Q. What is Conveyancing?
A. The procedure for transferring ownership or certain rights in property from one person to another.
Q. Do I need a Solicitor?
A. In most cases banks and building societies will insist on a solicitor dealing with the mortgage. Given the value and importance of property transactions, most people want the peace of mind of knowing that all the formalities have been properly dealt with.
Q. What is Exchange of Contracts?
A. When the written contracts signed by the buyer and the seller are formally exchanged. This makes the transaction legally binding and after exchange neither side can withdraw without financial loss. All the details of the sale are set out in the contract, including the date for possession.
Q. When is a deposit paid?
A. On exchange of contracts. In a related sale and purchase, the deposit from your buyer can usually be used for your purchase.
Q. What are searches?
A. Enquiries of the local authority, coal authority, land registry and other organisations to find out if there are any matters affecting the property which you should be aware of before buying it.
Q. When do I get the keys?
A. On the completion date. The date is agreed when contracts are exchanged
Q. How long will it take?
A. It is impossible to be specific as no two transactions are alike. On average six to eight weeks, but it depends on how quickly finance is arranged and whether there is a chain of transactions.
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