Residential Conveyancing Frequently Asked Questions
How long does it take?
With conveyancing, it varies how long it takes depending on the searches required and factors such as the other party in the transaction. Generally, with a straight forward transaction, we would expect to complete within 8-12 weeks.
What is the process of selling a property?
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What is the process of buying a property?
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What’s the difference between freehold and leasehold?
Freehold is where you own the property outright and the land on which it stands.
Leasehold is a way of owning a property for a fixed term but not the land on which it stands. It will be subject to the payment of annual ground rent. When the lease expires the ownership of the property reverts to the freeholder.
Leaseholds can vary in length but usually are between 99 years and 999 years. Mortgage lenders like there to be at least 50 years left on the lease after the mortgage term expires. This means that if you take out a 25-year mortgage you need at least 75 years left on the lease.
Can you act for my sale and purchase?
Yes, we can act for you in both your own sale and purchase if there is no conflict of interest. Click here to find out more details.
Can you act for both the person buying the property and the person selling the property?
Usually, this would not be allowed as there is a conflict of interest. There are exceptions such as if the firms have two offices and each office acts for a different party. We can do this however we would not recommend it. We would always advise that you have independent legal advice to make sure that your lawyer is acting in your best interests.
Do you still get deeds to a property?
In short no. With all new transactions, the land must be registered with the Land Registry. The title documents are held electronically at the Land Registry. It may be that the land in question is unregistered. If this is the case the land will have to be registered with the land registry during the transaction. We can do this for you. Contact us for more details.
What is a chain transaction?
A chain is where people buy and sell properties with linked transactions. The chain can vary in length dependant on the number of people who wish to buy and sell in the same transition. The issue with a chain is that you must sell your property first to release the money to allow you to buy. However, each transaction is separate and therefore the speed of progress of all the transactions relies on the slowest. Also, if one transaction fails then it can mean that all the transactions in the chain fail.
Who will act for me?
One of our specialists will act for you if you instruct us. If you would like to know more about our team, please click here.
How much will it cost?
If you would like to receive a bespoke quotation for your transaction, please call us on 01629 56660 or you can enter the information online and we will call you back.
Alternatively, you can click here to find more details of the likely costs.
Free Guide
If you don’t know your leasehold from your freehold, then get our Free Conveyancing Guide. It contains details about the steps you will need to take with any property transactions. The Guide giving you detailed guidance on what your lawyer will be doing for you and what to look out for.
