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How long will it take?
It is difficult to judge a time of completion when it comes to the legal aspects of a property transaction, with varied timescales based on the different properties. When it comes to an empty property the process could potentially be finished within a few days, alternatively a normal property exchange could be up to 10 weeks.
Timescales are an important aspect to consider when you are moving home and this is why we strive to make this entire process as prompt and stress-free as possible.
How soon do I need to pay any money?
Typically most fees will be paid on the completion of your property exchange. Solicitor fees and the balance of the price will be included in this based on your type of conveyancing service. Sellers will usually pay their fees with a small percentage of the sale itself.
However, depending on the type of service you acquire, you might need to pay some fees straight away.
Do I need a survey?
You will need a valuer to assess your property on behalf of the
lending institution if you require a mortgage to complete the exchange.
For a small fee you can acquire more information by arranging a more detailed ‘Home Buyers Report’. This will provide a more comprehensive view of the house.
You will also be advised to obtain a structural report that details any unseen damage or required renovations ahead of the deal completion, especially suggested if you have an older property. This is all up to the seller to organise this, as they are responsible for informing the buyer about any issues involved with the property.
How much deposit will I need?
The amount of deposit you need is based around your own financial situation and traditionally paid at the exchange of contracts. The deposit is usually discussed and agreed upon to ensure that you know how much is needed to pay. A deposit is entirely dependent on the individual and the secured mortgage also affects the deposit.
If I have any questions, should I ask the agent or the solicitor?
Both the solicitor and the estate agent will be more than happy to
answer any questions or concerns that you may have.Can I exchange
contracts before I receive my mortgage offer?
Most solicitors with experience in this field will delay the completion of a property until the mortgage funding is secured. This is to guarantee that you can afford the property, so it is an important aspect of the exchange.
What happens with the keys?
The buyer can collect the keys once the money has been transferred to the bank of the seller and these can be picked up, usually, from the estate agent. There are bound to be some delays during this process, so be prepared and remain calm. Your solicitor will be working hard to ensure that the move is completed as quickly and smoothly as possible.