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At Aston Bond we are often faced with many queries about our services and conveyancing in general. Therefore, we’ve pulled together our handy guide to break down the most frequently asked questions to set your mind at ease.
What is conveyancing?
Conveyancing is an area of the law (and process) relating to the legal transfer of property ownership.
How long will my process take?
How long depends on several factors, such as how many buyers and sellers are involved in the chain. We do our best to progress your transaction as quickly as possible.
What is the difference between exchange and completion?
Exchange of contracts normally takes place a week or two before completion. On exchange, you are legally agreeing to complete the sale or purchase on the specified date and at the specified price. Once exchange has happened you can prepare for your moving day.
Completion is the day when you will move into your new home or hand over the keys to the property you are selling.
What needs to be done before the exchange of contracts?
There is a long list of work to be done prior to exchanging contracts including;
- obtaining your mortgage offer
- ordering searches
- raising enquiries
- checking title
- liaising with your chain to discuss a date for completion.
What is a conveyancing chain?
A conveyancing chain is where there is more than one buyer and seller in the process of buying and selling a house. This means that the property completion is dependent on the other parties to the chain.
Can someone pull out?
Until contracts are exchanged, someone can pull out of a property sale or purchase. Once contracts have been exchanged, they are legally bound to complete the transaction.
What is an indemnity insurance?
If you are selling a property which has had building work carried out but you no longer have (or never had) building regulations certificates or a guarantee for the work, the buyer’s legal representative may find this problematic, delaying or even jeopardising your sale.
In this case, you or the buyer can take out indemnity insurance, which will cover the defect if the work has not been carried out satisfactorily.
What is a deed of transfer?
- The transfer deed (TR1) is a formal document which transfers the property from the vendor to the buyer.
- Before completion, the deed of transfer needs to be agreed by both parties and then signed by the seller, with an independent witness.
- You will probably be asked to sign and return this before exchange of contracts.
At Aston Bond, we have wide experience in all areas of selling and buying property.
If you would like to speak to one of our expert conveyancers, call us on :
01753 486 777 or email info@astonbond.co.uk
