Frequently Asked Questions
We’ve provided some frequently asked conveyancing questions below:
What information do I need to give my solicitor? +
Before we are deemed to be instructed by you, we require the following:
- Your names(s) and address(es)
- Details of the property being purchased or sold
- Estate agent contact details (if applicable)
- The seller’s details and their solicitors
- Details of your mortgage advisor and lender
- A payment on £350 on account of costs.
How is my identification verified?+
Due to the COVID-19 pandemic, we are preventing clients from entering the office wherever possible. Therefore, we are able to use online identification for a disbursement of £10 and all we require is a copy of your passport.
To comply with the Money Laundering Regulations 2017, we must also see proof of address. Appropriate documentation includes a bank statement or utility bill (dated within the last 3 months) or photographic ID (driver’s license).
How can I prove the source of my funds?+
Your funds may originate from many sources, e.g. savings, gifted deposit, release of pensions, sale of another property, inheritance etc. Please see the subheadings below for more information.
Most commonly, clients provide deposit funds through savings from their employment. In this situation, evidence of employment must be provided in the form of payslips and 6 months’ bank statements in support. We may then ask for some further documentation, depending on the amount that is being provided.
Gift from parents or family
Clients may receive money from their parents or members of their family to assist in purchasing property. Similarly, we must be see source of funds from the gift giver, which may be in the form of pension payments, sale proceeds etc. Documentary proof of how those funds accrued together with bank statements evidencing payment must be provided.
How long will my transaction take?+
Usually, transactions take approximately 8 – 12 weeks. Due to COVID-19, it is taking up to 16 weeks (depending on location) to complete transactions. This is predominantly due to parties involved within the conveyancing transaction working from home with restricted access to systems. Nevertheless, we advise on timescales as soon as we become aware.
In what circumstances could my conveyancing costs change?+
We want to ensure you only pay for the service you receive, so, as an example, a simple flat purchase with standard funding arrangements will cost less than a complex Freehold title involving a lender who requires us to undertake additional work on their behalf.
Some factors which could typically increase the cost of the service you require are:
- if the legal title is defective, the lease needs to be extended or a deed of variation is required;
- if the title is unregistered;
- if there is a management company that we need to engage with to ensure compliance with any regulations which may apply;
- if we need to obtain a certificate of compliance for a restriction on the title or you are required to enter into a deed of covenant;
- if we discover that the correct consents have not been obtained for alteration works;
- if you are obtaining financial contributions from third parties;
- if the source of funds involves more than half hour of investigation;
- if you are purchasing under the help to buy scheme or using a complex funding arrangement;
- if you are having the benefit of a Help to Buy ISA;
- if you are purchasing through an auction or from a lender under a power of sale, with tight deadlines to meet;
- if documents or information are requested from you or any other party, which requires our work to be duplicated;
- if the property is a new build or is being transferred out of an existing title.