Conveyancing frequently asked questions

• What can you expect on the date of completion?

  On the completion date, the following will occur: The purchase price is paid to the seller’s conveyancer. If there is a mortgage, the mortgage lender sends the mortgage money. If you are the seller, your mortgage is paid off from the money received from the buyer’s solicitor. When the monetary transaction is complete, the buyer collects the keys to the property from the estate agent (or seller directly, if no estate agent is used).

• What are Title Deeds?

  This is the name given to the set of documents that prove the ownership of a property. Nowadays an Office Copy Entry (OCE) is the only document that is considered a Title Deed and it is conclusive on ownership of properties. It is only if a property is unregistered that we require the original deeds.

• What is a freehold property?

  A freehold property is one which is owned permanently by a person. There are very seldom any lengthy restrictions and usually an owner can do what they like with freehold properties, subject to planning permission and other legal requirement.

• What is a leasehold property?

  A leasehold property is one where there is limited ownership for example a person can have a property for 99 years only or 125 years and some leases are as long as 999 years. These are generally flats and maisonettes. They have a lengthy document called a ‘lease’ which states in detail what a person can do with a property and what they cannot. For example, it may state whether pets can be kept in the flat, whether the floor must have carpet, how often the flat must be painted. Leases can also limit the period for which a flat can be rented.

• What is a Transfer Deed (TR1)?

  The Transfer Deed (TR1) is the legal document which transfers the ownership of the property from the seller to the buyer. The Transfer Deed must be signed in the presence of independent witness, such as a neighbour or friend, who must state their full name and address next to the client’s signature. If you would prefer to, you can attend your conveyancing firm’s office to have this witnessed by one of the solicitors at the firm.

• What’s the difference between exchange and completion?

  Contracts are exchanged once there is an agreement between the seller and buyer to sell/buy the property, all aspects of the transaction have been dealt with and a date for completion has been agreed. Once contracts have been exchanged the transaction is legally binding, meaning both parties must complete on a date agreed; however, there still remain some final formalities to be taken care of on the completion date. Once the formalities are complete, the buyer can move into their new home.

• When should I instruct a conveyancer?

  If you are selling property, you should instruct a conveyancer before you put your home on the market. On the other hand, if you are planning on buying a house you should instruct a conveyancer as soon as possible after your offer has been accepted. However, it's advisable to start making your selection and getting quotes before making an offer, this way the conveyancer can start the process much earlier.

• When do I get the keys?

  These are usually left with the estate agents (if any) and the buyer collects them once the money has been paid over on the day of completion. If there are no estate agents (or this is not convenient), the seller will hand them directly to the buyer.

• How long will the process take?

  Conveyancing is one of the most time-consuming aspects of any home move. If the property is empty and the buyer does not require a mortgage, a sale or purchase can be completed within a few days. However, this is very unusual and it is more likely a mortgage will need to be approved and there will be a chain of transactions to contend with. If this is the case, then it usually takes between 6-8 weeks to exchange contracts and then another 2-4 weeks between exchange of contracts and completion. This makes the process a total of 8-12 weeks from start to finish. We understand the pressured timescales involved in property transactions and we do all we can to progress the transaction as quickly as possible.