When we are remortgaging, buying or selling property the same questions crop up. We have detailed below typical questions and answers to help take the strain.
1. Fixed price Conveyancing Quote – Are they real?
We use accurate conveyancing quotes produced via the Homebuyer Conveyancing panel. A quote is fixed but if you do need to make sure that your requirements are covered. Many Home buyers and Investors may have additional work and of course you can get a quote for that work directly from your chosen Conveyancer. We have solved most of the issues by detailing your conveyancing fees and disbursements. Our search pack does not vary by location. You can however expect to pay for a coal or tin search as they are postcode specific.
2. I want a fast completion
Is the timeframe achievable? The answer lies on what you can do to help the conveyancing process start efficiently. If you return your client care pack promptly – signed – with the additional pages completed then you will save typically 2 weeks. Paying monies in advance for your searches also helps. If you take out exchange insurance the searches can be ordered promptly but if say you are buying a new build or a buy to let and the vendor wants a fast exchange then you should consider using an express search. Your Conveyancer wants a fast completion so it is achievable but only if you and your chosen Conveyancer plans ahead. Ask the question – What is the earliest completion date and when would you say my achievable moving date is?
3. Are my Search costs fixed?
We use a comprehensive search pack which covers England and Wales. Your search costs are fixed as long as your Conveyancer does not recommend specific searches that apply to your property such as Cornish tin , coal etc. Your searches are important so take their advice.
4. Mortgage offer received then you can plan for Exchange of Contracts
You carried out a Mortgage Market Review (MMR) and you were made aware of which Mortgage provider would meet your needs. You made an offer on a property and you have in your hands a mortgage offer. Now you can pause and decide is this the property for me, recheck your survey report and discuss with your Conveyancer a date to move to exchange. Now you can agree a moving date. Do not move to exchange unless you are happy with the proposed moving date or when you become the legal owner of the property. Don’t forget you will need Buildings Insurance in place so that you can move to exchange. Once you have exchanged there is no going back.
5. When do I pay the Stamp Duty (SDLT)
On completion your Conveyancer will register your name as the new owner and they will attend to the stamp duty. Please ensure you have planned for this payment in your workings. You paid the Conveyancer the SDLT and they simply passed it on to the government body.
6. Who manages the mortgage funds?
I had a mortgage on my old property and I now have a mortgage offer from a different provider for my new property. Your Solicitor will discharge the first mortgage and then you will then be making payments to your new mortgage provider for your new property. Check that no final payment is due to your old mortgage provider as this could come as a surprise. Your Solicitor will have this detail as will your Mortgage adviser.