Conveyancing - frequently asked legal questions
1.Does it matter that your offices are a long way away?
No. The majority of cases are dealt with via the post, email or over the telephone. Whilst we are always pleased to see you. we do not ask distant clients to call here.
2.How long will my Conveyancing take?
A conveyancing transaction can be completed in days, weeks or months depending on whether your transaction is part of a chain and how quick the slowest link in that chain moves. Having said that, most transactions complete in 6-8 weeks. Any estimate will move closer or further away as the case progresses. Please ask at any time for a review.
3.How much deposit will I need to put down on exchange of contracts?
Normally 10% of the purchase price is required. If you are borrowing more than 90% of the purchase price, we will ask the seller to accept the difference between the price and the net amount we will be receiving from the Lender (in other words what amounts to your cash contribution towards the purchase).
4.Should I have the property surveyed?
Yes. There are three types of valuation/survey: Basic Valuation. This type is not a survey and is intended as a valuation only and for the sole benefit of the lender. It is questionable as to whether or not you would have any comeback against the Lender's Valuer if he had overlooked something. You should therefore have a more thorough inspection carried out by a surveyor. Homebuyers' Report. This is more detailed report on the state and condition of the property and there may be a comeback on the surveyor if something be overlooked. These surveys are subject to a number of get outs. Full Structural Survey. This is the most detailed report. The surveyor (as before) would be liable for any errors in his report. We are not surveyors and we therefore advise that at the very least you consider a Homebuyers' Report. However, if you are in doubt, you should take advice from a local independent surveyor.
5.What is a local search?
A local search comprises a series of questions about the property such as whether roads serving the property are maintained by the Council and whether any planning applications regarding the property are made. This search is for the property only; it will not provide any information upon any nearby property outside of its boundaries. Therefore, if you have concerns about any neighbouring land, then you would need to inform us of these so that we may make the relevant enquiries. The precise cost of the local search varies from local authority to local authority. It is prudent to effect the local search at the earliest stage. We therefore ask for £200 at the outset on account of this disbursement. The replies to the local search take varying amounts of time to be received from the local authority, depending upon which local authority covers the property. It will also reveal if the Local Authority have anything recorded against the property that would affect your decision to buy, ie, a new road within 200 metres. It will not reveal if owners of adjoining/neighbouring properties are planning any private developments.
6.Why do you need to carry out a Local Authority Search?
Even if you do not want any of the information that a local search may reveal, your lender will insist on a search being carried out not more than six months prior to the purchase.
7.What is stamp duty land tax?
Stamp Duty Land Tax is a tax charged by the government which is payable after completion of the transaction. The government charges a variable percentage of the purchase price.
8.What is a Land Registry search?
A Land Registry search enables us to check the title of the seller and to ensure that you will be buying a clear title, free of any mortgages or debts.
9.What is a Bankruptcy Search?
If the transaction is to be funded or partly funded through a mortgage then it is usual for us to receive instructions from the mortgage lender to act on their behalf also. There are therefore additional obligations upon us, one of which is to undertake a bankruptcy search against the prospective purchaser or purchasers.
10.What is a Land Registry Dealing Application?
When the transaction has completed, it is necessary to register the new purchaser's interest with the Land Registry. There is a Land Registry fee which depends upon the purchase price of the property.
11.What is the Bank Transfer fee?
When it is time to complete the transaction, it is often necessary to arrange for funds to be telegraphically transferred from the mortgage lender to our account. The mortgage lender may charge for this. The charge will usually be deducted from the amount of the loan. We would then need to telegraphically transfer the completion monies to the seller's solicitors and our bank will charge a fee for effecting this transfer.
12.What are the Office Copy Entries and Filed Plan?
We may need to obtain an up to date copy of the title from the Land Registry. There is a charge for this.
Please call us on 020 7420 7020 or email us at enquiry@sethlovis.co.uk for further advice.