The Conveyancing Process
Great news, you've decided to buy a house, you begin the process by instructing us to carry out the transaction on your behalf.
Searches on the property are carried out. Once results are in we will discuss these with you.
At this stage we will raise a number of enquiries with the other side. If you wish to pose any questions to the sellers about the property then this is an ideal time to do this. We will report back to you on any and all responses.
How long will it take?
It's difficult to say how long the process will take as each transaction is different. On average it is likely to take 7 – 10 weeks but can take longer, especially if there is a 'chain'.
Once your offer has been accepted we will receive a Sales Memorandum from the estate agents. We will then contact the seller's solicitors to request a draft Contract and the copies of the deed. At the same time will ask you for search fees on account so that we may carry out any additional searches.
We strongly recommend that you instruct a qualified surveyor to carry out a survey on the property as your mortgage lender's valuation will not be a full survey on the property.
Once we have received the Contract, copies of the deed, property information forms and any other documents relevant to the property we will be able to report to you on the title to the property.
Once you have received your mortgage offer we will be in a position to ask you to sign the Contract and agree a completion date with the seller. At this stage we require a deposit which is usually 5-10% of the purchase price. (This may not be required if you are buying and selling as the deposit will be passed on).
Contracts between you and the other side are exchanged. From here, both parties have a commitment to complete.
Completion (your moving date) is the date agreed between you and the Seller and is usually 7-10 working days from exchange of Contracts. We will ask you for the balance of funds to cover all the conveyancing costs between exchange of Contracts and completion.
On completion the transaction completes, your money is transferred and you can collect your keys from the agent.
The Veitch Penny team will ensure:
- that you are aware and understand the purchasing process
- that your solicitor is available to answer any queries you may have
- you get regular updates by phone, email, SMS or in writing as your case progresses
- fixed fee costs so you know how much you have to pay, with no hidden surprises