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Domestic Conveyancing

QA number of terms and phrases that I dont understand are used in the conveyancing process. What do they mean?

AWe will try and explain the most commonly used words and phrases within the context of a typical transaction. At the start of a transaction you instruct your solicitor, meaning that you ask a solicitor to act on your behalf and they agree. Your solicitor will carry out searches, meaning that reports are obtained from the Local Authority, Mining Authority, Water Authority and other search providers. Searches sometimes disclose issues which affect the property and which you need to know about. If you are obtaining a mortgage, you will need a mortgage offer, meaning a written offer from a Bank that they will lend you the money to go ahead with your purchase. Once all of this is in place you will exchange contracts, meaning that you pay a deposit and enter into a legally binding agreement. The contract fixes the completion date, the date upon which you become the owner of the property and the date upon which the balance of the purchase price must be paid over to the seller.

QI am thinking about selling my house. When should I instruct a solicitor?

AIt is best to instruct a solicitor as soon as possible so that your Solicitor can obtain title deeds and other information and be ready to progress your sale as soon as you have a buyer.

QHow long does the average conveyancing transaction take?

AThis depends. If you are selling a property to a cash buyer who wants to go ahead quickly, then perhaps as little as four weeks. If you are buying a property and you need a mortgage, these days mortgage applications can take some time to be processed and this will have an effect on how long it takes for a purchase to complete. If there is a chain, then obviously a delay on one transaction means that everybody in the chain has to wait. In a long chain, it can also be a problem getting all parties involved to agree on the same completion date.