What is the difference between exchange and completion?
There two phases to buying and selling a property
- Exchanging contracts – once your mortgage has been approved by your lender and all the searches have been completed successfully, the buyer and the seller exchange contracts and are now in a legally binding agreement. At this stage it is usual to pay a 10% deposit and a completion date is arranged.
- Completion – a completion date is usually 1-2 weeks after the exchange of contracts. During this time final documents are signed and the outstanding balance of money from the mortgage lender is made available to pay for the property. On the day of completion the ownership of the property changes and the buyer will get the keys to move in.
How long will it take to exchange and complete?
It can be anything from 6-12 weeks from when you instruct a conveyancing solicitor.
There are a number of factors that can cause this wide variation in timescale such as:
- how long it takes to receive your mortgage offer
- whether there are any difficulties with the title deeds to the property
- the length of your chain (as everyone in the chain has to exchange and complete on the same day).
Why should I have a survey?
A survey is recommended. Your mortgage lender will carry out a mortgage valuation, which will confirm the property is worth what you are paying for it to protect their investment. However, A Homebuyers’ Report or Structural Survey will go into greater detail and find any defects or problems with the property. Make sure you hire a member of the Royal Institute of Chartered Surveyors to carry out this work.
What is an EPC and why do I need it?
An Energy Performance Certificate (EPC) rates how energy efficient the property is using grades from A to G (with ‘A’ the most efficient grade).It also makes recommendations on how to improve the efficiency of the property.
When a property is marketed for sale the EPC is a legal requirement and so it is usually the estate agent who arranges for the certificate to be prepared.
How much will conveyancing cost?
Conveyancing fees depend on a number of factors:
- the type of property you’re selling.
- if you’re both buying and selling a house
- if your property is leasehold
- if there addition to disbursements
Let us advise you on all the services available in connection with Residential Conveyancing.
At Peter Robinson & Co. our specialist team of Property Lawyers have the knowledge and expertise required to make the process as straight forward as possible.
Call us now on 0161 678 7996