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YOUR GUIDE TO CONVEYANCINGFREQUENTLY ASKED QUESTIONSWhat is Shared Ownership?With shared ownership, a house or flat is intended to be owned partly by the buyer and partlyby a developer or housing association. The buyer would pay rent on the share they do notown. Sometimes, the share owned can be increased by buying more of it, and then paying lessrent. Mortgage providers will lend for shared-ownership properties, but there are strictcriteria. The mortgage must also be approved by the developer or housing association.What are Restrictive Covenants?Restrictive covenants are legal promises to do (or not do) certain things on a property. Theyare usually set up by the former landowner or developer. Restrictive covenants are veryimportant as they bind whoever owns the property even if that person was not the originalperson entered into the covenants. You need to consider how they will affect your use of aproperty, and make sure you get permission in writing for anything that needs it.How long will my transaction take?It will ultimately depend on the type of transaction being dealt with, but most transactionsshould go through to exchange within 8 to 12 weeks from receipt of the draft contracts on apurchase. If you are selling as well as purchasing, or purchasing from the bottom of a largechain of transactions then this timescale will be dependent on the whole chain being ready,but we aim to have to ready as soon as possible.What is meant by a deposit?A deposit is a down payment on the purchase of a property. Many buyers pay a deposit of 10%of the purchase price, and get the rest from a mortgage lender. Sometimes deposits are lessbut this is agreed between buyers and sellers on an individual basis. Deposits are usuallyoffered to the seller or developer when contracts are exchanged. The money is either paid onexchange or held by the buyer’s solicitor and passed over, along with the mortgage money, oncompletion. Deposits have to come from buyers’ own resources – in other words, not from amortgage secured on the property or other loans.In some situations, buyers can lose their deposit if they pull out of the purchase after contractsare exchanged.What is exchange of contracts?Exchange of contracts is where the seller or developer and buyer formally commit to the saleand purchase and a completion date is agreed. The two solicitors send each other contracts tobuy and sell the property, and the arrangement is then legally binding. Contracts are notexchanged until both the seller, developer and buyer are definitely ready to go ahead. Afterthis point, neither side can pull out without suffering a financial penalty.
TAYLOR ROSE TTKWWhy is conveyancing for a new build different from an ordinary purchase transaction?New-build transactions involve the sale/purchase of a completely new property. Usually,the developer owns the whole site and is selling it bit by bit, in the form of housing plots.Sometimes, they use a slightly different conveyancing procedure from the normal one, tomake it easier to deal with a large number of sales at the same time.What is 'completion on notice'?'Completion on notice' is where a fixed completion date is not available, usually because theproperty is still being built by the developer. Normally, the developer will be able to give anestimated date for when the property will be built. They will also provide a 'termination date',which is the latest date when they can finish the building.What are Deeds?‘Deeds’ themselves actually dematerialised in the early 2000’s so what you will be sent will bea copy of the electronic register held by the Land Registry which will be updated to show theproperty in your name following successful registration. Copies of the register are sometimesaccompanied by documents received from your seller, including building regulation andplanning documentation relating to your new property.What are property searches?If you are purchasing with the aid of a mortgage, we will carry out property searches on behalfof you and your lender. These searches give more of an insight in to the property you arepurchasing, for example, environment and flood risk factors, water and drainage connectivity,and local authority factors such as planning, and building regulations, highway queries as wellas any Land Charges issues which may impose financial charges on your property. Please notethis is not an exhaustive list.What is Chancel Repair Liability?Land in England and Wales was historically owned by the Church and properties falling withincertain areas today may still carry a liability to pay towards the cost of the repair of theChancel of the Parish Church. If the property you are purchasing falls within one of theseareas, you could be asked to make a contribution towards maintenance and repair. A searchcan be undertaken to determine of any liability exists, and an indemnity policy can be put inplace where there is an unknown risk.
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