This does not happen until contracts are exchanged. When all parties are ready to exchange contracts, your solicitor will contact you on the day to obtain your authority to exchange contracts.
Permission must be given on the actual day, even if you have spoken to your solicitor the day before. The solicitors will then complete the exchange via a series of telephone calls and your solicitor will contact you to confirm when this has been completed. At this point all parties are legally bound to complete on the completion date agreed. You should ensure that your buildings insurance is in place on this day, unless you are buying a flat that is insured by the freeholder or management company.
You can now collect the keys from the estate agent, unless you have agreed to meet the seller in person. Your solicitor will submit the stamp duty land transaction return to the Inland Revenue and pay any stamp duty due on your behalf if any is payable.
They will also send a copy of this to your lender. Searches usually take around 2 weeks, but some take three weeks and others can be up to six weeks if particularly complicated the local authority in question is particularly busy. If there is no chain involved in the buying process, you can normally expect to complete within approximately three months. Typically one to two weeks; however, this is agreed between you and the seller or buyer, so if you both need more time you can set a later date.
This can give you time to arrange removal, packing, change of address information and similar jobs. Exchanging and completing together can mean uncertainty over the exact day you will move, and this can cause problems: a completion date is written into the contract — if you exchange and are legally obliged to complete on the same day, you cannot account for problems such as the failure of money transfers to complete in time, difficulties with booking removal companies, or getting time off work approved at short notice.
Leaving time between exchange and completion allows you to accommodate the practicalities of moving house, be it packing, booking movers, sorting out paperwork or undertaking all those other necessary tasks.
Keep in mind that if you do not complete on the specified date you are in breach of contract and the other party is entitled to serve a notice to complete and take further action if necessary. Please leave this field empty. You can read more about the merger here. What searches are involved in conveyancing? There are several different types of searches your solicitor will conduct when you buy a property.
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What are solicitor searches when buying a house? Local authority searches Land Registry searches Environmental searches. Water authority searches Location specific searches Chancel repair search How long do conveyancing searches take?
Local authority searches Local authority searches are arguably the most important type of search your solicitor will arrange, as they will look at information held by the local authority involving the property, including prospective planning permission or restrictions.
They will also show who is responsible for maintaining roads and paths adjoining the property. Land Registry searches Your solicitor will need to prove that the property seller is the legal owner of the property you are buying.
Environmental searches An environmental search is important as it will establish whether the property you are buying is built on or near contaminated land or water, or an old landfill site. Your lender may insist that this type of search is carried out before they will offer you a mortgage.
The reason this type of search is required is because many properties are built on land which was previously used for industrial purposes, and toxic substances could remain in the ground. An environmental search should also show whether there is a risk of flooding. Other documents including the title deeds, transfer deeds and evidence of any outstanding mortgages will also be obtained by your solicitor. In the final stage of the conveyancing process your solicitor will arrange for any Stamp Duty if applicable to be paid to Revenue and Customs.
They will also register you as the new owner of the property with the HM Land Registry, this legally has to be done within 30 days of completion of the purchase. If you have purchased with a mortgage HM Land Registry will send the title deeds to your solicitor to pass onto your lender. If you are a cash buyer the title deeds will be passed on to you. No completion, no fee. Use our conveyancing calculator below and receive a quote in an instant.
Conveyancing Fee Calculator. Newspaper Recommendation. I consent to my submitted data being collected and stored. What this search will tell you is what rights the local community have to the land you are buying.
They might be able to use it for a footpath or indeed have grazing or rights to run a local fete! These can be secured if required by your legal company or via search companies, but your legal company will normally know if mining searches are required.
What the search looks for is whether there is a problem with the land the property sits on, for example have other addresses nearby made claims? If a specific problem has been identified, it may need further reports to identify the real problem and what needs to be done to free you of the risk, or insure you against it. These searches are made after exchange of contracts to make sure nothing has changed with regard to the property or your ability to purchase the property.
The government advises this is applied for five days before completion, to allow time for the official search certificate to arrive. It is down to the search company depending on how the search is secured and your conveyancer to identify information in the search that may affect your decision as to whether to continue to buy the property or not.
These are just some of the things that searches may uncover and, however much you feel the home is perfect for you, searches are essential to take note of to make sure you know as much about the property as possible and the potential risks attached to the purchase. Your conveyancer, together with the search company, is responsible for finding out as much about the property as they advise you are necessary and you agree to pay for.
In addition, it is vital that you do as much of your own research as possible, talking to neighbours and making sure you know about any planning which might affect your property.
For example, old plans may have been submitted in the past, been rejected, but may be reapplied for when you move in. The reality is the seller either has the information such as warranties, guarantees, certificates etc.
In some cases, unfortunately, the seller may not be honest about neighbourhood disputes, so you might not find out about them until you move in. If a sellers has lied to you and this only comes to light after you purchase the property, you may well be able to bring legal action and claim damages against the seller.
There are many problems which this search can show, which is why it is one of the most important ones to secure and also an essential one for your to read and take note of anything your conveyancer points out might be an issue. In the main, most water and drainage issues can be fixed — A qualified Watersafe plumber should be able to advise. However an issue of whether you can extend the property as you wish due to the position of existing drainage pipes will be something you will need to sort with your water company, with the help of your legal representative.
It is possible to secure an indemnity insurance to cover either a general or a specific issue the searches have uncovered. In many cases you can successfully argue for the seller of the property to bear the cost of buying the policy. Many potential issues may never become actual problems; indemnity insurance may give you the peace of mind needed to feel comfortable purchasing a property that that does come with a little risk attached.
General indemnity insurance policies cover a specific risk associated with the property, such as:. It is important to be aware how long the insurance lasts for — 10 years or more?
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