How long does a typical House Sale/Purchase take?
Purchasing or selling a House with no major problems should take approximately 4-6 weeks. The Purchase/Sale of an Apartment should take approximately 8-10 weeks.
One of the main factors will be how many people there are in the chain, the longer the chain, the greater the possibility there is for delay.
What is Conveyancing?
Essentially, Conveyancing is the term used for the transferring of ownership of property from one person to another. A number of matters will need to be examined to ensure that the property being purchased is good and marketable with no legal defects. This will involve investigating the legal title to check, amongst other things, that adequate rights are in place for gaining access to the property; checking what restrictions a property is subject to and carrying out all necessary searches to ensure that no adverse planning or environmental matters affect the property. Our conveyancing solicitors are on hand to ensure you receive the correct advice in a timely manner.
What type of Survey should I carry out?
There are three types of Survey, the Valuation or Condition Survey, the HomeBuyer Survey or a Building Survey.
The Valuation or Condition Survey is the most basic and cheapest of all Surveys and is required by your lender and entails a Surveyor visiting the property to confirm the market value, reinstatement value and report on matters which could affect a lender’s decision to lend. The Valuation Survey is purely for your Mortgage Lender's benefit and will not provide you with the necessary detail which you will need should there be any adverse issues.
The HomeBuyer’s Survey is the mid-tier Survey and will highlight any causes for concern with recommendations for any further action which might be required.
A Full Structural Survey would be recommended if the property being purchased has been extended and there are concerns as to the stability of the extension or if the property is old (typically more than 100 years).
Further Guidance can be found on the Royal Institute of Chartered Surveyors Website - www.rics.org