Buying or selling a property is often the largest financial transaction of a person’s life and can be a very stressful endeavour even with the best will in the world.
Whilst some properties will be very straightforward to buy & sell, the most innocuous property could turn out to involve complex legal issues that drastically alter the timeframes required.
How long will it take?
“How long is a piece of string?”
Many buyers expect to exchange contracts within two or three months of an offer being accepted.
It is true the average national timeframe for a freehold purchase is 8–12 weeks, with leasehold transactions at the upper end of that timeframe with the added complexity/delay of the Lease and Management Packs etc.
There are a huge number of factors that can add to that timeframe however, with many of them not being apparent at the outset of a matter.
This is one of the reasons that we’d suggest instructing a Lawyer as early as possible in the process. A diligent lawyer will check everything as soon as possible to reduce delays where they can (compared to some Firms that will wait for all searches etc to be received before picking up the file).
What are the costs?
Most of the time a Fixed Fee for legal fees can be agreed at the outset of a matter. Depending on the Law Firm, increasing legal fees due to complexity of the matter is unusual, and should be done often.
However, a much more common occurrence is unexpected disbursements. Disbursements are payments to other people (other than the Lawyer). These can be searches, Land Registry fees, or bank transfer charges (which are all usually known at the outset), but can include a number of things that aren’t immediately apparent. For example an indemnity insurance policy may be needed to cover a minor legal defect, or a Lease may require a Deed of Covenant is entered into with a Landlord (whose costs will need to be covered).
How often will I be updated?
Managing expectations is key. The best lawyers in the world won’t update you on a daily basis on a standard residential conveyancing matter, unless you’re paying a hefty fee.
The old adage “Do you want it fast, cheap, or good? Pick two” applies to Lawyers. If you’re paying an average legal fee you should expect to be updated every few weeks. We would endeavour to update a client once a week on a standard matter, often increasing as you approach an exchange of contracts.
If you want more regular updates, you should make this clear when obtaining estimate of costs, to avoid disappoint further down the line.
What does the Lawyer check?
Lawyers deal with legal matters, they’re not builders, planning experts, or surveyors. A Lawyer’s focus is on the legal title to the property, and whilst they’ll have some knowledge on the broader aspects of a house purchase, have no expertise or qualifications with regards the same.
There’s no substitute to getting a detailed professional Survey of the property and doing as much homework as possible yourself on the “non-legal” aspects. With the internet holding so much information you can find out about schools, crime rates, broadband speeds etc yourselves prior to exchange of contracts.
If I pay a premium for my Lawyer/Estate Agent/Surveyor, things will go quicker, right?
A chain is only as strong as it’s weakest link. Even if you are ready in a week, if the person you’re buying from hasn’t got their mortgage offer yet, you cannot exchange.
How Pinney Talfourd can help
Our residential property lawyers work diligently to identify legal issues early, keep you updated regularly, and provide clear, transparent pricing. To discuss your move with our experienced team, please call us on 0800 011 1195 or email .
More information
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