Beaconsfield Together (formerly Beaconsfield Local) November/December 2019 Issue

LEGAL NEWS
Q & A with Janine about the
conveyancing process
Here are my answers to some
popular questions I am often
asked, which I hope you will
find useful in understanding
the conveyancing process a
little better.
How long will it take? Average time
between instructing your solicitor and
moving in is 10-12 weeks but many
transactions proceed more quickly,
and some more slowly.
Why so long? The process itself follows
Law Society protocol but don’t forget
also that your solicitor is having to
deal with many different people all the
time, such as estate agents, mortgage
advisors, other solicitors, your lender,
the Land Registry and property search
providers. Your solicitor is working on
your behalf to carry out searches on your
new home, to check the title to ensure
you can do with or use the property as
you wish (can you build that extension?
are there sufficient access rights to the
property?) and to report to you and
your lender on all those things. There
is usually also a chain (linking a sale
with a purchase) and everyone in that
chain needs to be ready to exchange at
the same time. Last, but not least, the
phone of your solicitor will ring all day
long (“just a quick question, Janine”)
and they will receive emails that need to
be responded to (I usually get over 100
per day).
What is a “chain”? To avoid the risk
and cost of owning two houses at the
same time, people usually elect to buy
and sell simultaneously. A number of
linked transactions therefore arise,
each dependent on the other.
Exchange of contracts must take place
simultaneously in all transactions,
meaning that the speed of progress is
dictated by the slowest link in the chain.
What is the difference between
exchange and completion? Exchange
is when the transaction becomes legally
binding and completion is the day you
get the keys and the property is yours.
Completion is usually 1-2 weeks after
exchange (your lender needs to get your
mortgage monies to your solicitor) but
it can be any agreed time in the future.
Before exchange, nothing is legally
binding and either party may withdraw.
Why do you need to report certain
things to my lender? Remember, your
lender will often have a bigger stake in
the property than you and your solicitor
is not only acting on your behalf but on
the lender’s behalf too. They need to
know that their security is good, that the
title to the property has no issues.
Wishing you all a very happy festive
season.
Janine Heil, Partner,
Leigh Duncan Solicitors
Janine qualified as a
solicitor in 2004 and set
up Leigh Duncan in 2016
with her husband Ingmar. She has
been acting in the sale and purchase of
property for over 15 years, the last 10 of
those have been based in Beaconsfield.
If you have any questions, feel free to
pop in and speak to Janine, Ingmar or
any of the friendly team next time you
are passing.
WE WILL ALWAYS PUT YOU FIRST
LEIGHDUNCAN.CO.UK
Tel: 01494 578040
Email: enquiries@leighduncan.co.uk
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