Frequently Asked Questions - Conveyancing
Q. How long does the average sale and purchase take?
This varies from transaction to
transaction but it is usually around 6-8 weeks. If you do have a date in mind
please let your conveyancer know so they can work towards this, although please
bear in mind that no guarantees can be made. The estimated completion date may
change a few times during the process depending on the requirements of all
parties throughout the chain.
Q. Who will handle my conveyancing?
This can be dealt with by your choice of our Solicitors, Legal Executives or Paralegal in either our Brooke, Norwich, Sheringham or North Walsham office. Your dedicated solicitor will see your transaction through from start to finish, supported by an assistant to ensure there is always someone you can talk to when you need us.
Q. I am getting a mortgage; do I have to request the mortgage advance from my lender?
Providing we are on the lender's panel we will act for you and your lender jointly. Once we have exchanged contracts we will submit the necessary documentation to your lender to ensure your mortgage is released to us in time for completion, you do not need to request this.
Q. When will you request the deposit from me and how much is it?
We request this before exchange of contracts in order to proceed to exchange. We will give you sufficient notice to transfer this to us so that it will clear in time for exchange of contracts. It is standard practice for a deposit representing 10% of the purchase price to be paid upon exchange of contracts. The deposit may be more or less depending on agreements between the parties and the amount of any mortgage being obtained.
Q. What is the difference between exchange of contracts and completion?
Exchange of contracts is when the buyer and seller legally promise to purchase the property by placing a deposit down. If either party pulls out there are significant financial consequences. Legal completion is the day the balance funds are transferred from solicitor to solicitor enabling the keys to be released and ownership to change hands.
Q. Does the quote include all of the costs we can expect to pay?
Yes, we are honest and upfront with no hidden charges. The disbursements can change which is out of our control but your solicitor will always advise you of this and obtain your consent to continue before spending any additional money on your behalf.
Q. What happens if I change my mind about selling/buying?
Both parties have the right to withdraw from the transaction any time up until exchange of contracts.
Q. When should I put my buildings insurance in place?
In most cases, you are required to insure the property from exchange of contracts. You should therefore be prepared to go on cover the day of exchange.
Q. What are the key things first time buyers should be aware of when buying a house?
First time buyers should be aware of their options with regards to surveys. It is our view that it is important to have a survey undertaken before committing to buying a property. It is also important to make sure finances are in place, they should seek advice from a financial adviser, if possible. Finally, if they are unsure of anything at any point in the process then ASK! No question is a silly question, at Clapham and Collinge we are happy to take you through the whole process until you own your dream house.
Q. If a seller has had major building works carried out on the home I'm buying, do they have to supply an engineering report?
It is not a requirement for the seller to provide an engineering report, however we strongly advise a structural survey report is undertaken. We will also ask for planning and building regulations.
Q. If there is something I'm not sure of about my house purchase, can I delay until I'm happy - will it cost me more in fees?
You can put a hold on your file at any time, this will not incur further costs and you can then advise us when you wish to proceed.
To find out more or discuss your individual requirements in further detail, our dedicated Property team will be delighted to help. Contact us today on 01603 693500 or email us using the 'Make an enquiry' form. Appointments available at our Norwich, North Walsham and Sheringham offices.
For more information on Clapham & Collinge Property services please see our dedicated Conveyancing webpage.