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If you would prefer to talk to somebody, please use our call back service by clicking here and one of our staff will be pleased to call you back at a time to suit you.
Alternatively, don't forget you can use our Local Rate support line during office hours.
Unit 5, 10-17
Sevenways Parade
Gants Hill
Essex, IG2 6JX
T: 0845 077 4496
info@movinghouseltd.co.uk
If your question has not been answered here, please contact
us
If you have a question about conveyacing and how the process works, please refer to our selection of popular questions on this page:
- How long will the transaction take?
- At what stage do I need to pay any money?
- Do I have to pay a deposit?
- What type of survey do I need?
- What searches do you carry out and why?
- What happens if the transaction falls through and what am I liable for?
- When will I get my money?
- How, where & when do I pick up the keys of the property I am buying?
Q. How long will the transaction take?
A. If you are involved in a chain then the chain can only move as fast as the slowest link, but generally speaking a normal conveyancing transaction takes approximately eight weeks from start to finish. We are informed here of any delays/problems with your transaction and do all we can to ensure that not only does it progress smoothly, but also as quickly as possible by taking an active role in the transaction.
Q. At what stage do I need to pay any money?
A. If you are purchasing a property, the local authority search fee is usually requested up front as the solicitor will apply for this as soon as possible. Search fees vary according to the local authority but should be approximately £150.
The purchase balance and legal costs etc are paid just prior to completion, unless you are borrowing more than 90% of the purchase price, in which case payment may be required prior to Exchange of Contracts (see also “How much deposit must I pay?”)
If you are just selling you will not need to
pay out any money in advance. Legal costs and estate agents fees will be
deducted and paid on your behalf
from the balance that you receive on completion.
Q. Do I have to pay a deposit?
A. Deposits are normally paid on Exchange of Contracts as this is when the transaction becomes legally binding.
If you are buying and selling we can usually use your buyers deposit.
If you are just buying the amount of the deposit usually depends on the size of your mortgage (if any). If it is less than 90% you are usually required to deposit 10% but if you are borrowing more than this the sellers solicitor will often accept whatever amount you are putting in. If you are not putting anything in at all, (100% mortgage) the seller can be persuaded to accept just the amount of the legal costs and disbursements.
Q. What type of survey do I need?
A. If you are obtaining a mortgage the lender will require a survey to be carried out to ensure that the value of the property is worth the amount you have asked to borrow from them.
A valuer will carry out this basic inspection on behalf of the lender. It will only show up any obvious problems that you will probably have noticed yourself.
For an extra fee the valuer can carry out a more detailed inspection known as a homebuyer's report which can be relied upon legally at a later date. This means that if you find a problem after exchange of contracts that is not mentioned in the report, you will have some redress against the valuer and be able to claim compensation.
If you are particularly concerned about the condition of the property or if it is very old, then you may choose to go for a buildings survey (also known as the full structural survey) which gives even more detail.
Q. What "searches" do you carry out and why?
A. Coming soon.
Q. What happens if the transaction falls through and what am I liable for?
A. If you decide not to proceed before exchange of contracts (once exchange takes place you are legally bound to proceed), on a purchase you would only lose your survey fee and any arrangement fee you may have paid to the Lender, and the local search fee. On a sale you would not lose anything. On our no completion/no legal fee basis you are not charged for our legal work.
Q. When will I get my money?
A. If you are just selling, or there is surplus money from a sale and purchase, it is paid to you on the completion day or at the very latest the next working day.
If you prefer the monies to be transferred
directly into your bank account rather than a cheque, then just let your
solicitor know this and provide him/her
with the correct bank details. You may have to pay an additional bank transfer
fee for this.
Q. How, where and when do I pick up the keys of the property I am buying?
A. The keys will be available on the completion date, usually from about midday or lunchtime. They are usually left with the Estate agent (if any) who can release them to the buyer once the Sellers solicitors confirm that they have received the completion monies. If there is no estate agent (or if it is more convenient) then the seller will hand them directly to the buyer.
