FAQ's.
All the information you need in one place.
At Privee, we like to keep things simple!
How long does it take to buy a property?
The average buyer takes between 6-10 weeks to find a property. Once you have found the property you want to purchase, the conveyancing process takes between 4 – 12 weeks, however it has been known to take much longer, especially if there is a chain.
Do I need a survey?
Although you are not legally required to use a solicitor, it is always advisable! A solicitor is also referred to as a conveyancer and they will cover all legal aspects regarding your property purchase/sale and look out for anything that could impact you in the future. If you are purchasing your first property, it would be wise to work with a knowledgeable conveyancer for ease and peace of mind!
What is exchange of contracts?
This is the point where both parties are committed to the transaction; exchanging contracts is the penultimate step in a house purchase, occurring after a solicitor has carried out all necessary searches and there is agreement to the contract terms. Once each party has signed the contracts and they have been exchanged, they are binding. You also set a date to complete your purchase.
What is completion?
Completion is when the transaction has completed, funds transferred and ownership of the property passes from the seller to the buyer. The completion date is set at the point of exchange. Normally the vendor's solicitor will notify the estate agent that completion has taken place and keys can be released to the buyer.
What is stamp duty?
Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land in England and Northern Ireland above a certain threshold. You may also need to pay additional stamp duty if you are buying a second home. More info can be found on the following link https://www.gov.uk/stamp-duty-land-tax
What are searches?
'Searches' or 'property searches' are completed by your solicitor. They work with the local authority (and other organisations) as part of the home buying process. They use these to find out any information about the property. As well as any local development plans that may affect the home you plan to purchase.
What is a chain?
A chain is formed when several property sales and purchases are linked and inter-dependent. This means that all transactions rely upon one another to simultaneously exchange and complete, unless the chain is broken. i.e. the vendors you are purchasing from are buying another property, those vendors may also be buying on and so on.
What is EWS1?
Introduced in December 2019, The EWS process involves a fire safety assessment by a suitably qualified professional who completes the EWS1 form. This is assessing cladding and fire risks to the building. Lenders may refuse a mortgage application where one cannot be produced.
What is gazumping?
When a higher offer is made by another party and is accepted, sometimes even after the offer has been accepted. This is widely received as unethical in the industry, however not illegal.