Conveyancing FAQ
There are a number of questions that we are asked frequently about property and conveyancing. To try and answer some of these for you we have listed them below.
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- What is conveyancing?
- I’ve had a quote from you. Are there any hidden charges?
- How long should my conveyancing take?
- Do I need a survey on the property I am buying?
- What will I be charged if my property transaction falls through?
- When can I book my removals?
- We are unmarried and buying a property. I am putting a bigger deposit into the property. Can I protect it?
- What is exchange of contracts?
What is conveyancing?
Conveyancing is simply the process of transferring ownership of property or land from one person to another.
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I’ve had a quote from you. Are there any hidden charges?
We provide transparent pricing and will always quote you honestly. A quote for Conveyancing is made up of two parts, the legal fee (our fee for doing the work) and the disbursements (expenses incurred on your behalf, such as searches).
We will quote you a fixed legal fee to cover the work. We will also quote you all the standard disbursements for your transaction based on the information we have at the time.
Fees and disbursements will only ever change if something comes to light during the Conveyancing process which was unforeseen at the time the quote was given. We will always contact you before incurring additional expenses on your behalf.
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How long should my conveyancing take?
The timescale will vary and will depend on a number of factors:
- Are the other parties to the transaction willing to move quickly with the transaction?
- Whether or not any unexpected problems crop up during the conveyancing process
- How long the chain involved is; that is the number of other transactions linked together. The longer the chain of properties, the more coordination of dates is required and the more likelihood of a problem occurring.
- Whether or not you are taking out a mortgage and have you already got this arranged
If a property transaction goes ahead without any problems then it could complete in around 6 weeks. This is a general guide only as each transaction is different. Transactions often take longer than this due to issues that arise during the conveyancing process.
Here at Veritas Law we will do everything possible to ensure a quick and efficient transaction and to work with you on proposed moving dates where practical.
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Do I need a survey on the property I am buying?
It is advisable to have a more detailed survey carried out on older properties,
or simply if you want the additional peace of mind. A survey can bring to light problems and issues with the property you are buying which may make change your mind about buying the property if the problem is serious. Often a survey can bring to light more minor problems which you can ask the seller to put right before you purchase the property, or you may be able to use the problem to renegotiate a lower purchase price. It is useful to note that the onus is on the buyer to carry out all necessary inspections and searches relating to the property prior to exchange of contracts.
If you are obtaining a mortgage your lender will have the property inspected to see if it is suitable for them to lend against. It is important to realise that this is a very basic valuation aimed only at protecting the lenders investment and not your interests. For more information on the different types of surveys see out disbursements explained page.
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What will I be charged if my property transaction falls through?
If your transaction falls through we will charge a proportion of our fee which relates to the amount of work we have carried out, therefore the cost to you will depend on what stage the transaction failed. Any expenses (disbursements) already incurred on your behalf will also be payable.
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When can I book my removals?
Before exchange of contracts, the moving date is not definite and you may end up losing money if it changes after you make your booking for removals. You should not book your removals until after contracts have been exchanged.
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We are unmarried and buying a property. I am putting a bigger deposit into the property. Can I protect it?
If you are putting unequal amounts into the property the person who is paying the larger amount can protect that money by a "Trust deed". This is becoming more and more common as unmarried couples are buying properties together and as parents are often financially assisting their children with getting deposits together.
A Trust deed is a legal document which sets out and records who has put what into the property and it outlines who will get what from the proceeds of the property in the event of separation or sale. For example, it can state that if the house is sold, the person who put in the deposit gets that amount first, before the remainder of the value is shared out.
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What is 'exchange of contracts'?
Exchange of contracts means the transaction has become binding legally upon the seller and buyer. Prior to this each party is free to withdraw from the transaction without any penalty. Upon exchange a deposit of 10% is given by the purchaser to the seller vis the solicitor and a completion date (moving date) is confirmed. Contracts are exchanged between solicitors usually over the telephone. You do not need to be present for us to exchange contracts.
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