Q – Do I need a survey?
Conveyancing Advice – In short Yes, we would always recommed you have a look at a survey even if you do not have a lender and are buying using your own finance.
If the property is quite old or the survey highlights potential works (damp, structural etc) and you are particularly concerned about its condition you can obtain a full structural or Damp survey report which is even more detailed.Always remember that its very much “buyer beware” so always check and ask if in doubt.
Q – How long will it take?
Conveyancing Advice– If the property is empty and the buyer does not require a mortgage, a sale or purchase can all be completed in a few days but this is very unusual.
However it is more likely that a mortgage will be required and there will be a chain of transactions and if that is the case it will usually take 4-6 weeks from start to finish.
We will do everything that they can to progress your transaction as quickly as possible but we cannot offer any guarantee about how long it will take and you should not believe anyone else that does!
Q – How soon do I need to pay any money?
Conveyancing Advice– We do not ask for any upfront Fees. Usually if you are purchasing a property we will ask you for the money to be payable at least 2 days before the date of entry.
If you are just selling you will not need to pay any money in advance. The costs, fees and loans will be paid out from the sale proceeds and any balance is sent to you either by direct payment to your bank account (if requested) or by cheque.
Q – How much deposit will I need?
Conveyancing Advice– Your terms of Business sent to you at the start of a transaction will keep you right about costs, registration and search costs but you must consider any other charges, such a lender costs, mandates to your finance or estate agent and the loan amount. As soon as the documents all arrive we shall forward you a full statement of account showing a breakdown of costs.
Q- Can I conclude the Missives (Contract) before I receive my mortgage offer?
Conveyancing Advice– If for any reason the mortgage offer is declined or delayed or it contains any conditions that you cannot comply with the money may not be available when required so it would be extremely dangerous to conclude missives without it. We would strongly advise you not to do so. Yet if you wish to conclude matters early we can point you in the direction of Banks that can arrange Open Bridgeing to provide funding for your new home until you sell your present home.
Q – When can I book my removals?
Conveyancing Advice– It is best to avoid booking your removals until missives are concluded because before that time the moving date is not definite and you may end up losing money if the date changes after you have made the booking.
Q – Can I move on a Saturday?
Conveyancing Advice– Unfortunately the banking system used for the electronic transfer of the funds cannot be used on a Saturday and therefore your move has to take place between Monday and Friday.
Q – When do I need to arrange buildings insurance?
Conveyancing Advice– Unless the building insurance is being arranged by your lender or it is a Factored property (Please check) you must arrange buildings insurance from the date of entry as the property will be at your risk from that time.
The amount of cover should be the estimated cost of re-building the property if it burns to the ground which is not necessarily the same as the current market value. If you had a survey or you are obtaining a mortgage your surveyor or the lenders valuer will usually have suggested a minimum amount of cover in their report.
Q – When do I make the first payment under my new mortgage?
Conveyancing Advice– In short ask your new lender. Yet, usuallywhen completing the mortgage application form you would have been asked to specify a particular day in the month for your Direct Debit. However the lender will usually also contact you shortly after completion to let you know the first payment amount and day on which it will be collected. You should be aware that because of the way in which the interest is calculated if you complete in the middle of a month your first payment may be slightly larger then normal.
Q – What happens with the keys?
Conveyancing Advice– These are usually left with the estate agents (if any) and the buyer collects them once the money has been paid over on the date of entry. If there are no estate agents (or this is not convenient) then the seller will usually hand them direct to the buyer.
Although we will always try to ensure that everything is finalised as early as possible on the day of completion – and usually this is dealt with by mid-day – there can sometimes be a delay if, for example, the other party solicitor is still waiting for the mortgage monies to arrive or there is a particularly long chain.