What to Expect in the Initial Stages of a Conveyancing Transaction
There are many steps involved in the initial stage (which we often call the initial instructions) of conveyancing. Here we attempt to break them down into easy-to-understand and digestible steps.
Step 1: How do I get a conveyancing quotation?
Obtaining a quote is easy. You can get a quote by using our online calculator, or you can call us and we’ll take your details over the phone and provide you with an instant quotation. The quote will be based on many factors such as the value of the property, whether the property is freehold or leasehold, or whether it’s an existing property or a new build property. Whilst it’s not always possible to know all the detail at the outset, the quote can give you a guide of how much the legal services and additional costs would be.
There are many differences between Freehold and Leasehold Properties. A freehold property means you own the property and the land it stands on outright and indefinitely, giving you full control and responsibility for maintenance. In contrast, a leasehold property means you own the property for a fixed period as per the lease agreement, but not the land. After the lease expires, ownership reverts to the landowner unless renewed. Leaseholders may need permission for major changes and must pay ground rent and possibly service charges, whereas freeholders do not have these recurring costs. Freehold properties generally have higher market value and provide more autonomy.
The conveyancing process for a new build property differs from that for a standard (resale) property due to several unique factors associated with new builds. Some key differences are highlighted below:
For New Build Properties, Buyers often deal with contracts and agreements specific to developers, which can be complex and include clauses about property completion dates, build quality guarantees, and potential modifications. Although, with a Standard Property, the contract is typically simpler and standard, involving the current owner and covering the immediate transfer of ownership. Secondly, New Build Properties Completion is often based on the construction timeline. There can be delays, and buyers might be given a “long-stop” date (a latest possible completion date) compared to a Standard Property, where Completion dates are usually set mutually by the buyer and seller and are more predictable.
Furthermore, the solicitor acting on New build transaction must ensure the developer has proper title to the land and that the new build is correctly registered. There might be additional considerations if the property is part of a larger development. However, Standard Property Title checks are usually more straightforward, focusing on the current owner’s title and any existing issues.
Step 2: How do I Instruct a Solicitor for a property purchase or a property sale?
If you are ready to proceed with your house purchase and/or sale, then instructing your solicitor is often as easy as calling them or clicking on an “instruct solicitor” button contained within an email you may have received. Here at Thornton Jones Solicitors, we will email you your detailed quotation and within your email is a button you can click to instruct us. Of course, if you prefer you may choose to instruct us over the phone.
Once instructed, we will ‘open a file’ for you, which basically means we input your details onto our computer system and use this ‘file’ to track the progress of your conveyancing transaction. Within 48 hours of instruction we will send to you your Client Care Pack.
Step 3: What is the Client Care Pack and what checks will be done?
The Client Care Pack is a set of documents that are both important and useful. It’s important that you take time to read everything that is sent to you in your Client Care Pack. Your Client Care Pack will include:
• A letter outlining the scope of our work and our fees and other conveyancing related costs;
• A Client Declaration Form which you must read, sign, and return to us;
• A Payment Diversion Fraud Leaflet (need a small explanation of what this is);
• Our Third Fort ID App Leaflet which explains how we use an application called Third Fort to verify your identity;
• Questionnaires relating to your transaction that you should complete and return.
This leaflet is provided to all our clients to explain the different types of scenarios whereby you should be more vigilant to minimise your exposure to property fraud. This leaflet specifically highlights how to protect yourself from becoming a victim of conveyancing fraud, and what action you should take if you suspect that you have been a victim to conveyancing fraud. These schemes that are conducted by criminals are highly sophisticated, and can include them impersonating your lawyer, to con you into making a payment to their account.
Ways to spot conveyancing fraud:
– Being cautious of unsolicited emails or calls
– Checking for email address inconsistencies
– Verifying bank account details with your solicitor
– Watching out for warning signs like pressure tactics
Lastly, if you’ve fallen victim to a scam, you must take immediate action. Report the fraud to your bank to allow them to freeze the funds and advise them of the fraudulent activity that’s occurred. You must also inform your solicitor and estate agent, change passwords and secure your email account. Cooperate with law enforcement and consider seeking legal advice for recovering financial losses.
Step 4: What happens once I’ve returned my initial instructions?
Once you have completed and returned your initial instructions (Client Declaration and questionnaires), the documents will be reviewed by your appointed Conveyancer and their assistant, and we will inform you if we require anything further. You will also receive a request to your mobile phone number and your email address asking you to complete your identification checks using our Third Fort app. If you have any issues with this, then by all means contact us so that we can arrange for your identify to be verified in person at one of our offices.
Third fort is an online app which we use to conduct enhanced Identity checks on clients. The client will firstly receive an invitation from their solicitor or conveyancer to use the Third fort app. This invitation typically comes via email or SMS and includes a link to download the app. The client can then download and install the Third fort app on their smartphone from the App Store and set up an account by entering their email address and creating a password. They may also need to verify their email address. The app guides the client through the process of verifying their identity which typically involves:
Document Upload: The client is prompted to take photos of identification documents, such as a passport, driving license, or national ID card.
Selfie: The client takes a selfie within the app to match their face with the photo on the ID document using facial recognition technology. The client may also be asked to provide proof of address. This usually involves taking a photo of a utility bill, bank statement, or other acceptable documents that show their name and address. Once all required information and documents are uploaded, the client submits them through the app. The information is then securely sent to the solicitor or conveyancer for review.
Contact us
If you are looking to buy or sell a property then call us today for a free no-obligation quote or use our online conveyancing calculator for an instant quote.
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
What To Expect When Completing on a Property Purchase
It’s National Conveyancing Week this week, a week long campaign designed to help people better understand the conveyancing process. Today, in collaboration with Mike Dobson Estate Agency, we help you understand a little better what to expect when you are completing on a property purchase.
So, you’ve exchanged contracts and completion day has finally arrived! But what is completion and what should you expect?
What is Completion?
Completion is arguably one of the most important stages of the conveyancing process after exchange of contracts. Legally, it is the final part of the buying process, when the property ownership is transferred from the seller to the buyer.
This is the day that the seller must vacate the property. The contract which both the seller and buyer sign, has certain provisions called “special conditions”. These conditions contain information such as what time the property has to be empty by. Your solicitor will make you aware when sending documents for signing, what time you need to vacate by.
Practically, completion is the day you receive your keys to your new home and move in to the property.
When is Completion Day?
When exchange of contracts takes place, the contract is dated with the completion date agreed by the chain. Your solicitor will have discussed this date with you in advance and you will have agreed that date is suitable for you. Completion is always on a weekday, so the money is transferred and the transaction confirmed on the same day.
Friday is usually a popular option, giving the buyers enough time to move in and unpack over the weekend. You can usually find us lawyers having a very busy Friday!
One Week Count Down To Completion!
Mike Dobson Estate Agent recommends that if you choose them as your agent for your move, you can be assured of top quality service. A week before your move, we will send you a handy check list with tips and things to remember, such as:
- Who you need to notify that you have moved home (banks, doctors, post office etc);
- Ensuring you have arranged a mail redirect;
- Paying all outstanding home bills, including milk, window cleaner and gardener;
- Making arrangements for young children for the day of completion – no one wants an overly tired toddler whilst trying to juggle boxes;
- Look after your pets by using proper pet carriers for them to travel in.
Mike Dobson also advise to touch base with the seller a few days before completion to discuss the keys and when to hand them over. Similarly, they also speak with the buyer to advise them that on completion day, they will let them know once they have heard from the sellers solicitors releasing the keys.
What Happens on Completion Day?
Step 1 – Funds are sent from the buyers solicitor to the sellers solicitor. We are in the hands of the banking system, so unfortunately we cant provide a time completion will take place.
If you have just a purchase, then funds are sent to the sellers solicitors early morning, as we already have your mortgage funds. Where we can, we ask for the lender to send the mortgage funds to us the day before. So we can send the purchase monies out as early as possible on completion day.
Step 2 – Once the Funds are received it is the sellers solicitors job to then call the buyers solicitor and advise them that money has landed. They also then call their client to let them know and check how they are getting on with vacating the property. The sellers solicitor will then call the agent to advise that keys can be released.
Step 3 – Key collection & paperwork. Mike Dobson Estate Agency advises that on completion, once we get the call from the sellers solicitors, that’s when we give the buyers a call and advise either that we have the keys and they can collect or that the seller is still packing up and the keys will be dropped off shortly.
So, we’ve advised you that completion has taken place. In the background, we will also be dealing with repaying your existing mortgage lender and paying agents fees. If you are buying, submitting your stamp duty form and putting in place any indemnity polices.
What Happens After Completion?
After completion takes place, your solicitor is then tasked with updating the Land Registry. This is when the property register changes from seller to buyer. This can take a significant amount of time depending on the transaction type, as we have to wait for Land Registry to process the application.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
My Mortgage Offer Has Been Issued – What Are The Next Steps?
It’s National Conveyancing Week this week, a week long campaign designed to help people better understand the conveyancing process. Today, with the help of Luke Senior of Just Mortgages, we explain what the next steps are once your mortgage offer has been issued.
A Mortgage Offer is the final step of the application process and is processed once the Lender has carried out their final checks and is happy to proceed. The offer is official confirmation that the bank will lend you the monies which have been applied for to purchase a property.
The mortgage offer, once finalised, will be issued to you and ourselves as your acting solicitor. As your Conveyancing Solicitor we will carry out a review of the offer which will include:
- We’ll check the accuracy of the mortgage offer – We will check the correct full names are noted on the offer as per your ID documentation and that the property address is correct as per the Title Information Document from Land Registry.
- We’ll check the advance we are to receive from the lender on completion – We will check this is the amount you were expecting to borrow and that we have source of funds for the remainder of the purchase price you are to contribute.
- We’ll check any special conditions of the lender that we as solicitors are to adhere to – For example, if there is an occupier who is to reside at the property the lender will usually require them to sign a waiver to waive any rights over the property prior to completion. The offer may also have conditions referring to repayment of other mortgages/debts that we are to ensure have been repaid by you either before or at the time of completion. We will make you aware of any special conditions upon review of the offer.
- We’ll check the expiry date of the mortgage offer – the offer will have a date it is valid until, which is usually either three or six months dependant on the lender. We will note the expiry date as a guideline for the latest possible date when completion needs to take place by. Hopefully completion can take place well before this, but in some circumstances for example if the matter is complicated and additional legal work needs to be done, there is a long chain or if the property is still being built the mortgage offer may expire.
What if my Mortgage Offer is Due to Expire?
If your mortgage offer is due to expire then it’s important that you meet with your mortgage advisor to discuss our options. Luke Senior from Just Mortgages in his best practise states:
I will communicate with your solicitor during the buying process, and if there are any concerns around being able to complete prior to the expiry of your mortgage offer, the acting solicitor will make me aware . Some mortgage lenders allow you to extend the offer by a month, others will require you to make a new application – which may lead to a change in interest rate and monthly payments”
Luke Senior of Just Mortgages
Can I Make Changes to the Mortgage Offer After it Has Been Issued?
Administrative changes can readily be made before we complete. However, some changes regarding the rate and product would need to be reviewed depending on whether you have time. Luke Senior from Just Mortgages says the rates of interest and products that lenders offer change frequently, especially at the moment and the interest rate each lender is charging can increase or decrease week by week. He keeps an eye on the interest rate your Lender is currently offering, and if the rate decreases from the rate in your current mortgage offer will make you aware, or other preferential alternatives on the market place.
If you intend to apply for more beneficial products or a lower interest rate you will need to check with the solicitor to ascertain the position of the conveyancing transaction and whether there is time to secure the new offer. We will require the mortgage offer you intend to proceed with to be in place prior to exchange of contracts.
How is the Money From the Lender Received?
Once a completion date is agreed we will submit a request to the lender for the mortgage advance which will be released directly to our solicitor’s account.
Most lenders require five working days’ notice as a minimum to release the funds, but we will check this at the outset when the offer is received so we are aware of your lender’s requirements.
The mortgage advance is generally requested for the day before completion, as the lender cannot guarantee the time the funds will be released. If the monies are requested the day before we can ensure all funds are with us in readiness for completion the following day to avoid any issues or waiting time.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
When Can Contracts be Exchanged?
This week is National Conveyancing Week, a week long campaign designed to help people better understand the conveyancing process. Today, with the help of Phoebe Chapman at Parkrow Properties in Sherburn in Elmet we answer a commonly asked question of when can contracts be exchanged.
To start with, we should explain what is the exchange of contracts. The exchange of contracts is where both seller and buyer become legally bound to sell and buy the property. Before contracts are exchanged, either seller or buyer can pull out for any reason without penalty.
Before contracts can be exchanged, a completion date (the day funds and keys are handed over) must be agreed but before this can happen, the buyer’s conveyancer must be satisfied that the legal title to the property is satisfactory which usually includes being in receipt of any searches, mortgage offer, and replies to all enquiries which have been raised with the seller’s conveyancer.
When the buyer’s conveyancer has received the Contract Pack from the seller’s conveyancer, searches are then requested which usually include a local authority search, drainage and water search and coal mining search. Additional searches such as environmental and flooding searches can also be requested if required and any others which are specific to the property area.
The buyer’s conveyancer will usually raise any enquiries relating to the property once they are in receipt of the searches as they can then be raised in one go rather than in piecemeal so not to complicate the enquiries.
The enquiries seek additional details about the property, its history, any ongoing legal matters, and any other relevant information. By raising these enquiries, any concerns or potential issues can be highlighted.
What is the Principle of Buyer Beware?
Caveat Emptor applies to conveyancing and is a Latin phrase meaning “let the buyer beware”. Put simply, it is the buyer’s responsibility to ensure that the house they are purchasing is suitable for them and is in good condition. The buyer is purchasing the property “sold as seen” and it is the buyer’s responsibility to arrange a survey of the property (including arranging an inspection of the services at the property by a qualified person). This is important because we do not carry out a physical inspection of the property and the buyer will inherit any problems (structural or otherwise) following exchange of contracts.
Phoebe Chapman from Park Row Properties recommends that any surveys and inspections are carried out early in the buying process to give time for any remedial works and/or price negotiations to take place.
If anything is agreed with an estate agent, it is important that this information is also passed on to the conveyancer acting for the seller and the buyer. The estate agent will usually let them both know but the seller and buyer should also confirm the information with their conveyancer direct.
Phoebe also recommends that you arrange a further viewing of the property before exchange of contracts to ensure that you are satisfied with its state and condition. This is particularly important if the property is currently empty or if any tenants have recently vacated.
How is a Completion Date Agreed?
When all the steps leading up to exchange of contracts have been concluded and the buyer’s conveyancer and the buyer are happy to proceed, a completion date can be agreed. This involves both seller and buyer putting convenient dates forward to their conveyancer and the respective conveyancer agreeing one with the seller and buyer.
The estate agent can also be involved in negotiating dates, but the seller and buyer must have confirmation of the completion date from their conveyancer as dates can be mistaken when there is a chain involved – all parties in the chain must usually agree the same date unless someone decides to break the chain.
You can find out more about the process of selling and buying your home by reading our online guides.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
What’s the Best Way to Secure the Sale or Purchase of a Property?
This week is National Conveyancing Week, a week long campaign designed to help people better understand the conveyancing process. Today, with the help of Chris Tudor of Tudor Financial Solutions Ltd we look at the best way for you to sell or buy a property.
Once you have decided to get on the property ladder or make a move from your current home, it is really important to get organised at the outset. There is a lot of work that goes on in the background with Estate Agents, Financial Advisors and Solicitors, so the key is to gear up with everything you need at the start, so you are good to go!
You Should Speak with a Financial Advisor First
Before you make an offer on a property, or if you need to sell and buy a property with the aid of a mortgage, you should consult with a Financial Advisor. Chris Tudor of Tudor Financial Solutions Ltd recommends getting a decision in principle. This is an illustration, after a review of your circumstances, of what ‘in principle’ you may be able to borrow from a mortgage provider.
Having a decision in principle at the outset will help you understand the budget you may have available to you and therefore which properties will be affordable. A decision in principle will also be used as proof of funding to illustrate to the estate agent how much you can borrow. You should also have a full financial assessment to consider not only your mortgage needs but also a review of any life, illness, or income protection policies together with a review of your savings and investments.
Ensure that you source all of your paperwork, including bank statements, pay slips/P60, accounts etc so that a full review can take place. Chris Tudor also recommends at this stage to review your credit file so your Financial Advisor can determine how much lenders will lend to you based on your credit rating and circumstances.
At This Early Stage You Should Also Find a Solicitor
At this early stage it is also important you find a Solicitor to oversee this process from the start. Don’t leave it until your offer has been accepted to start shopping around for a Solicitor or you may only add to the delays of the conveyancing process getting up and running. Here at Thornton Jones Solicitors, when you are thinking of selling your property, or buying a new home, we can advise on how the legal process works, what will be required of you, the timeframes involved, and the likely costs you will incur.
Make sure you do your research, use a Solicitor that has been recommended to you or you can see has had lots of good feedback and reviews. Cost should not be the sole deciding factor here as often the cheapest can end up being the most expensive with all of the hidden add-ons or time delays.
Ensure you have a Solicitor that meets your needs to allow your conveyancing transaction to progress as smoothly as possible. Here at Thornton Jones Solicitors we offer our clients various platforms to cater for their needs – you can visit our offices, contact us by phone or email, or use our online portals to complete paperwork and review progress of your transaction via our app. Using a trusted Solicitor that is accessible to you will help you navigate the process and save more time in the long run.
Be Sure You Have Proof of Funds if You Are Paying a Deposit on Your Property Purchase
If you are putting a deposit down on a purchase, Estate Agents, Financial Advisors, and Solicitors will all want to see proof of these funds to check your viability to proceed. Be ready to provide at least 6 months’ worth of bank statements to show the originating source of your deposit and how it has accrued. There may be other questions raised so be ready to explain your funding arrangements.
If you are selling your property, ensure that you have all the necessary paperwork such as Guarantees or Certificates for any work that has been done to your home. If you have any deeds or papers from when you bought your property you should let your Solicitor have these. They may contain key legal documents for matters that may need to be looked at again when you sell your property.
What Should You Do When You Accept an Offer on Your Property?
Once your offer is accepted on a new property, ensure you let your Solicitor know so they can request the contract papers from the seller’s legal representative. It is also important to let your Financial Advisor know you have secured a purchase. Chris Tudor advises that a Financial Advisor needs to check that the product and rate you had considered previously are still available or reassess other options that are now available on the marketplace that may be more preferential to you before submitting a formal mortgage application.
Mortgage applications can take around two to three weeks to process with a mortgage lender. Once approved, a valuation of the property for the mortgage lender takes place. This valuation determines the value of the property and whether the property is suitable for a mortgage. Only once these steps have been concluded and approved by a mortgage lender is a mortgage offer formally issued by a Lender, enabling you to proceed with confirmed funding in place for your purchase.
Make sure you keep your Solicitor, Financial Advisor and Estate Agent aware of any changes. If you need any guidance on what to do, we are always available to help or can often provide you with recommendations of who to use for your needs rather than just Googling!
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
