How long will the process take?
Please visit the following link that sets out the selling and buying process and estimated times for the process. https://www.tqlaw.legal/moving-house/
What happens after initial paperwork has been sent to the other side?
This is the contract paperwork this is emailed to the other side who will then require payment on account from their client and initial instructions.
Once all of the above is received the Buyer’s Conveyancer will review the paperwork that they have received from us and will raise any questions that they have. Some firms do wait for searches and a mortgage offer to be received before raising enquiries.
We will then receive the questions that they have and will reply to as many as we can but will have to send on any that we can’t to you to reply to. We will help you to reply to these if you require us to.
What happens once initial paperwork has been received?
Once we receive paperwork from the Seller’s Conveyancer assuming we have received your initial signed instructions and money on account we will review this paperwork and raise any enquiries that we have on the Property.
What are enquiries?
These are the questions that are raised in regards to the Property you are either buying or selling. The initial paperwork will be reviewed to see if there is anything missing or any inconsistencies and then the Conveyancers will endeavour to resolve these issues. It is the Sellers Conveyancer who will have to provide the answers to these questions unless on rare occasions when the Seller has little to no knowledge of the Property. Enquiries are entirely standard and happens on all transactions.
What are Indemnity policies/ Indemnity Insurance?
There will be occasion where either yourselves on a sale or the Seller on a purchase cannot provide the documents that have been requested. One way of resolving this issue is to provide indemnity insurance. This is similar to a car insurance and insures you as the Buyer or your Buyer of the property against certain issues that may arise. Each indemnity policy is different and has its own terms and conditions you will be able to see these prior to completion.
When should I close my Help to Buy ISA?
You will only need to close your account near to completion. You can continue to make payments into your account until we receive your completion paperwork and a completion date has started to be discussed between the parties.
What happens once a completion date is agreed?
On a Purchase once the completion date has been agreed we will need to request your mortgage funds from your mortgage lender although there should be no problem with them releasing the mortgage funds we do always like to confirm with them they have our request called a Certificate of Title and that they will release funds for completion.
As well as us requesting this we will require you to send us your buildings insurance, unless you are cash, and your balance which will be shown on your completion statement. If you have a sale and purchase, we will need to prepare the Sale statement before being able to give you a final figure.
To prepare a Sale file we will have to request a final redemption figure for your current mortgage, if you have one, this can take a couple of days to be received from your current mortgage lender. Once this has been received it will be put together on a completion statement with our fees, any estate agent’s fees and any other costs which have been incurred on your sale to provide you with a final figure.
Once all these things have been put in place we will look to exchange contracts.
What is exchange of contracts and what happens after this?
Exchange of contracts is a phone call between the Conveyancers dealing with the sale and purchase of a file. If you have a sale and a purchase and there are a number of transactions involved in what is called a chain this may take some time as everyone will have to agree to the exchange. The exchange process then starts at the bottom of the chain and then agreement must be made to the top of the chain and then calls made back down the chain again so may take some time dependent on the length of the chain.
Once exchange of contracts has taken place the completion date is legally binding. Following this there is nothing more for you to do other than to arrange for removals and wait for the completion date.
What happens on completion day?
If you buying a Property and have exchanged contracts, then your file will be prepared and passed down to our Accounts Team as early as it can in the morning. The Accounts Team will then send the completion funds to the Seller’s Conveyancer and call you to advise this has been done. Once the Seller’s Conveyancer receives the money they will call the Estate Agents and advise they can pass the keys to you.
If you are selling a Property, the file will be prepared and passed down to our Accounts Team. The Buyers Conveyancer will then send the completion funds to us. Once we have received this we will call you and confirm that your file has completed and that you can give the keys to the Estate Agents if you haven’t already.
If you are both buying and selling, we must wait for the balance to be received on your sale before this can be forwarded on to your purchase file. If there is a chain this may take some time to arrive in our account.
What time will I complete?
We cannot give any completion times we are entirely reliant on banking times we will do everything we can to get your file to Accounts department and ready for completion as early as we can but are reliant on money getting to and being received by the Conveyancers on either side of your transaction. If you are involved in a chain it is likely that your completion will take longer as we are reliant on money being received on your Sale and then being sent on to your Purchase.
When will I receive my Deeds?
Following completion of a purchase or a re-mortgage your file will be sent to land registry for registration. We will process this and send it to the land registry as soon as we can but there can be delays at the land registry which can result in file registrations taking some months. Once the registration has been completed the title registered at the land registry will be sent to you. It may be that we only need to send you this document as since the registration of properties most of the main deeds and documents for the property are scanned on and held at the Land Registry so you may not receive a large pack of papers as used to be the case.