Residential Conveyancing FAQs

How much will it cost me to move home?
When we provide you with a quotation we will set out how much you will pay for our services, as well as other costs that you will incur, such as local search fees and stamp duty. Our fixed fees start from £400 plus VAT and disbursements.  

What is the difference between exchange of contracts and completion?
Once an offer has been made and accepted on a property, solicitors are instructed by both parties to prepare the contracts and carry out the necessary local searches. If you are buying a property then you – or your lender – will almost certainly require a survey. When both parties (and anyone else in the chain) are ready to commit to the purchase and proceed, you are ready to ‘exchange contracts’.  At this point a deposit (usually 5% or 10%) is paid by the purchaser. Once contracts have been exchanged you are committed to the deal. If you pull out of the proposed purchase, then you will lose your deposit AND possibly be sued for compensation. Between exchange and completion there are a number of tasks such as obtaining funds from your lender (assuming you need a mortgage) some final searches and preparing the transfer of title document. Completion is almost the final stage of the process, at which point you’re required to pay the balance of the purchase price.

Do I need a survey?
All mortgage lenders will require a valuation. Whilst this is a survey, it may not necessarily be a full survey. All that your lender needs to know is that the property is worth what they are lending, so that their loan is secure. It is possible to pay an additional fee to the surveyor to prepare a ‘Home Buyers Report’, or full survey, for peace of mind.

What happens if I don’t have 10% of the purchase price to exchange contracts?
In some circumstances it may be possible to negotiate with the other party. Generally parties are more flexible regarding deposits than they used to be.

Why do I need to prove my identity before I can buy a property?
It’s a legal requirement. Since the introduction of the Proceeds of Crime Act 2002 and Money Laundering Regulations, solicitors (as well as banks, building societies and accountants) are required by law to verify the identities of its clients. Generally we would ask to see you in person, together with some form of photo ID – such as passport or driving licence – together with other documentation to confirm your address, such as a bank statement or a utility bill. 

How long will it take?
That will depend on your individual circumstances. If you are involved in a ‘chain’, it will obviously take longer to get all parties to a point where they can exchange contracts. It is important that you do not legally commit to buying somewhere, on an agreed date, before you have agreed to sell your first property. It might be that one or more parties are not in a hurry, or that one lender is being slow in processing a mortgage offer, or that another party is struggling to raise finance.  

Can I choose the completion date?
Generally a completion date that suits all parties can be agreed. However, you cannot dictate a particular date and it’s not unknown for parties to pull out of a deal if you are too inflexible.

Do I need a Home Information Pack?  
Sales where no marketing takes place, such as to a family member, don’t need a HIP. However, for properties that are being marketed it has been a legal requirement from the 1st August 2007, when the Government first implemented them. From 6th April 2009 the HIP must contain certain compulsory information from the first day the property is put on the market to assist buyers, such as an Energy Assessment Certificate and local searches. We can prepare a HIP for you if required.