
1. How long does the process of buying or selling a property take?
The length of the conveyancing process can vary depending on factors like the complexity of the transaction and whether the chain is long or short. On average, it can take between 8 to 12 weeks to complete the process. However, transactions involving leasehold properties or new builds may take longer than freehold houses due to additional legal checks and paperwork. While time may be of the essence in new build transactions, it’s essential to allow your solicitor enough time to conduct the work properly and diligently to ensure everything is in order.
2. What is the first step in the conveyancing process?
The first step is to instruct a solicitor to handle your property transaction. Once instructed, your solicitor will begin the legal process by carrying out initial checks, drafting contracts, and asking for documentation. As a buyer, your solicitor will also conduct searches to ensure the property has no legal issues.
3. What are enquiries in the conveyancing process?
Enquiries are questions your solicitor will ask the other party (buyer or seller) to clarify important details about the property. These may include issues such as the condition of the property, any planning permissions, or any restrictions or rights that affect the property. Enquiries ensure that there are no surprises and that both parties are fully informed before completing the transaction.
4. Why does my solicitor require my input so much?
Your solicitor needs your input throughout the conveyancing process to ensure that all aspects of the transaction are accurate and legally sound. You may need to provide documents, answer questions about the property’s history or condition, or confirm your financial situation. Your solicitor’s role is to protect your interests, and your input ensures that they have the necessary information to do so.
5. What does ‘exchange’ mean in the conveyancing process?
Exchange refers to the formal agreement between the buyer and seller to proceed with the sale or purchase. At exchange, both parties sign the contracts, and the terms of the deal become legally binding. At this point, the completion date is set, and a deposit is typically paid. From the moment of exchange, neither party can back out without significant financial consequences.
6. When do I need to transfer money to my solicitor?
As a buyer, you will typically need to transfer at least 10% of the purchase price to your solicitor before exchange. This deposit ensures that the transaction can proceed. If you are selling and buying at the same time, you can often rely on the deposit from your sale to complete the purchase. For both buyers and sellers, your solicitor will provide detailed instructions on when and how to transfer funds.
7. What happens if there is a delay in the process?
Delays in residential conveyancing can happen for various reasons, such as issues with surveys, delays in the mortgage process, or complications in the chain. Your solicitor will keep you informed of any delays and work to resolve them as quickly as possible. If delays cause significant issues, you may be able to renegotiate timelines or even the terms of the contract.
8. What is a completion date, and when is it set?
The completion date is the day when ownership of the property officially transfers to the buyer. This is the day the buyer’s solicitor transfers the purchase money to the seller’s solicitor, and the keys are handed over. The completion date is usually agreed upon at exchange, but it can be negotiated depending on both parties’ needs.
9. When do I get the keys to my new property?
As a buyer, you will typically receive the keys to your new property once the transaction has completed. This usually happens on the day of completion. The seller will usually vacate the property before the completion date. The exact time you can collect the keys may vary, and your solicitor will advise you on this. In most cases, the estate agent will handle the key handover.
10. Do I need a survey on the property I’m buying?
While not a legal requirement, getting a property survey is highly recommended. A survey can highlight issues such as structural problems or repairs that may not be visible during a regular viewing. There are different types of surveys, such as a Homebuyer’s Report or a Full Structural Survey, depending on the level of detail you require.
11. What is the role of the Land Registry in the process?
The Land Registry is responsible for recording the legal ownership of property. Once the sale has completed, your solicitor will register the transfer of ownership with the Land Registry, ensuring that you are legally recognised as the new owner of the property. This is an important step in protecting your legal rights to the property.
12. Do I need to pay Stamp Duty, and when do I pay it?
Stamp Duty Land Tax (SDLT) is a tax that buyers must pay when purchasing a property over a certain value. Your solicitor will calculate the SDLT due based on the purchase price and any applicable exemptions or reliefs. You will need to pay it before the transaction is completed, and your solicitor will typically handle the payment and registration with HMRC.
13. What happens if I change my mind during the process?
Once contracts have been exchanged, both parties are legally committed to the transaction. If you change your mind after exchange, you could face significant financial penalties. If you’re still in the early stages, before exchange, it’s generally easier to pull out, but your solicitor will advise you on the best course of action.
14. Can I change my solicitor midway through the process?
Yes, you can change your solicitor at any time during the process, but it can cause delays and additional costs. If you are unhappy with your solicitor, discuss the issues with them and see if they can be resolved before making a switch. If you do decide to change, your new solicitor will need to request the necessary documents and information from the old one, which can take time.
15. What if the property has existing tenants?
If you are buying a property that is being sold with tenants in place, your solicitor will carry out checks to ensure that the correct tenancy agreements are in place and that the tenants’ rights are respected. You will also need to be informed about the existing rental terms, and your solicitor will guide you on the legal implications of purchasing a tenanted property.
16. What role do estate agents play in the process?
Estate agents handle key parts of the buying and selling process. They typically manage property viewings, negotiations between buyer and seller, and facilitate communication between solicitors. They also handle the key handover at completion, ensuring that the buyer receives the keys to the property once the sale is finalised. Estate agents often work closely with solicitors throughout the process to ensure everything runs smoothly.
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Disclaimer: This page is for informational purposes only and does not constitute legal advice. Please consult with a solicitor for advice tailored to your specific circumstances.