Wed 12 Apr 2017 View all news articles

The conveyancing process explained

1. How long does it take to complete and I can move in?
This will depend upon whether you are buying and selling at the same time, obtaining a mortgage and whether there are any issues with the property. The more properties in the chain the longer it is likely to take. An average timescale, provided there are no unforeseen difficulties, is 8-12 weeks.

2. What do conveyancers need to know about how I am funding my purchase?
They need some information to satisfy anti-money laundering rules. If you’re using any of your own money or receiving a contribution from someone else they need to know where the funds originate from and see some supporting evidence. If you’re obtaining a mortgage they’ll contact your Lender to arrange for the monies to arrive in good time for completion.

3. When are keys handed over?
When the solicitors ‘Exchange’ contracts a completion date will be agreed. The contract normally states that the seller must vacate by between 1-2pm on that day. Once the seller has moved out they leave their keys with the Estate Agents who will release them to the buyer once the seller’s solicitor confirms the monies have changed hands.

The below diagram offers a simple breakdown of the process involved.

 

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