FAQS - General
ARTICLES AND FAQS
Some of the things people ask and problems they have, with our comments and answers.
It is almost impossible to guarantee timescales when we are reliant on others. If there is a chain of transactions then there will be more people involved and more possibilities for hold-ups.
A straightforward sale or purchase with no chain and where the buyer is getting a mortgage might typically be completed in 6-8 weeks. However you really should not make commitments like giving notice on rented accommodation or arranging holidays because you assume completion will take place by a certain date.
Here are links to explain the Buying Process and the Selling Process which will give you some idea of what needs to be done and the danger of making Assumptions about timescales and dates
If you are obtaining a mortgage a surveyor will inspect the property on behalf of the lender. Although his report will give you an indication as to whether he thinks the property is worth the amount that you have asked to borrow you will probably not be able to rely on it if things go wrong.
For an extra fee you will usually be offered the option to arrange for the same surveyor to carry out a more detailed "Home Buyers Report". This can be relied upon by you so if at a later date you find a problem that is not mentioned in the report you will have some redress against the surveyor.
If the property is quite old and you are particularly concerned about its condition you can obtain a full structural survey report which is even more detailed.
You have to decide how far you investigate the condition of the property. Generally the seller will not be giving you any worthwhile guarantees about its condition. The rule is "Let the Buyer Beware", so you have to satisfy yourself by getting experts to look at various aspects of the property and its services and facilities.
What do I have to do to instruct you to act for me?
We will normally have posted or e-mailed you a written estimate and with it there will be some forms to complete. We will need from you:
- Personal Information Form completed and signed
- Evidence of Identity in accordance with the note about that sent with the estimate
- On a SALE the Property Details Questionnaire and Fixtures, Fittings Land Contents List completed.
- A cheque or other payment of the initial amount required - see next section.
How much money do you need to get started?
On a Sale of a freehold house we will usually only ask for £30 to cover initial disbursements.
If you are selling a flat then we may well have to pay out to a Landlord or Managing Agent a fee for information and copy documents which typically is around £150 but in some cases can be more than £300. We have no control at all over this fee and will have to collect it from you. We will include a figure for this in our estimate but it will rarely be anything more than a guess.
On a Purchase we will have to pay for Searches and the letter with our estimate will explain the amount we require. The cost of these will vary from area to area but a typical figure for all the searches that this firm normally carries out is around £250. Our normal practice is to a carry out searches which include some that are useful but not required by all mortgage lenders so there is often scope for savings here.
If our Abortive Legal Fees Guarantee Scheme applies in your case and you want to take advantage of it there will be an extra figure for that.
You've said I need some kind of indemnity policy. Can I arrange this myself?
No you can't. The specialist insurers will only deal with solicitors and licensed conveyancers who have specialist knowledge so the insurers don't have to waste time explaining technical points to those without that knowledge.
Also most solicitors are only authorised under the Financial Services legislation to provide such policies as ancillary to their ordinary work so that means they can't provide them other than for their clients and their buyers/sellers.
I don't have to pay Stamp Duty. Why do some solicitors charge for completing a Stamp Duty Form?
Three points:
1. The Tax is now called Stamp Duty Land Tax (SDLT).
2. The Form does need to be completed for any transaction where the price is £40,000 or more even though no tax may actually be payable.
3. Some solicitors and conveyancers charge between £50 and £100 extra for completing this form. This practice does not do this as we believe it is part of the normal work that we do. See our page about No Hidden Extras.
What happens at Exchange of Contracts? Do I need to be there?
Once you and your buyer and/or seller and everyone else in any conveyancing chain have signed their contracts and everyone is ready, telephone calls are made between the solicitors concerned and the exchange is agreed under Law Society guidelines. The signed copies of the contract are then dated with the date of exchange and the date of completion is also inserted and they are sent to the other solicitor involved. You are then bound to buy or sell as the case may be. You certainly do not have to be at our office when it happens, and as there is often a delay between initial phone calls and the actual exchange, you could be waiting around for several hours!
There are more details about all this at Buying - Exchange of Contracts Stage and Selling - Exchange of Contracts Stage
When do you need the rest of the money on a purchase?
We will generally need a 10% deposit just before we exchange contracts, although if you are selling and buying at the same time, we can often use the deposit provided by your buyer on your related purchase. More information on this is on a page about Deposits for those Selling and Buying.
Any further money to make up the difference between the price and any mortgage and to pay the our fees, Stamp Duty Land Tax, Land Registry Fees, and any other payments to third parties, will need to be paid so we have cleared funds the day before completion of the Purchase.
Can I complete my sale or purchase on a Saturday?
No you can't. The bank electronic transfer system only works Mondays-Fridays and most solicitors (including this firm) do not work on a Saturday. If you are just selling you could move out on a Saturday before completion. People selling sometimes try to get their buyer to agree that they do not need to move out until the Saturday. A buyer's solicitor would not be able to allow this if his client was getting a mortgage.
A neighbour has applied for Planning Permission for an extension. A restriction in the deeds prohibits extensions. Can I object?
The Local Planning Authority will not be interested in restrictions in Deeds. They only have to consider planning related matters, and their own policies about whether or not to grant permission in particular situations, so you would have to see if there is anything you can say that they would consider relevant.
If permission is given you might be able to enforce the covenant to prevent it being built, but you might not have the right to do so, and court proceedings could be very expensive and might not succeed.
Back to Top of Page
Copyright: Richard Webster & Co 2010
Richard Webster & Co 30 Leigh Road Eastleigh Hampshire SO50 9DT
Conveyancing Frequently Asked Questions - Solicitors for the Southampton area, South Hampshire and Wiltshire.
Page Last Revised 08/03/11