Buying and selling can be hard to understand. Here we answer some conveyancing frequently asked questions and explain some common terms.

Conveyancing Frequently Asked Questions

Timing

How long will my conveyancing transaction take?

Although it varies wildly across the country, and also depending on your type of property, the average time it takes to sell a house in the UK is normally around 3 to 4 months.

How long do searches take?

Some search results are returned within 24 hrs. Others, such as local authority and drainage searches, take around two to three weeks. However, this is dependent on the timescales of the local council.

Searches

What are searches and why do I need them?

Searches help to identify any issues with a property. If you are obtaining a mortgage, some searches are required as part of your lender’s requirements. If you are a cash buyer searches are optional (but recommended).

The three compulsory searches are:

Local searches

These show whether the property is a listed building, in need of a renovation order, located in a conservation area, etc. Local authority searches also cover planning permissions and building regulations approval. In addition, they will look at any proposals that could affect the property such as new roads etc.

Drainage searches

A drainage search determines whether the property is connected to the mains drains and sewers. It also establishes if there is a public sewer within the boundary of the property. If there is, your conveyancer will need to investigate this further to determine whether the right agreements are in place.

Environmental searches

An environmental search determines whether the property has been constructed on or within proximity to contaminated land. It would also identify any flooding, radon gas levels, and whether the property is located in a coal mining area. Depending on where you live and the results of the above searches, it is not uncommon for your conveyancer to request additional searches.

Gifted Deposits & Private Loans

I am getting a gift or a loan to help purchase a property, is there anything I need to know?

If someone is giving you money, or you are getting a private loan to help purchase a property, we are required to undertake legal and anti-money laundering checks against the person giving you the money. These checks include proof of ID and proof of funds in the form of a bank statement(s). Also, your mortgage lender may require that we report to deposit to them and obtain an Insolvency Act Indemnity Policy to protect their interest in the property. While this can be time-consuming, we must report a gifted deposit to your mortgage lender and obtain their approval to the gift before exchange of contracts.

Valuations and Surveys

What is the difference between a valuation report and a survey?

A mortgage valuation is a report undertaken on behalf of your lender. It does not investigate any possible structural defects of the property.

Among other things, a RICS HomeBuyers Report (HBR) would cover:

  • Notification of property parts needing urgent attention
  • Advice on repairs and ongoing maintenance
  • Inspection report
  • Key risk report
  • Advice on issues affecting the property value
  • Insurance reinstatement cost

Recommended for purchasers of older and larger properties, a building survey would cover (but is not limited to):

  •  Any structural defects with the property
  • Comprehensive structural report
  • Notification of property parts needing urgent attention
  • Advice on repairs and ongoing maintenance
  • Key risks report
  • Advice on issues affecting the property value
  • Detailed inspection
  • Description of defects
  • Outline of potential problems
  • Professional advice on repair options

Here are a couple of local surveyors that many of our clients have used:

Common Conveyancing Terms

Chain

Where the success of one purchase depends on the sale and purchase of another.

Completion

The date that the property being bought or sold is legally completed and the property passes to the buyer. This is the moving date.

Contract

The legal document that sets out the details of the property purchase, including the buyer, seller, price and property details.

Deposit

A deposit is paid by the buyer on exchange of Contracts. It is usually 10% of the purchase price, although a lower deposit can be agreed.

Exchange of Contracts

At this point the process becomes legally binding and the completion date is fixed.

Freehold

A freehold property includes the whole parcel of land, not just the building. Ownership is forever.

Leasehold

A leasehold property is owned for a term of years, not forever. Often rent and service charge is paid to the owner of the freehold (the landlord).

Occupiers consent

Required when a person age 18 years + lives at a property but they are not a party to the mortgage.

Searches

These are carried out against the property to reveal any matters which may affect the title, use or value of the property.

Service charge

A charge paid to the landlord to cover repairs, maintenance and improvements to a property.

Survey

A report setting out the condition of the property, from structural problems to major repairs. The survey is arranged by the buyer, not the conveyancer.

We hope you have found these conveyancing frequently asked questions and common terms useful. Please do contact us if you have any further questions you would like answered.