Purchasing a property is an exciting milestone, whether you are buying your first home or returning to the property market after a number of years. However, the conveyancing process can often feel unfamiliar and overwhelming.
To help buyers understand what to expect, we have answered some of the questions we are most frequently asked by clients at the start of their property journey.
These FAQs can be referred to throughout your transaction and are designed to provide a straightforward overview of the conveyancing process. If you have any specific questions or would like further guidance, the team at Charles Coleman LLP will be happy to assist.
1. How long will it take before I get the keys?
At the outset of a transaction, it is difficult to provide an accurate timescale, as every purchase is different. There is no one-size-fits-all answer.
Your solicitor will work proactively to progress your transaction as efficiently as possible and will keep you updated throughout. As a general guide, a freehold transaction typically takes between 8 and 12 weeks from instruction to exchange of contracts, whilst leasehold transactions often take slightly longer, usually around 10 to 12 weeks. Some matters may progress more quickly, whilst others can take longer depending on the complexity of the transaction and whether there is a property chain involved.
2. What exactly am I paying you for, and are there any extra costs?
Your solicitor’s role is to assess and advise on the legal risks associated with your purchase. This includes reviewing title documentation, property information forms, search results, raising enquiries with the seller’s solicitors and ensuring that both your lender’s requirements and your own interests are protected.
We also provide practical advice on any legal issues affecting the property and help you navigate potential challenges to ensure the best outcome for your purchase.
We work on a fixed-fee basis, meaning you will be made aware of the anticipated costs at the outset. Should any additional costs arise during the transaction, these will always be discussed with you before any further work is undertaken.
3. What searches are you carrying out, and what do they actually tell me?
You may hear people refer to “standard searches”, however no two property transactions are the same. Searches are selected based on the individual property, its location and any specific risks that may apply.
We will provide you with a search pack that includes the searches required by most mortgage lenders, as well as any additional searches we consider appropriate for the property you are purchasing. If further specialist searches are recommended following our review, we will explain why they may be beneficial and discuss these with you.
4. What happens if the survey finds something wrong?
Your surveyor is responsible for assessing the physical condition of the property. As solicitors, we do not inspect properties or provide advice on structural matters.
We are happy to review the legal advisor section of the survey and raise any relevant enquiries with the seller’s solicitors. If there are concerns identified within the survey, you should discuss these with your solicitor so that appropriate enquiries can be raised. Any technical or construction-related questions should be directed to your surveyor.
5. Why do you need to know where my money is coming from?
Solicitors are required to comply with Anti-Money Laundering Regulations and verify the source of funds being used in a property transaction.
We appreciate that providing financial documentation can sometimes feel intrusive; however, these checks are a legal requirement. Any information provided will remain confidential and will only be used to satisfy our regulatory obligations and ensure that the funds being used for the purchase have originated from legitimate sources.
6. When am I legally committed to buying the property?
You are not legally bound to purchase a property simply because your offer has been accepted.
The transaction only becomes legally binding when contracts are exchanged. Before exchange takes place, your solicitor will provide a detailed report on the property and will seek your authority to proceed. At this stage, your solicitor will also request the exchange deposit, typically 10% of the purchase price unless otherwise agreed.
The deposit is held as security under the contract. If for any reason you fail to complete after the contractual notice limitations have expired, the deposit would be forfeited, and the seller will retain this.
7. What is the difference between exchange and completion?
Exchange of contracts is the point at which both parties become legally committed to the transaction and a completion date is agreed.
Completion is the day you officially become the owner of the property. Once your solicitor has transferred the purchase funds to the seller’s solicitor, the keys can be released to you and you are able to move into your new home.
8. Is the property leasehold or freehold and what does that mean for me?
The main difference is that a freehold property is owned outright, meaning you own both the building and the land within its boundaries.
With a leasehold property, you typically own a lease of a flat within a building for a fixed period of time, rather than owning the building itself.
For leasehold purchases, your solicitor will review information provided by the landlord or management company, including details of service charges, ground rent, building insurance and the overall management of the building. This information is important for both you and your mortgage lender.
9. What is a mortgage offer and what do you need from my mortgage lender?
A mortgage offer is the formal confirmation from your lender that they are prepared to lend you funds for the purchase of the property. The offer will set out the amount being borrowed and the terms of the loan.
Once the mortgage completes, the lender will register a legal charge against the property, meaning it cannot be sold without the mortgage being repaid.
As we are members of the lending panels for most major mortgage lenders, we will usually act for both you and your lender. We are required to report key matters to the lender and can only proceed with your transaction having received their approval.
10. When do I have to pay the deposit and the rest of the money?
The deposit, usually 10% of the purchase price (not to be confused with the deposit contributed towards your mortgage), must be received before contracts can be exchanged.
The deposit will be held safely in your solicitor’s client account until the transaction becomes legally binding.
The balance required to complete your purchase will be payable shortly before completion. Your solicitor will provide a completion statement in advance, setting out the final amount required from you and a breakdown of all monies due.
Contact Us
If you, or a friend or family member, are looking to purchase a property and would like our assistance, please contact our office by email at enquiries@charles-coleman.com or telephone our Windsor office on 01753 861 115 or our Virginia Water office on 01344 843 666. Our Conveyancing Team would be delighted to help.
This blog is provided for informational purposes only and does not constitute legal advice. If clients wish to discuss any of the above, please contact our Conveyancing Department, who will be pleased to assist you.
