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SMG

Solicitors

Conveyancing- Your Questions Answered

What is a disbursement?

A disbursement is a third party payment, which is not a part of your solicitor’s fee, for example Land Registry Fee, Search fees (Environmental, Coal, Drainage etc).

Most disbursement costs remain the same which ever solicitor you instruct (for example land registry fee) however it should be noted that some disbursement costs can vary depending upon the type of services used by a practice.

We at SMG Solicitor are proficient in using e- services rather than paper based requests which at times can reduce the cost.

How quick can you complete?

As much as we aim to complete all matters within 4 weeks, this usually depends on the type of Transaction and speed of all parties in the transaction.

Being proactive solicitors we take a hands on approach with all matters, we do not believe in unnecessarily dragging matters.

We do the following which we feel speeds things up-

To be available for appointments at short notice, so we are able to take clear instructions

• To correspond by fax and email- saves time and postage

• To forward all required property forms to vendors on the date of instruction so they can be completed and returned ASAP
• To request all deeds electronically if available- saves time and cost

• Diarise regular contact with estate agents, lenders, financial advisors, other party solicitors and other required parties so we can action any requests and progress the transaction

Why do I need to do searches?

Searches are compulsory when buying with a mortgage, as your lender requires the solicitor acting to be prudent in investigating all matters which can affect their security on the property.

If you are cash purchaser they are discretionary however we always advise against proceeding to buy a property without having done property searches.

In the absence of property searches the purchasers are at risk of not being alerted to other issues which could affect the property, for example environmental notices, local authority plans and orders on a property, chancel repair liability etc. All of which can cost thousands of pounds to rectify.

Acting in our client’s best interests, your solicitor will always advise on the required searches, the benefit and cost, on the outset of the transaction

Timescales

Typically the following matters take longer than Registered freehold transactions:-

Leasehold Sale and Purchases – this is due to information being required from landlord and or management agents. This information consists of 3 years service charge accounts, enquires of the landlord and other various information.

Unregistered Property – Not all property in England and Wales is registered at the Land Registry, if this is the case then the title deeds have to be checked and legal title of the vendor needs to be proved and deduced to the buyers.

Properties bought with a mortgage- delays can be caused if your mortgage offer is not progressed.

What is the difference between exchange of contracts and completion?

Until exchange of contracts, your transaction is at risk of falling through. It is only once contracts have been legally exchanged that all parties are tied into and committed to complete the transaction on the agreed terms.

Completion is the day keys are released to the buyer (the move in date) and the contract is performed.

Can someone be added on or removed from the deeds?

Yes with agreement and with certain pre-requisites, this is known as Transfer of Equity.

The solicitors at SMG Solicitors have many years experience of conducting such transactions.

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