Page 4 - AvRillo_A4ConvGuideBook July2017

4 Y Your move fast guide to conveyancing by AVRillo.our move fast guide to conveyancing by AVRillo.

SO, WHAT IS CONVEYANCING

AND WHY DO I NEED TO KNOW?

Even though millions of people buy & sell property every day, most will be unfamiliar with
conveyancing and will worry and stress about what can go wrong.

What is conveyancing? What is an exchange date?
It’s the legal transfer of property from seller to buyer. Sounds It’s the legal date when your transaction is safe as neither party
simple, but if your solicitor gets it wrong you end up footing the bill. can pull out.
What is a completion date?
Common questions and answers:
It’s the day the seller moves out and buyer moves in. How long
Can things go wrong? between exchange and completion? The Law Society standard
Yes. Up to 40% of all solicitor negligence cases are against contract states 20 working days. If you want to complete
conveyancers. So things can, and do, go wrong. Ask your solicitor faster, ask your solicitor in advance if they are too busy to
for their negligence rate. We have a 0% record, so find a solicitor accommodate you.
who can get close. The lower you find, the safer you are. What is a deposit and how much do I pay?
What are the chances of not moving at all? The buyer normally pays 10% of the purchase price on exchange
Unfortunately, very high. The LV=Legal survey found that 48% to secure the purchase. The 90% balance is paid on completion.
of all buyers and sellers who failed to move over the last 5 years If your solicitor gets it wrong, you risk losing your 10% deposit.
were due to solicitor delays. That’s 106,000 cases a year (over As a seller, how do I answer a Property Information
1/2 a million in total). You must ask your solicitor for their track
record. We have a 91% success record, so try to find someone Form and reply to questions?
close to this. As fully and honestly as you can. If you don’t know the answer,
then answer ‘I don’t know’.
How long does the whole moving process take? As a buyer, what searches should I purchase?
An average of 4 months. The longer the process, the more you
risk not moving because people change their mind or something You have two choices: basic mandatory searches or a full set
else goes wrong. Ask your solicitor’s average time before you of searches. Never scrimp on these (and apply for the safer ‘full’
instruct. As a benchmark, we exchange in 8-9 weeks. searches) as English Law provides for ‘buyer beware’ which
makes you, the buyer, fully liable for losses if you miss defects
What if I don’t make it to completion? that would have been revealed by full searches.
You end up losing everything as you have no legal rights until
you exchange. Everything you’ve spent will be lost, that could be Does it get more complicated if I obtain a mortgage?
thousands in wasted fees, with the added stress of having to start Yes, so be careful. Your lender will need you to appoint an
from scratch. If you are selling, you lose months in having to find independent conveyancer to process your lender’s work, but if
a new buyer who is also prepared to move at your speed and at a they get it wrong, it’s you that loses financially as your mortgage
similar price. If you’re buying, you not only lose out on your dream can get pulled. Up to 40% of solicitor mistakes are made here, so
home and location but may end up paying tens of thousands more. ask for your solicitor’s track record before choosing them.