- June 13, 2015
- Posted by: Steven Mather
- Category: Information Guides
Frequently asked questions
What is conveyancing?
Conveyancing is the term of used to describe the process of transferring the ownership of a property from one person to another.
What areas do you cover?
We can undertake any conveyancing transaction for a property in England and Wales. With 5 offices in Leicestershire; Leicester, Coalville, Blaby, Syston and Market Harborough we have detailed knowledge of the local area. Our Conveyancing Team also has experience in Conveyancing across the country, so whether you are buying or selling a property locally or further afield we are able to assist.
How long will my transaction take?
The average transaction can take anywhere from 6 weeks to 12 weeks from agreeing your sale or purchase to picking up the keys. Each transaction is different and the timescale is dependent on many elements for instance, time taken for mortgage offers to be issued, legal enquiries to be resolved or the time taken for other parties in a chain to be ready. If you are in chain, we are only able to work as quickly as the slowest party in the chain.
Instead of advising you that your transaction will take between 6 to 12 weeks, we will keep up updated throughout your transaction so that you are fully appraised about your sale and purchase.
When can I have my keys on the completion day?
Legal completion of a sale or purchase of a property usually occurs around lunchtime on your moving day. Legal completion is reliant on the banking system, transferring the purchase price between solicitors. Therefore the more parties in a chain, the longer it will take for the monies to be transferred between all the solicitors and the later completion will take place on the day.
We will keep you updated on your moving day and will let you know as soon as legal completion has taken place and when you can pick up your keys.
When should I book my removals?
Once we are in a position to discuss completion dates, we would recommend that you speak with your removal company to make sure they are available. However, we do not advise that you book your removals until we have exchanged contracts, as the completion date may change.
What is exchange of contracts?
Exchange of contracts, is when you are entered into a legal binding contracts to sell/purchase your property. This is also when we set the completion date and a buyer will put down a 10% of the purchase price as a deposit
What checks should I be making as a buyer?
The law places the onus upon a buyer, buyer beware, to satisfy themselves about the state and condition of the fabric and structure of a building, as well as any appliances being left at the property. Once you have bought the property, you have very limited redress against the seller for any defects in the condition or structure or appliances at the property.
We therefore recommend that you instruct a survey to be undertaken and make sure that any appliances are working before exchange of contracts.
My Lender will carry out a valuation report, do I need a survey as well?
We would advise that it is very important for you to have an inspection of the property by a chartered surveyor in addition to a standard Lenders valuation report, if you are purchasing with a mortgage.
The standard Lender’s valuation report is prepared for the Lender; not for you. The Lender’s surveyor will only view the property, report on its value and any matter likely to affect its value. The inspection is therefore limited and is not sufficient for your purposes as the proposed owner. There may be defects in the property which would not be revealed by the standard valuation and/or there may be things that the valuer is not required to comment on to the Lender, but which would matter to you
If you are purchasing with a Mortgage, your Lender is likely to be able to offer you either the standard valuation or a more detailed survey, usually called a homebuyers report. Alternatively you can arrange your own report/structural survey, which may be cheaper.
Find out more about Buying and Selling a House in Leicestershire with our excellent residential property team.