How many weeks may be accounted for conveyancing legal work take, in your opinion?
The time taken to transact residential property can vary, with reference to a handful of considerations. Eight to twelve weeks is the industry-wide average, whereas our solicitors take a proactive approach, driving the sale or purchase to complete sooner.
What’s the difference between exchange of contracts and completion?
When you exchange contracts, this means that you are agreeing to all the terms drawn up within the contract made between you on one side of the transaction, and the opposite party on the other side. It is from this point that you are legally obliged to go through with the transaction (unless you want to be subject to financial and/or legal penalties).
The completion of contracts is the point where you officially take over ownership of the property, receive the keys and can move in. All monies are transferred between the various parties and the conveyancing solicitor contacts the Land Registry to register the change of ownership to you.
Confused by the jargon in conveyancing? Let Homeward Legal's straightforward and clear service help guide you to as early a completion as possible. Try our online quote generator or call us on 0800 038 6699.
Will a lawyer in South Tottenham order any conveyancing searches on the London Fifties terraced townhouse I am intending to purchase?
If you are taking out a mortgage the mortgage lender requires you to at least these searches - Local Authority Search, Drainage and Water Search (CON29DW or personal) and Environment Search, and occasionally less common searches, which may include a Official Search of whole with priority.
Is it easy to sell a house without using an estate agent?
It’s relatively straightforward to sell your own home without involving an estate agent, although you should be warned that it’s a time-consuming process (which is why agents set a certain fee to pay for their time in getting your home sold).
First you need to get a proper valuation of your home, which can be done by paying a chartered surveyor and registered valuer, or you can research the house prices in the area for similar properties to get an idea of how they are selling.
Once you are happy with the price, you can advertise the property (there are several free sites that allow you to do this). Legally, you’re required to obtain an Energy Performance Certificate for the property before putting it up for sale, so you’ll need to organize a registered energy assessor to create this for you. Then you can start arranging viewings and negotiate an agreed price with anyone who is interested.
We would recommend, however, that you sign up with an estate agent as they can do all the leg work for you. The key thing, though, is to understand their fees and rates before signing an agreement with them.
Should we be nervous about gazumping?
Gazumping is not uncommon in South Tottenham and takes place when a house seller accepts an offer and then rejects it in favour of another buyer's offer. Although gazumping is less common in a declining market, there will always be a danger. Instructing your property solicitor early to handle your transaction should help to reduce the likelihood of gazumping.