What is conveyancing?
Conveyancing is the legal transfer of ownership from one person to another. The process involves drawing up a contract between the conveyancing solicitors of the buyer and seller before the property is legally transferred and the title deeds amended.
What are the searches when buying a house?
These are legal property searches that conveyancers complete to ensure there are no other factors you should be aware of before the sale goes ahead.
These include:Local authority searches -These usually cover proposed infrastructure developments in the area that may affect the property - eg plans for a new road. It also reveals existing planning permissions and building regulations approvals on the property itself.
Land Registry Search - Checking the owner of the property and whether they can legally sell.
Water and drainage search - if any public drains are within your boundaries which may affect access or future building works
Environmental searches - to check your property is not built on contaminated land, previously used for industrial purposes, or has a risk of flooding.
These conveyancing searches carry additional costs to your legal fees and are called “disbursements”. These should be factored into your budget for buying the property.
What is a property survey?
There are three different types of property survey each providing a professional evaluation of the state of the property.
The condition survey provides a basic overview of the condition of a property. It highlights any potential legal issues and is suitable for relatively new, conventional properties.
A Homebuyers report tells you more about the structure of the property. It identifies any necessary repairs and potential issues such as damp and subsidence.
A full building survey, or full structural survey is the most detailed and expensive. The Surveyor will check behind walls and between floors to determine the overall structural condition of the property. If you’re buying a house that’s older or planning a renovation this can be useful.
House surveys are conducted after an offer is accepted. Your mortgage lender may also require a mortgage valuation report.
What is the difference between exchange and completion?
Exchanging contracts legally binds the buyer and seller to the property sale. The completion date occurs after the contracts have been exchanged and the remaining balance of money has been transferred between the two parties. You can expect to wait between a day and 2 weeks between exchange of contracts and the completion date.