Frequently asked questions about conveyancing
Q. What is “conveyancing”?
A. Conveyancing is the term used to describe the legal work involved in buying and selling properties. As with any legal process, conveyancing involves a lot of unfamiliar terms and jargon – to help you navigate through this, we have provided a helpful conveyancing jargon buster in our help centre.
Q. How long does conveyancing take?
A. This is very hard to say as every transaction and set of buyers and sellers is different. If a property is empty and the buyer does not require a mortgage then this transaction could be completed within two weeks but this is relatively unusual. Most sales or purchases are part of a chain of transactions and there will normally be at least one person relying on mortgage finance within any chain. If this is the case it will usually take 6-8 weeks to exchange contracts and another 2-4 weeks between the exchange of contracts and completion making a total of around 2-3 months from start to finish.
A. This is very hard to say as every transaction and set of buyers and sellers is different. If a property is empty and the buyer does not require a mortgage then this transaction could be completed within two weeks but this is relatively unusual. Most sales or purchases are part of a chain of transactions and there will normally be at least one person relying on mortgage finance within any chain. If this is the case it will usually take 6-8 weeks to exchange contracts and another 2-4 weeks between the exchange of contracts and completion making a total of around 2-3 months from start to finish.
Q. How much deposit will I need?
A. It is normal for a deposit to be paid at the point of exchange. Your solicitor will advise how much is required and help you to make the necessary arrangements.
Q. Do I need to pay anything to my solicitor up front?
A. Usually if you are purchasing a property your solicitor will require you to pay up front for the search fees that will be incurred on your behalf – this is typically in the region of £250 - £350 – however if your purchase falls through and you are using one of Townends’ panel of conveyancing solicitors then we will provide you with a second local authority search free of charge. The rest of the conveyancing cost will be paid on completion. If you are just selling then you will not normally need to pay any money up front - the costs and agent fees will simply be subtracted from the proceeds of your sale.
Q. What happens if my sale falls through?
A. If you choose to use one of Townends’ panel of conveyancing solicitors then should you change your mind for any reason and your sale or purchase doesn’t proceed, you will not be liable for any costs for the legal work carried out. You will need to pay for any disbursements already spend on your behalf but even here we will provide you with a second local authority search free of charge.
Q. What is meant by a fixed fee?
A. One of the benefits of using the Townends panel of conveyancing solicitors is that you will receive a fixed quote at the outset. This means that no matter how complicated or time-consuming your transaction becomes, you will have the peace of mind that you will only be asked to pay the price quoted.
Q. What searches are carried out?
A. There are four main searches that are typically carried out prior to exchange of contracts:
Local Authority – covers the planning history of the property and whether there are any proposals (eg new roads) which could affect it
Drainage – shows whether the surface and/or foul water drains run into a private or public sewer
Land Registry – to ensure that there are no new mortgages registered against the property which have not been disclosed
Land Charges – required if you are taking out a mortgage to check that you have not been declared bankrupt
Environmental – to check whether there are any landfill or waste disposal sites in the vicinity of the property and also whether there is any risk from contaminated land, toxic emissions or flooding etc
Q. Can I move on a Saturday?
A. Unfortunately the banking system used for the electronic transfer of funds cannot be used on a Saturday so your move will need to take place on a week day.
Q. When do I need to arrange for buildings insurance?
A. If you are buying a freehold property then you must arrange buildings insurance at the point of exchange of contracts as the property will be your risk from that time. The amount of cover should be the estimated cost of rebuilding the property – if you had a survey then this amount will normally be included in the surveyors report.
Q. What happens with the keys?
A. The keys are usually left with the estate agent and the buyer collects them once the money has been transferred on completion. Your solicitor will always try to ensure that everything is finalised as early as possible on the day of completion – however there can sometimes be unforeseen delays. If this happens to you, please try not to panic and keep in touch with your solicitor and estate agent who will be working to resolve the problem for you as quickly as possible.
