Conveyancing – FAQs
16 March 2018 by Jody Williams
Below are some answers to frequently asked questions about the Conveyancing process.
How long will it take to complete the whole Conveyancing transaction?
This is an unanswerable question as it completely varies from one transaction to another. If it is a straightforward Freehold transaction then we estimate between 6-8 weeks. However, this does depend on how quickly the Solicitor acting for the other party acts and many other contributing factors such as the time needed to process a mortgage.
I do not understand the questions on the instruction sheet, what should I do?
Complete this as best as you can and return to us we will ask you for additional information if it is needed.
Why are you asking me for £300 on account for searches when you have told me the searches cost less than this?
£300 is a round figure and it makes things easier for us to keep track of what clients have paid and also means we have funds immediately available for any small additional payments that might be necessary. This £300 will be deducted from your final completion statement so you only pay the amount that the searches cost and this is deducted as a payment received when we send the accounts to you.
What does having my ID certified mean?
We need to meet you to confirm you are who you say you are as early as possible during the transaction. Ideally, you will attend one of our offices with photo ID and a proof of address dated within the last 3 months so that we can take certified copies.
Do I need an appointment to bring my ID in to be certified?
No, you can pop in at any time and someone will be able to assist you.
I do not understand the buyer’s enquiries which you have sent to me to answer, what should I do?
Answer them to the best of your knowledge and just be honest. If you do not know the answer, you can answer it by saying you do not know. We will assist you as best as we can but obviously some questions only you, as the owner of the property can answer.
You have sent me the Contracts to sign but I don’t want to sign until all enquiries and outstanding matters have been dealt with.
Signing the contract has no affect until the Solicitors’ exchange. We will hold your signed contract on file until all outstanding matters are resolved. We will not exchange and tie you into the sale or purchase until we speak to you and obtain your authority to exchange anyway.
When is a completion date set?
When the whole chain is close to exchange we can discuss completion dates. There is little point discussing dates until everyone is at the point of exchange because things may change which may mean the date initially agreed is not achievable. We will let you know when we think the parties are close to exchange and will invite you to suggest any completion dates which work for you.
What is the difference between Exchange and Completion?
Exchange of contracts can only take place when everyone is ready and a Completion Date has been agreed and it’s when a binding contract comes into existence, after which time neither party will be able to withdraw from the contract without incurring liability for breach. Completion is the day you get the keys and can move into the property.
I have more than a 10% deposit, why are you asking me for only 10%?
We only need 10% of the purchase price in order to exchange. We will send you a completion statement and the extra money you are contributing will be payable on Completion.
Do I need to be at your office for Exchange?
No, this is done via the solicitors in the chain on the telephone. We will just need your authority to exchange (by phone or email), on the day of the exchange.
What time is completion?
It depends on when the money passes through the chain. We usually complete by lunchtime but it can vary. The Contract usually provides a latest time of 2pm.
Where do I collect the keys? / Drop the keys?
If there is an Estate Agent then from then. If not, you can make arrangements with the seller/buyer direct.
We have completed, is that it now?
Yes, you do not need to do anything further. We will pay the stamp duty on your behalf (purchases) and register the property into your name/s at Land Registry. Once this is completed we will write to you sending you a copy of the updated title registers together with any other documents in our possession (e.g. certificates, guarantees, etc). Please note that this can sometimes take the Land Registry several weeks if the registration is not straightforward.
How much does Conveyancing cost?