What is Conveyancing?

This is the legal work necessary to buy and sell properties.

How long will it take?

It is usual to have a chain of transactions where most people require a mortgage. It usually takes 5-7 weeks to get to exchange of contracts with completion about 1-2 weeks after that. We will do all we can to progress your sale / purchase. Until we exchange contracts when the completion date is set you should not make any arrangements for moving.

What is the deposit?

When solicitors talk about a deposit they mean the money they hand over to the sellers solicitors on exchange of contracts. When buyers talk about deposits they will usually mean the amount of money they will be putting towards the purchase. This will usually be the difference between the mortgage and the price of the property. These two figures may or may not be the same.

When should I arrange buildings insurance?

Unless the Lender is dealing with the insurance you should place buildings insurance on cover from exchange of contracts as the property will be at your risk from this time.

What is 'exchange of contracts'?

This is the point when the completion date becomes binding. The buyer and the seller are then legally obliged to complete the transaction. Before this date there is no legal obligation on either party to continue the transaction.

When do I move out?

You have to move out on the Completion Day. The property must also be free of any possessions, people or rubbish.

What is 'completion day'?

This is the day when you take possession of the new property and the day the seller must leave their property. It is Moving Day.

Does completion day have to be on a Friday?

The banks can only transfer money electronically on a working day. But this does not have to be on a Friday. Completion can take place on any working day.

What happens with keys?

Usually, the sellers will hand their keys to the estate agents on the Completion Day. As soon as the sellers solicitors receive the purchase monies from the buyers solicitors they will tell the estate agents to release the keys to the buyers. It is very important that arrangements for the keys are made in advance of the completion day.

We will always try to ensure that the legal formalities are finalised as early as possible on the day of completion. Usually this is by mid-day. There can occasionally be a delay where there is a long chain and we are waiting for monies on a related sale. If this happens we will invariably solve the problem by early in the afternoon but until then there may be a delay in you obtaining keys to your new home.

What do I do about the services when I move out of the property?

When you know the moving date you should notify the electric, gas, water and telephone companies. In addition you should notify the Council Tax Department of the local authority together with the bank, credit card companies, DVLA, TV Licensing, Buildings Insurer, Doctor and Dentist.

Who pays the mortgage off?

On completion of the sale the sellers solicitors will repay the mortgages.