for seller and buyer?
Yes, provided that both clients agree and there is no conflict of interest.
19. When do I get the deeds to my property?
These days there are no “Deeds” as the legal documents of title are held electronically at the Land Registry. However there are a number of useful supporting documents which you should keep safe as they are required when the property is sold again. Please note that the Land Registry is a public register and the price of the property will be able to be seen by anyone accessing the register.
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