- How long will it take to complete my transaction?
- How do you keep me informed?
- Why do I have to provide my identification documents
- Do I have to complete on a Friday?
- When will I receive the balance money from my sale?
- If the other party decides to withdraw from the transaction, can I get compensation?
- Is the transaction legally binding when I sign contract?
- What happens when you exchange contracts?
- What is the difference between registered and unregistered land?
- What is the difference between freehold and leasehold properties?
- When should I stop my direct debit payments for my current mortgage?
- Who will pay off my mortgage?
- What happens on completion?
How long will it take to complete my transaction?
This is usually the first question which is asked and is difficult to answer as all transactions are different.
A usual estimate for a transaction involving a mortgage would be 4-6 weeks to exchange contracts and a further 1-2 weeks to complete.
We will do what we can to complete your transaction as quickly as possible.↑ Back to the top
How do you keep me informed?
We will endeavour to keep you informed at all stages of the progress of your transaction.
If at any time you have any queries then please do not hesitate to telephone or email your conveyancer. Their contact details will be contained within your initial letter.↑ Back to the top
Why do I have to provide my identification documents?
We are required under Money Laundering Regulations to verify your identity to guard against money laundering and fraud.
Where you are purchasing with a mortgage we are also required to verify identity as part of our instructions.
The Land Registry also require us to verify identity.↑ Back to the top
Do I have to complete on a Friday?
Friday’s are the traditional day to complete and the majority of transactions do still complete on a Friday. This is because it allows people to unpack over the weekend.
We can complete a transaction on any working day. Transactions cannot complete at the weekend or on bank holidays as we need the bank to be open to transfer funds.↑ Back to the top
When will I receive the balance money from my sale?
Money will be transferred on the day of completion provided we receive the purchase money in time.
We can transfer the money direct to your bank account (subject to payment of a bank transfer fee) or we can pay you by cheque.↑ Back to the top
If the other party decides to withdraw from the transaction, can I get compensation?
Until contracts are exchanged either party can withdraw from the transaction, without giving a reason.
If a party withdraws following exchange of contracts and before completion then compensation may be available.↑ Back to the top
Is the transaction legally binding when I sign contract?
The transaction does not become legally binding until we exchange contract.↑ Back to the top
What happens when you exchange contracts?
Exchange of contracts typically occurs when the solicitors for each party agree over the telephone to date the documents. This makes the transaction legally binding and means that a party who fails to complete will be liable for breach of contract.↑ Back to the top
What is the difference between registered and unregistered land?
Since 1925 there has been a gradual process of Land Registration in the UK.
The majority of residential properties are now registered at the Land Registry which means that we can obtain copies of the deeds online. However a minority of properties which have not been sold for some time are still unregistered. These properties will have paper deeds which may be held by a mortgage lender, solicitors or by the property owner. For these properties the deeds will need to be obtained and will be submitted to the Land Registry for compulsory registration on completion of the transaction.↑ Back to the top
What is the difference between freehold and leasehold properties?
Broadly speaking the majority of houses are sold freehold and the majority of flats are sold leasehold.
The freehold of a property is the ownership of the land itself.
If you are purchasing a residential leasehold property then you will become the tenant of the property under a new lease or you will purchase the remainder of an existing lease. The Landlord of this lease will own the freehold.
These leases will be long term. They will have been granted originally for a term which could be anything from 99 to 999 years.
In the case of flats it is usual for title to be leasehold as this allows the Landlord to maintain responsibility for the building as a whole.↑ Back to the top
When should I stop my direct debit payments for my current mortgage?
You should not stop your direct debit payments until after we advise you that the transaction has completed.
Under the terms of your mortgage you have covenanted to pay up to that date. Any redemption figures which we have based our completion statement on will take into account payments which are due up to the redemption date.
If for any reason there has been any overpayment on your mortgage then your lender will be required to account to you for the balance following completion.↑ Back to the top
Who will pay off my mortgage?
When a completion date is agreed we will obtain a redemption statement. Provided there is no shortfall (where the proceeds of a sale/remortgage will not cover the redemption figure) we will arrange for the mortgage to be repaid on completion.↑ Back to the top
What happens on completion?
When we have finalised a completion date we will prepare a completion statement and advise you whether we require any funds from you to complete.
Where you are selling we will obtain a redemption figure for your existing account and obtain an invoice for any Estate Agents fees.
Where you are purchasing we will request the mortgage funds.
If we require any funds from you to complete these will need to be in our account in cleared funds no later than the day before completion.
Completion itself is a transfer of funds. We will advise you once this has been completed and where you are purchasing we will advise you that the keys are available to be collected.