Buying property
Choosing a property
Freehold, leasehold & commonhold - what does it all mean?
Obtaining a mortgage
Making an offer
Costs and fees
Buy-to-let
The legal process
Conveyancing
It's best to get a professional to handle your conveyancing, or the legal side of buying and selling.
With the introduction of HIPs, the role of the conveyancer/solicitor has changed, as information that they used to compile is now likely to be included in the HIP, which the seller must supply. Certain documents may need updating though, and your conveyancer will need to get fresh documents or ask the seller for updated information.
Your conveyancer is responsible for checking that the seller's HIP has provided the following basic information:
- Index of contents
- Property information questionnaire (PIQ)
- Energy performance certificate (EPC)
- Sale statement
- Evidence of title
- Local-authority searches
- Land charges search
- Water and drainage searches
- A copy of the lease, where applicable
- Commonhold documents, where applicable
Remember that HIPs are still quite new and things can still change. If you have any questions, just speak to your Winkworth estate agent.
Family and friends may be able to recommend a good conveyancer/solicitor. Alternatively, your Winkworth estate
agent will also be able to recommend reputable local conveyancers/solicitors they work with regularly.
Conveyancing takes 8-12 weeks in most cases. Leasehold properties involve more work as the lease has to be thoroughly checked and this will affect the cost.
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.
If the seller has not included a home condition report in the HIP, it is a good idea to commission a more detailed survey of your own, which will uncover any problems with the property. There are two other 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.
