Frequently Asked Questions
From making an offer on a property to applying for a mortgage – buying your own home is exciting, but there’s lots to think about. Here’s a list of the top questions that we are often asked.
I've found a property I love. What do I do now?
Before you make an offer, it is advisable to apply for a Decision in Principle from a mortgage lender, source an independent financial advisor, a surveyor, and solicitor.
How long will it take to complete my purchase?
Every purchase is different, and your position and the seller’s position needs to be taken into consideration before this question can be answered accurately. For guidance, it takes an average of 154 days, that’s around 5 months so it can be a long-drawn-out process.
How much will conveyancing cost?
While the word ‘Conveyancing’ sounds like boring legal stuff, it’s everything that needs to happen to make the property officially yours. It can be a confusing process, and you need a solicitor to make it happen.
Do I need a survey?
Your mortgage lender will arrange a mortgage valuation that you may have to pay for in order to secure a mortgage. A mortgage valuation simply confirms with the lender that the property has sufficient equity for the loan. It will not give details on the condition of the property.
We recommend that you arrange your own RICS (Royal Institute of Chartered Surveyors) survey whenever you purchase a property. It allows you to see the current condition of the property, reducing the chance of nasty surprises further down the line.
When do I need to pay the deposit?
The deposit is paid to the seller’s solicitor, usually upon exchange of contracts.
When will my mortgage lender release the funds?
The mortgage will be requested from the lender by your solicitor. It usually takes between 5-7 working days for the lender to release the money being loaned. Your solicitor will take this time into account when advising you of the earliest possible completion date.
When do I need to arrange insurance?
We recommend organising home and contents insurance shortly before you sign the contract. You might also consider organising mortgage protection so that your family isn’t pressured to meet your mortgage payments in the worst-case scenario of illness or death. This can be arranged when you complete you mortgage application.
What are searches?
Your solicitor will perform searches of the Land Registry and Local Authority. They will be checking for planning history, and any potential developments around roads, drainage and mining near the property.
When do I sign the contract?
After the sale is agreed, the seller’s solicitor will draft a contract. Your solicitor will confirm the details of the property and perform searches. At the same time, your mortgage lender will need to conduct a mortgage valuation and send you a mortgage offer. Once all of this is complete, you will be ready to sign. This is different in Scotland.
When is the buyer or seller bound to the sale or purchase?
Until both solicitors receive signed contracts from the seller and the buyer (the exchange), either party can pull out at any time and for any reason without cost or penalty. This is different in Scotland.
How is a completion date chosen?
Once both parties have signed the contracts then your solicitor and the seller’s solicitor will consult both parties and agree a completion date. If you require a mortgage then after the contracts are signed, the mortgage will be requested from the lender by your solicitor. The mortgage lender will let your solicitor know when the funds will be released, then your solicitor and the seller’s solicitor will consult both parties and agree a completion date. This is different in Scotland.
How and when do I get the keys?
Once the seller’s solicitor has confirmed receipt of funds to confirm the transaction has completed, the estate agent will be able to confirm where and when you may collect the keys. This is different in Scotland.
What happens to my title deeds?
Even after you’ve received the keys to your property, there is still a considerable amount of work to be carried out by your solicitor. The title deeds of your property will remain with your solicitor for some months before finally being sent to your Lender for storage. They will hold the deeds until such time as you repay in full the mortgage you have with them.
What will the seller leave in the property?
A list of fixtures and fittings will be agreed between the solicitors prior to the contract being signed. This sets out what the seller intends to remove and what they are prepared to include in the house price. In some instances, they may offer items for sale for the purchaser to consider, and some contents can be offered for inclusion as part of the negotiation of the purchase price.
