Getting Your Property Search Moving Before Spring

For a freehold home, we estimate conveyancing takes 8 to 12 weeks from receiving the draft contract pack, and leasehold takes longer. To be ready for spring, gather your ID and proof of where your funds come from, talk to a mortgage broker, and get solicitor quotes before an offer is accepted.

If you want to be in a new home by spring, the work that keeps conveyancing moving can start now, well before you find a property or have an offer accepted. Having your paperwork ready at the start means your solicitor can begin the required checks straight away, and asking the right questions early means fewer surprises later.

This guide sets out what buyers and sellers can have ready before they instruct a solicitor, how long conveyancing usually takes, where property searches fit in, and the questions worth asking before you commit.

What should buyers have ready before instructing a solicitor?

Four things: your ID, your source of funds, money on account for searches, and a mortgage broker if you need a mortgage. Having them ready before you instruct means the onboarding paperwork can be completed quickly.

1. ID documentation. We normally need one form of photo ID, such as a passport, and one form of address ID, such as a driving licence or a bank statement or utility bill that is no more than 3 months old.
2. Source of funds. We are required to verify where the funds for your purchase have accumulated from. For example, if the money comes from savings, we will need 3 months’ worth of bank statements for your current account and your savings account, and 3 months’ worth of payslips. We may ask for further information or documents once we have received these.
3. Money on account. We normally require £500 upfront to pay for searches, because they must be paid for when they are requested. Your solicitor will ask for this when sending you the onboarding documents.
4. A mortgage broker. If you need a mortgage, speak to a broker to start the process of applying for your mortgage and obtaining your mortgage offer.

What should sellers have ready before instructing a solicitor?

Sellers need their ID, proof of address if they do not live at the property, and, for a leasehold property, a quote for the management pack.

1. ID documentation. As with buyers, we normally need one form of photo ID, such as a passport, and one form of address ID, such as a driving licence or a bank statement or utility bill that is no more than 3 months old.
2. Proof of address if you do not live there. If you do not reside at the property you are selling, we will need proof of address for that property, such as a Council Tax demand or insurance documents.
3. Management pack fees for leasehold. If you are selling a leasehold property, contact your landlord or management company to find out their fee for providing a management pack, because it must be paid for upfront. If there is more than one management company or managing agent, you may have to pay for two or more packs.

How long does conveyancing take?

For a freehold property, such as a house, we estimate 8 to 12 weeks from when we receive the draft contract pack. For a leasehold property, matters typically take longer, because a landlord or management company is involved and there are further requirements concerning the lease.

The clock starts when the draft contract pack arrives, not when you first start looking at homes. That is why the preparation above matters: it is the part of the process you can control before a purchase begins.

Where do property searches fit in?

Searches are checks your solicitor orders on the property and the area as part of a purchase, such as local authority, water and drainage, and environmental searches. They have to be paid for when they are requested, which is why we normally ask buyers for £500 on account when we send the onboarding documents. Your solicitor will explain which searches are needed for your purchase.

What happens if my purchase is part of a chain?

A chain is very common. It means that several properties are linked in the same transaction and all need to complete on the same day.

• If you are at the bottom of the chain, for example as a first-time buyer, your solicitor will arrange for the completion monies (the purchase price) to be sent to the seller’s solicitor relatively early in the morning. Completion typically takes place shortly after that.
• If you are in the middle or at the top of the chain, completion may take place later in the morning or even in the afternoon, depending on how many transactions are in the chain. This is quite common in practice when the chain is large. There may be a period when you have completed on your sale and are travelling to your new property, and you simply have to wait for it to complete.

Should you instruct a solicitor before an offer is accepted?

It can be worth it. Speaking to solicitors before an offer is accepted lets you compare quotes, and once you instruct one, the onboarding documentation can be completed. When an offer is accepted, you are then ready to go.

When should you arrange your survey?

There is no set time for a buyer to have a survey carried out, and it depends on your preference. Some buyers like to have it done from the outset, because the result could influence their decision on whether to proceed. Others prefer to wait until closer to exchange, once more is known about the property and there is further information to discuss with the surveyor. Whichever you choose, the survey should be carried out before exchange of contracts.

What should you ask the estate agent?

Three questions are worth asking before you commit to a property, and buyers often do not think to ask them.

1. Has probate been granted on the property, if that applies? If it has not, waiting for probate can cause delays, so it is good to know from the outset.
2. Has any structural work been carried out to the property? Check this early, so it can be looked into as part of your purchase.
3. How large is the chain? The longer the chain, the more transactions have to line up, as explained above.

What else can catch buyers out?

Four questions come up often once a purchase is under way.

What happens if my mortgage offer expires?

This does sometimes happen when a transaction takes longer than usual. Mortgage offers are typically valid for 6 months, although this varies. Speak to your broker or lender, who can normally obtain an extension, even if it is only for a couple of weeks. There may come a time when you need to re-apply for the mortgage.

Why is a bankruptcy check being carried out on me?

If you are getting a mortgage, lenders require a bankruptcy search to be carried out on each purchaser and on any donor, meaning anyone who is providing a gift towards the purchase.

What if a family member is gifting me money towards the purchase?

If you are receiving a gift and also obtaining a mortgage, we need to notify your lender to make sure they are happy with it. The person giving the gift, known as the donor, will need to complete a gift declaration confirming that the money is a gift and will not be repaid. We will also need them to carry out an online ID check and provide their source of funds. The documents we need from them depend on where the funds have accumulated from, and we will talk you through this case by case.

When does the transaction become legally binding?

From exchange of contracts. On the day of exchange, your solicitor will contact you to obtain your authority to proceed. Until exchange, either party can withdraw from the transaction.

What should you do this week?

1. Gather one form of photo ID and one form of address ID that is no more than 3 months old.
2. Collect 3 months of bank statements for your current and savings accounts, and 3 months of payslips, to show where your funds come from.
3. If you are buying with a mortgage, speak to a broker and start the mortgage application.
4. If you are selling a leasehold property, ask your landlord or management company for the management pack fee.
5. Ask for quotes from solicitors so you can instruct one and complete the onboarding paperwork before an offer is accepted.
6. Ask the estate agent about probate, structural work and the size of the chain before you commit.