Frequently Asked Questions

WHAT EXACTLY IS CONVEYANCING?

A simple definition of conveyancing is the transfer of ownership or property rights from one individual to another our job is to ensure that there are no problems relating to the property you are buying or selling. We also give you the peace of mind that all legal formalities have been carried out properly by team of professionals.

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HOW CAN WE HELP?

The conveyancing process essentially involves the transfer of "good" title (meaning that the vendor is actually in a legal position to sell) or ownership from one party to another. It sounds very simple, but to be fair, there is quite a bit of work involved. Considering you are unlikely to bear witness to any physical evidence of their work, it can be a little reassuring to know what exactly they are up to all that time:

The process begins in earnest once an offer has been made and accepted on a property and both parties have exchanged details of their solicitors. Your solicitor then liases with the seller's solicitor to complete all of the legal documentation involved in transferring ownership of a property from the seller to your very good self.

The work that your solicitor undertakes includes:

• Untangling the legal jargon that you find in the title deeds, which would be complicated and time consuming to understand (at best) without the proper knowledge and experience.
• Checking the background of your property with the local authority and title searches.
• Examining the legality of contracts and leases for leasehold properties.
• Preparation of the contract for sale, which is the culmination of the legal process. The contract contains details of the property, the identity of the buyers and sellers, the price and details of anything that is included with the sale, and the date on which the transaction will take place, also known as the completion date.
• In the event of their work identifying certain problems or aspects of the sale that are not quite what you wanted, your solicitor may also be of help if you decide to renegotiate the price.

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WHAT DO YOU MEAN BY CONTRACT DOCUMENTATION?

The Seller's Solicitors have to provide us with legal details of the property. The main document is the contract. This is prepared by the Sellers' Solicitors and sets out the terms of what has been agreed (i.e. price, names of people involved). There are also other documents which the Sellers Solicitors need to send us regarding planning permission, rights of way and other important matters. Quite often we will need to raise additional questions about these prior to exchange.

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WHEN WILL YOU EXCHANGE CONTRACTS?

Once we are entirely satisfied that all queries have been answered and all conditions have been met, we can move onto exchanging contracts. This will also include checking that all the mortgage conditions have been complied with should you be purchasing with the assistance of a mortgage, this can include producing evidence of your identity, arranging for reports from contractors if works are needed at the property, carrying out additional searches which would not be normally required and of course reporting to the Mortgage Company on the title to the property. There is also the issue of complying with the ever changing requirements of the Inland Revenue and the completion of the infamous SDLT1 forms - currently 9 pages long and expected to be amended shortly by the Inland Revenue to be even longer !!! By this time you should have returned the contract and we 'exchange' this with the other side. Once contracts are exchanged, both sides are legally committed to go ahead. We will not allow you to exchange until we have ensured that the title to the land is guaranteed and that there can be no dispute as to the ownership. Exchange is legally binding and neither party can back out without suffering loss.

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WHAT HAPPENS ON THE DAY I COMPLETE AND WHEN CAN I GET THE KEYS TO MY NEW HOUSE?

On the day of completion you do not need to come to our office. We will arrange to send the purchase money to the sellers solicitors, and once they have received this, you will be able to pick up the keys from the Estate Agents and move into your new home. This does not normally happen until early or mid afternoon. Please note that Fridays are particularly busy and you may not be able to pick up the keys until late in the afternoon.

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HOW LONG WILL THE WHOLE PROCESS TAKE?

There are a variety of factors affecting the timescale of these transactions. For example, how quickly the other side solicitors respond to enquiries, results of searches, and how quickly the other parties involved can arrange their finances. Obviously if there is a chain with many sellers and buyers totally dependant on each other, delays can occur. On average though, it is likely to take between 6 to 8 weeks, at Conveyancing Lancashire we try our best to meet deadlines, providing that it does not compromise your long term interests or the quality of our work! No two transactions are the same so it is impossible to be specific about how long the process will take. Often unnecessary delays can occur if signed documents, building insurance information and existing lender information is not returned to us at the earliest opportunity.

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WHEN DO I CANCEL MY MORTGAGE PAYMENTS?

Your mortgage with your existing lender must be paid right up to the agreed completion date and your lender will provide us with the figure required to redeem your mortgage up to the time of completion. PLEASE DO NOT CANCEL YOUR MORTGAGE PAYMENTS UNTIL WE HAVE CONFIRMED THIS TO YOU. Details of when to start paying your new mortgage are included in your mortgage offer but if you are unsure, please contact your new lender directly to arrange your payments

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USEFUL LINKS

Do you need planning permission?

www.planningportal.gov.uk 

Land Registry

www.landreg.gov.uk 

Are you in Stamp Duty Disadvantage relief area?

www.inlandrevenue.gov.uk 

Do you need a coal search?

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