What is conveyancing?
This is the process of buying and selling property. The Sellers and the Buyers have separate solicitors that act on their behalf.
How long does it take?
On average a transaction can take as little as 6 weeks. This timescale is an estimate, and can vary on a number of factors, such as adverse search results, issues with a valuation.
What are disbursements?
These are costs incurred on your behalf to third parties for things such as searches, land registry fees, stamp duty. These will be included in your quote at the beginning of the conveyancing process.
What does “exchange of contracts” mean?
Upon exchange of contracts, the contract becomes legally binding. This means that neither party can withdraw from the transaction, and must complete on the completion date specified. Contracts are exchanged by the buyers’ and sellers’ respective solicitors over the phone. In order to exchange contracts the buyers’ solicitors must be in receipt of the deposit.
What does ‘’completion’’ mean?
Completion is the day that you get the keys if you are the buyer / hand over the keys if you are the seller. Completion takes place on a week day.
We are unmarried and I am putting in a larger deposit into the property, can I protect it?
Yes. You can enter into a trust deed which would record who paid what and what happens when the property is sold or if you separate.
Do I need a survey?
If you are taking out a mortgage then the mortgage provider will survey the property to see if it is suitable for them to lend against. This is not a survey that provides you with any detailed information about the property or highlights any problems with the property that you should be aware of. We would advise that you have a detailed survey carried out on the property you intend to buy.
Walker Solicitors is a trade name of Walker Solicitors Ltd. Registered in England (Company No: 9608224). Registered office: 209-212 Stafford Street, Walsall WS2 8DW. A list of members is available for inspection at this office. We use the word ‘partner’ to refer to a member of the company or an employee or consultant who is a solicitor with equivalent standing and qualification.