RESIDENTIAL PROPERTY
We come to you. Decimus Fearon likes to meet clients at an early stage of a proposed transaction to discuss with them all the relevant issues, including clients' requirements and possible problems arising from the conveyancing process. Decimus Fearon believes in assisting clients with legal due diligence from the outset of the transaction, and will if necessary arrange an on-site meeting with a client. Our role is to reassure and advise time-pressed clients, ensuring that we implement instructions in their best interests. Property at this level is very personal and at Decimus Fearon we excel in giving conveyancing advice, and liaising with the clients’ other advisors regarding survey, finance and tax.
Decimus Fearon offers “legal intelligence and knowledge” across a specialist range of legal specialisations with particular focus on commercial and residential property. Decimus Fearon are the Central London property professionals, supplying one-stop property and advisory services to its sophisticated clients. Our strength lies with our personal commitment to each client. We offer a quality and depth of knowledge that few firms can rival.
CONVEYANCING PROCESS
Property Lawyer
In this instance a Property Lawyer could be a Solicitor, Licensed Conveyancer, Legal Executive, Paralegal, or anyone with conveyancing legal knowledge and experience working with a regulated firm. At Decimus Fearon LLP we have an experienced team to ensure that you are looked after from start to completion.
Your offer has been accepted
The seller of the property has accepted an offer for the property from a buyer. The legal work (conveyancing) of transferring the ownership can commence.
Anti-money laundering and ID checks
Your Property Lawyer will need to check the source of any money that you using to purchase the property, to make sure it is not the proceeds of crime (if you are buying). They will also need to check you are who you say you are. All Property Lawyers ask for this information for all clients so you should not feel offended if this seems intrusive.
Contract package with your Property Lawyer
The sellers’ Property Lawyer will send to the buyers’ Property Lawyer the contract pack. This should include a copy of the deeds of the property, a plan outlining the extent of the land the property is on, Property Information Form and a Fixtures and Fittings Form, and other important legal documents
Clear searches received by the buyers; Property Lawyer
When the buyers’ Property Lawyer receives the contract pack, they will submit several searches asking questions about the property, including who supplies the water and drainage facilities, environmental and flood questions, highway maintenance and planning history, and many others
Mortgage offer received
Most people need a mortgage to help them buy their property. Only when the buyer and their Property Lawyer receive a mortgage offer in writing from the lender, will the offer of a loan be confirmed. It will need read carefully and may have conditions attached to it. Not only does the Property Lawyer act for buyer but they also act for, and owe a duty of care to, the lender
Replies to enquiries received
When the buyer’s Property Lawyer receives the contract pack, they will study it carefully and make sure that the sellers own the property and they can sell it, and with your help check that the plan is correct. There are several other, more technical, issues to check and they will send of a list of questions (called “pre-contract enquiries”) to the sellers Property Lawyer. Hopefully when the replies are received all issues will have been resolved, but sometimes further enquiries may need to be asked
Cleared deposit funds
When the Buyers Property Lawyer has carried out all their checks and the written Mortgage offer has been received, they will ask the buyer to provide them with the contractual deposit in cleared funds. “Cleared Funds” mean money that has cleared the banking system. For example, once a cheque is deposited into a client account, you generally must wait at least five working days before you can use that money to pay a third party. If money is sent by telegraphic transfer (often referred to as CHAPS payments), however, this is normally received on the same day as it is sent as cleared funds
Timing
There are a lot of issues that could arise that may cause your transaction to proceed slowly. Thankfully, they do not all always arise on any one transaction, but some usually do. Unfortunately, until the buyers’ Property Lawyer looks at the contract pack, carries out the searches and raises the enquiries, they will not know what they are. You must remember that all the parties in your chain, will, more than likely, be going through a similar procedure. Therefore, buying and/or selling a property can take longer than you (and the estate agent) would perhaps like
The Chain
A chain of transactions can be very short. I.e., you are selling your property to a first-time buyer, and you are not buying another property, that would be a chain of only two. However, you could be in a longer chain of three, four, five or even more, if your buyer is selling a property and you are buying one and your seller is also buying one
Contracts exchanged, you must proceed
This really is the moment you have been waiting for, knowing that your transaction will proceed to completion. After all the parties in your chain have signed a contract, paid over a contractual deposit, and agreed a completion (moving) date contracts will be exchanged. Only when all the contracts have been exchanged will you be in the position of knowing that you have a definite completion date
Completion, Moving Day!
Some additional (routine but important) legal work will need to be carried out between exchange and completion. Therefore, having a week or more between exchange and completion is sensible, but not always possible. On the day of completion all the Property Lawyers in your chain will receive and send monies to the Property Lawyer either side of them. It can be a complicated and time-consuming process and you will have to wait for a call from your Property Lawyer or Estate Agent before you will know that you can hand over your keys to your buyer (if you have one), and pick up the keys to your new home
The Conveyancing Process
The conveyancing process can be time consuming and, at times difficult, and you will need to rely on the professionals helping you to make sure you end up owning the property you want. You may feel frustrated at times, but please remember, your Property Lawyer will always be acting in your best interests. If you are thinking of buying or selling property, or you have any questions regarding the conveyancing process, please call 020 78230450 and ask for a member of the Property team or email lbb@decimusfearon.com
This article is intended as a general summary on the law and the conveyancing process in England and Wales – no reliance should be placed on it
PURCHASE
Typical timescales and key stages
The average residential property purchase takes between 8 and 12 weeks.
Key stages of the purchase process are typically:
Receive your instructions, identification and other necessary details
Check finance arrangements and initiate contact with lender (if applicable)
Receive and advise on contract documents
Undertake searches / obtain planning documentation if necessary
Make necessary enquiries of seller’s solicitor
Review and advise on all relevant documents and information
Review and advise on mortgage offer (if applicable)
Finalise contract for signature & confirm completion date
Exchange of contracts
Arrange for receipt of all monies required for completion
Complete purchase
Prepare and submit Stamp Duty Land Tax return with payment
Prepare and submit registration at Land Registry with payment
SALE
Typical timescales and key stages
The average residential property sale takes between 8 and 12 weeks.
Key stages of the sale process are typically:
Receive your instructions, identification and other necessary details
Prepare and send sale documentation pack for buyer’s solicitor
Initial contact with lender (if redemption of mortgage is involved)
Respond to enquiries by buyer’s solicitor
Finalise contract for signature & confirm completion date
Exchange contracts
Complete purchase and transfer proceeds of sale as necessary
RE-MORTGAGE
Typical timescales and key stages
The guide below applies in a typical remortgage where the lender is a bank/building society and not an individual. The typical remortgage transaction takes approximately 4 weeks to complete but in some instances can be completed quicker.
Obtaining title deeds and a redemption statement
Obtaining office copies of the client’s property title
Carry out title checks
In the case of leasehold properties, carry out a check of the lease and make enquiries to the landlord regarding the status of service charge and rent payments
Check mortgage offer
Prepare for completion
Obtain final redemption statement
Final searches and checks
Obtain mortgage advance and complete the remortgage
Register changes at the Land Registry
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