Residential Property

Residential Property FAQs

• How long will the sale and/or purchase of my property take?

  The conveyancing process on average takes approximately 6 to 12 weeks.

  However these timescales can vary depending on the length of the chain and the complexity of the transaction.

• What is the difference between a freehold and leasehold property?

  • A freehold property is when a property is owned outright and no one else has any interest in any part of the building (other than a lender when you have a mortgage). 
  

  • A leasehold property is where part or all of the building is leased for a specified period of time, once this time expires the ownership reverts back to the Landlord. Leasehold properties often carry obligations on you to contribute to maintenance of any shared areas such as car parks and lifts etc. There may also be a requirement to pay ground rent to the Landlord.

• Do I need a conveyancer who is local to me?

  It is important to focus on getting the right legal team to do your conveyancing rather than worrying about their location. 

  By employing a local solicitor to handle your case they will often have local knowledge and can advise you on potential issues specific to the area you are moving to. In certain cases they can also visit the property to get a look in person if necessary.

  However many of our clients are spread across the UK and prefer to contact us by phone or e-mail rather than having to take time out to come into our offices.  Ultimately, we advise selecting a conveyancer who you think will do the best job and offer you the best service

• Will I be charged if I pull out?

  If your transaction falls through (irrespective of who pulls out) we will charge a proportion of our fee to reflect the amount of work we have carried out, therefore the cost to you will depend on what stage the transaction failed. 

   Any third party expenses (i.e. Searches) already incurred on your behalf will also be payable
  

• When can I book removals?

  We would strongly advise not to book removals until contracts have been exchanged.

  Until the exchange of contracts the moving date is not fixed nor legally binding and you may end up losing any deposit if the date changes after you have arranged the removals

• Do I need a deposit?

  It is usual for a buyer to pay a deposit on Exchange of Contracts which is equal to 10% of the purchase price. However, if you are obtaining a 95% mortgage or if your funds are invested in a related sale, it is often possible to negotiate a smaller deposit.
  

• When do I need Buildings Insurance?

  Unless the building insurance is being arranged by your lender or by the Landlord if it is a leasehold property, you must arrange buildings insurance from exchange of contracts as the property will be at your risk from that time.