Conveyancing FAQs
Everything you need to know about the conveyancing process when buying or selling in Canvey Island
Conveyancing typically takes 6 to 10 weeks in the UK. If the property is empty and no mortgage is required, it can complete in days. However, most transactions involve a mortgage and a chain, meaning 4 to 6 weeks to exchange and a further 2 to 4 weeks to completion. We work proactively to keep your transaction moving as quickly as possible.
If you are buying, your solicitor will usually ask for approximately £125 upfront to cover search fees. The balance of the purchase price and solicitor costs are payable shortly before completion. If you are selling, you typically pay nothing upfront - all costs and agent fees are deducted from your sale proceeds on completion.
If you are getting a mortgage, the lender will carry out a basic valuation. However, this is for their benefit, not yours. We strongly recommend a HomeBuyer Report or, for older properties, a full structural survey. Remember the golden rule: let the buyer beware - once contracts are exchanged, you are liable for any problems discovered.
Typically 10% of the purchase price is paid on exchange. If you are buying and selling simultaneously, your buyer's deposit can usually be used for your purchase so you do not need to find additional funds. If you are borrowing more than 90%, your solicitor can often negotiate a reduced deposit with the seller.
No - you should never exchange contracts without a formal mortgage offer in place. If the offer is delayed or declined after exchange, you could lose your deposit and face legal action. Any competent solicitor will strongly advise against this.
You must arrange buildings insurance from exchange of contracts, as the property becomes your risk at that point. The sum insured should reflect the rebuild cost, not the market value. Your surveyor or mortgage valuer will usually suggest a minimum level of cover in their report.
Keys are usually held by the estate agent and released once funds have been transferred on completion day. Your solicitor aims to have everything finalised by midday, though in long chains there can be a short delay. Do not panic - your solicitor will resolve any hold-ups as quickly as possible.