The time taken depends upon the unique circumstances and the factors surrounding the property purchase. We complete the task within two months. But as said earlier, it can take more time if a unique circumstance arises. For example, delay in money transfer, not signing or submitting the documents on time, filling incorrect information in the form, etc., are a few possible causes. We don’t let such documents be forwarded before checking them thoroughly. Hence, these matters take time.

Many environmental factors can impact your property and it is not limited to contaminants like chemical or mineral pollutants only. The contamination also includes the proposed installation of mobile masts or the closeness of electricity pylons.

If the property is built on former industrial or agricultural land, the investigation will consider any known pollution that may exist in the topsoil or in the nearby region. Every possible environmental factor that may impact the property will be considered as part of the environmental searches. The conveyancer’s report on the title for the property will include all these details after an in-depth investigation.

If you are planning to own the fittings and fixtures in the property you want to buy, it is essential that you work on it during the transaction. If this list is not firmed up until the completion stage, you will get engaged in post-offer negotiations, resulting in potential delays.

To prevent any confusion, both the parties, buyer and seller must agree upon an approximate list before making the final offer. The seller’s solicitor will include the list in the formal conveyancing form called the fixtures and fittings form (FFF). It will confirm the details of what will be sold with the property, which consequently becomes part of the contract of sale.

We would recommend you to have a survey on the property and the obligatory mortgage valuation. The mortgage valuation is usually done by your mortgage lender. With the valuation, they confirm that the property is worth what you are paying for it. However, the process will not find any defects or issues with the property. A dedicated survey will determine any structural problems or other issues that may affect the valuation of the property.

The term chain is used in where two transactions for an individual are going on simultaneously. For example, an individual wants to buy a house and have another house that he wishes to sell-off. 

The condition for the chain is that the buying and selling of the property have to be profitable. If an individual is buying a property at a price that he doesn’t get from selling his property, the chain will break. 

In that scenario, the individual has to search for a new buyer for his house to get the right price. Another condition is that the date of purchasing and selling has to be the same, which is difficult to achieve as both processes may take different time duration.

Freehold property is the one where the buyer has full ownership of the building and the land on which the building is constructed. The owner is free to carry out construction or make changes to the structure. 

A leasehold property is when the owner owns the property under a lease agreement. It is more like renting land and property for an agreed period. In this type of agreement, the ownership is temporary. After the lease expires, ownership is transferred back to the permanent owner. The owner doesn’t have the right to make changes to the structure or construct a new structure.

If you are buying a property through a mortgage company, the lender will most probably insist you have an insurance plan in place. In some properties, insurance is there already at the time of purchase, while others may not be insured. 

While it is not a requirement, it is wise to have building insurance, as it safeguards the new owners from structural damages in the future. 

The conveyancer lawyer performs property checks to find out any possible issue that may affect the valuation of the property. These checks may include:

• Conveyancing property search by the conveyancing lawyer, such as the local authority search.
• Independent survey of the property by the buyer, without engaging the solicitors.
• Reviewing the property information by the conveyancing lawyers, provided by the seller.

After successful property checks, the buyer and the seller agree to sign and exchange the contracts.

Conveyancing in Brighton and Hove is carried out in three basic steps:

• Offer and acceptance of the property price. 
• Exchange of contracts among the parties. 
• Completion 

Once both the parties – buyer and seller of a property agree on the specific price of the property, they enter into a contract.

Both parties are allowed to back out of the transaction as long as they are in this first stage since it is not legally binding yet. When either of the parties decides to do so, none of them can incur any financial penalty. 

The party buying the property is free to work with their lawyer and perform property checks. 

After satisfying property checks, the buyer and the seller agree to sign and exchange the contracts. Once both parties sign the contracts, the transaction becomes legal binding to both parties. At this stage of any party that decides to pull out, may face a financial penalty.

When the transaction reaches the completion stage, the deal is considered official now. In this stage, the lawyer submits the property deed to the HM Land Registry, and the seller surrenders or leaves the property.