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Moving house is one of the most stressful things any of us can do. Just thinking about it can sometimes be enough to raise blood pressure!

Although the property market may have slowed in recent months, it has not become any easier.

Whether you are a first-time buyer, looking for a larger family home, moving away from the city, or downsizing, you will probably have lots of queries about the transaction.  Selina Turner, Head of Conveyancing at Larken & Co Solicitors, looks at some of the most common questions that tend to crop up during the process :

How long will it all take?

This depends on several factors, such as how many buyers and sellers are involved in the chain, how long it takes to obtain a mortgage offer and undertake a survey, search results, investigate any potential problems and how quickly the parties want to move.  The national average has traditionally been 8 to 12 weeks  - but this is a very general guide, as the process can be quicker or slower.  The speed of progress is usually dictated by the slowest link in the chain – a chain being a sequence of linked sales and purchases.

When should I apply for a mortgage?

You can start looking for the right mortgage as soon as you decide to buy a property, how much you can afford, and apply for a mortgage offer in principle before finding a property.  This will help avoid delay later on and demonstrate to potential sellers that you are a serious buyer and ready to move. There are thousands of different mortgage products on the market, and it may take time to find out which is best for you, particularly in the current economic climate where interest rates are rising, and we are reminded of the cost of living crunch on a daily basis. Mortgage offers are usually only valid for a period of 6 months from the date of the offer, and it is often prudent to work with a mortgage broker who has greater knowledge of the range of products available.

When should I instruct a solicitor?

You can instruct a solicitor as soon as you decide to buy or sell - you will need to pass on their details to an estate agent as soon as an offer is accepted.  If you are selling, your solicitor will be able to start putting together the necessary documentation for your buyer’s solicitor so that it is ready to go as soon as an offer is accepted. Missing and incomplete paperwork can, of course, lead to delays. Clients should also be mindful that they will be requested to provide proof of identification as solicitors are legally required to check the identity of their clients to protect against mortgage fraud or money laundering. Clients will also be asked for proof of the source of funds, i.e. how they have acquired the money being used to purchase the property.

I’ve changed my mind – can I pull out?

It is possible for either party to pull out of a property sale or purchase before exchanging contracts. However, once the exchange takes place, both parties are legally bound to complete it on the specified date and at the specified price, and neither party can back out. The exchange of contracts normally takes place a week or two before completion. The property is only yours on the day of completion when all money has changed hands.

What is joint ownership, and how does it work?

If you are buying with someone else, you will both own the legal title and the equity in the property can be held as either joint tenants or tenants in common. In simple terms, if the property is held on a joint tenant basis, it is owned equally. Should one of you die, the survivor automatically owns the property. If you own the property as tenants in common, you will own it in specified shares and should one of you die, your share will pass in accordance with the terms of your Will, or if you do not have a Will, then your share will pass under the rules of intestacy. Deciding to co-own property is a huge decision that can have a life-changing impact on your quality of life down the line, and it is important that you get proper advice before making and binding decision so that you can make the right choice. You should always discuss what is best for you and your circumstances with your solicitor to ensure that your wishes are met.

“Buying a house is one of life’s big events and can change your financial situation,” says Selina,” if you are planning a property transaction, then it is advisable to work alongside an experienced conveyancer who has a solid understanding of the local market and well- established relationships with trusted professionals. It is also advisable to make a Will to avoid potential future difficulties. We are here to guide you through the whole process”.  

For further help and advice on buying and selling a property, remortgaging, transferring equity/ownership, or to request a quote, please contact the conveyancing team at Larken & Co on 01636 703333.