Whether you are a first-time buyer or selling and buying a home, the conveyancing process can be daunting. We answer the five most common questions that our clients ask.
How does the conveyancing process work?
Once you’ve had an offer accepted on a house, you will need to instruct a solicitor. The seller’s solicitor will send them all the paperwork they need to get started with searches and enquiries.
When your solicitor is happy that everything is in order and you have your deposit and mortgage offer ready, you can set a date for completion and your solicitor will exchange contracts.
Do I need a survey?
Buying a home is such a large investment that a survey is always recommended to ensure that the property is sound.
There are different types of survey available, depending on the property. A condition report is the most basic, and suitable for new properties in good condition.
A homebuyer report is useful for a standard property and includes a little more information in respect of possible defects. A building survey is the most in-depth option, suitable for older properties and properties in need of work.
You should aim to find a surveyor who a member of either RICS or RPSA.
When am I legally bound to complete?
Once contracts have been exchanged, you have legally agreed to complete on the specified date. Up until that time, any party to the transaction can pull out without consequence. If a buyer pulls out after exchange of contract, they will lose their deposit, which is usually 10 per cent of the purchase price.
How long will my conveyancing take?
A standard conveyancing transaction may take 8-12 weeks, although this can vary. If there is a lengthy chain involved, progress can be slow as the transaction will move at the slowest person’s pace.
Delays are most frequently caused by people waiting for a mortgage offer or search results. Finding a proactive solicitor will help ensure that there are no delays on your part.
How much will it cost?
Your solicitor will be able to give you a full breakdown of likely costs, but you should budget for Stamp Duty, Land Registry fees, search fees, legal costs, a survey and removals costs.
Our fees are transparent, to help you plan, and all figures are broken down for you. We aim to make conveyancing as quick and stress-free as possible.
If you would like to speak to one of our expert conveyancers, speak to a member of our team today. Contact us on 0345 2413100 or email us at mail@cplaw.co.uk.
