How long will the Conveyance take?
It is impossible to say as each transaction is different but it normally takes 8 – 10 weeks from start to completion. The length of time it takes is dependant upon the chain of associated sales and purchases. If there are several transactions linked for which mortgages need to be obtained, weeks can pass with there seeming to be very little progress whereas, for a cash buyer purchasing an empty property, completion can take place relatively quickly.

Is it important to have a written mortgage offer?
A written mortgage offer is required before you can commit to purchasing a property by exchange of contracts. Any terms under which the offer is made, such as any work that needs to be carried out on the property, or life insurance requirements, must be satisfied before the funds will be released. The lenders, in addition to providing the conveyancer with details of the offer will provide them with the mortgage deed for signature by you.

When are legal fees paid?
Legal fees should be paid on the date of completion so that disbursements such as Land Registry Fees, Stamp Duty etc. can be paid. A completion statement will be sent to you showing the amount that should be forwarded in order to complete.

Can Legal Fees be added to the Mortgage?
Yes this is possible but you will have to arrange this directly with your Lender.

Is a deposit required?
Usually a deposit of 10% or less is paid as part payment of the purchase price to the Sellers conveyancer when contracts are exchanged. If you decide to withdraw from the transaction at any time between exchange and completion the seller is within their rights to keep any deposit paid. If you are getting a 100% mortgage you will not have a deposit available and the Sellers solicitors will have to confirm that this is acceptable prior to the exchange of contracts.

Does completion have to take place on a working day?
Because banks can only transfer money electronically on a weekday and the exchange money for vacant possession of the property is normally carried out on the same day, exchanging over the weekend is not possible. Completion can however take place on any other day through the week.

Who hands over the keys on completion?
Usually the Estate Agents or the Seller will hand over the keys. If you are purchasing the property you will be informed where the keys can be collected from, but they will only be made available when the money has been received by the Seller. If you are the Seller you will be informed when the money has come through and you may then hand them over in person or through your Agent.

Do I need building insurance?
It is advisable to make sure that you will be able to obtain building insurance on the property before contracts are exchanged. Once contracts have been exchanged the seller is no longer obliged to insure the property so you should make arrangements for building insurance from the date contracts exchange. Alternatively, your Lender may make arrangements on your behalf.

Can I sell property registered in my maiden name if I have since married?
Yes you can but you will need to provide a marriage certificate before the transaction can be completed. You may also wish to advise your Building Society by forwarding them a copy of your marriage certificate.

Is it possible to have a person added to the Deeds or Mortgage at a later stage?
Yes – you will first need to confirm with your Lender that they are happy to have that person added on to the mortgage. Subject to the mortgage, a legal document will then be drawn up transferring the property from the sole name into joint names. This transfer of legal title will need to be done even if you decide to remortgage with a different Lender.

Should I have a survey done?
If you are obtaining a mortgage your Lender will usually insist that a survey is carried out. It is always advisable to have a survey, especially on older properties, as it should reveal any work that needs doing which may be extensive and costly. There are different levels of survey but the older the property the more extensive the survey should be.

What is a Home Information Pack and do I need one?
The Home Information Pack (HIP) contains important information intended to assist the sale and purchase of property. It allows sellers to provide detailed information on the property upfront thereby reducing the likelihood of delays caused by unforeseen snags and saves buyers the unnecessary expense of searches and surveys if the sale falls through.

What is included in the Home Information Pack?
The HIP must contain the following:-

• Terms of Sale
• Evidence of Title
• Standard searches
• Planning Consents and Building Control Certificates
• Warranties and Guarantee
• Energy Performance Certificate (EPC)