Conveyancing process length for Kent county located north-west of London can take up to ten weeks to be complete. We want to make sure you understand a little more about the conveyancing business in Kent, with the purpose of helping you out with your buying or selling decision. Moreover, we will talk about the preparation process that takes place from exchanging contracts to the completion of the process and finally being able to get to your new home.
As previously mentioned, on average the conveyancing process length should take from six to ten weeks until its completion depending the complexities. It takes two to three weeks of researches and enquiries before the exchanging contract process phase begins. However, the whole process could be done in only a few days. For that to happen you must not have any mortgage in place, and you would need to be buying an empty house.
Conveyancing process Preparation
The chosen conveyancer will do some legal searches about the property to make sure there are nothing you should be aware of. There will be local authority searches, which usually takes one to two weeks, also checking the register and title Plan at Land Registry. Flood risk checking can also go ahead at the Land Registry; the advised is the environmental search, for it is a complete verification. Water authority and Chancel repair searches are also mandatory.
The conveyancer will help you to fill out questionnaires about the property. Such as the (TA 6) which includes information on boundaries, any dispute, sewerage, council taxes and others. The (TA 10) is necessary for any fixtures you would like to include with the property. More technical, the (TA 13) includes finalisation details to ensure the house is free of mortgages and liability claims. Moreover, your conveyancer draughts a contract based on those questionnaires.
While negotiating the contract, both parties should agree on the date of completion. It usually takes seven to twenty-eight days after exchanging the contracts; what else consists in the sale price, and how much each party pays for fixtures and fitting. Moreover, the buyer must do a survey conducted on your property, so that anything major that pops up should be negotiated, whether asking the seller to fix it or deducing it on the sales price.
Once the contracts have exchanged, seller and buyer will be in a legally binding contract to buy/sell the property, having a fixed move-in date, which means the seller cannot accept any other offer on the property. Under the penalty of being sued if the sale does not go through.
The buyer makes a deposit of 10% of the purchasing price. Assuming that the purchaser decides not to go through with the process, the seller keeps the 10%. If the contract falls through for any irregularity done by the seller, the buyer gets the full deposit back, plus interest that might have accrued on the reservoir.
Seller needs to hand over the keys, usually at the estate agent, after confirming the money has been received. The conveyancer and/or solicitor will receive the balance of the sale and all the legal documentation proving ownership will be hand over. The buyer will have to pay Stamp Duty Land Tax, and will only receive the legal documents about twenty days after the solicitor has sent them to the Land Registry.