The legal process
Conveyancing
On May 21 2010 Home Information Packs were abolished. As a buyer, though, you will still need to get hold of lots of important information about the property you plan to buy; a process better known as conveyancing.
It is best to employ a professional conveyancer, with the all the necessary legal qualifications. They will make sure you have all the information you need to proceed with the purchase and flag up any details, which may affect your decision.
A conveyancer should check and supply you with the following information as a minimum:
- Evidence of title
- Local-authority searches
- Land charges searches
- Water and drainage searches
- A copy of the lease, where applicable
- Commonhold documents, where applicable
- Energy Performance Certificate (EPC)
Your conveyancer will chase up any queries you have about the property or the purchase with the seller's solicitors. They will not allow the sale to proceed until you have received all the relevant information and confirmed you are ready to exchange contracts.
Conveyancing takes around 10-12 weeks, but this varies from case to case and sometimes the process can take much longer. Leasehold properties involve more work as the lease has to be thoroughly checked and this will affect the cost and may take more time.
Family and friends may be able to recommend a good conveyancer. Alternatively, your Winkworth estate agent can recommend reputable local firms.
Surveys and valuation reports
Your mortgage lender will arrange a basic valuation of the property. This inspection is purely for the lender's benefit, even though you have to pay for it, and it reassures the lender that the property is worth the price you have offered.
Many people also choose to commission their own, more detailed, survey. This should help to uncover any underlying problems with the property. There are two types of survey you can buy: a homebuyer's report and a building survey. Speak to your conveyancer or Winkworth estate agent for more information.
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