Frequently asked questions

Table of contents

Buying a house

• What documents should I receive after completion?

  Following completion we'll settle the stamp duty land tax liability of the buyer and then register the buyer's ownership with the Land Registry. Following registration we'll provide a copy of your new title document, and send a copy to your lender.

• Do I have to come to your office to sign contracts?

  No. We're can send documents for you to sign by post and via email.

• What forms do I need to sign to complete a house sale?

  In selling forms need to completed for the Home Information Pack and also part of the contract package. Both parties sign a contract and the Land Registry transfer. The buyer will also sign the mortgage deed in order that their lender's interests are protected.

• What happens if I want to buy a new house that isn't built yet?

  For new homes at the point of exchange of contracts the builder may give us an estimated date when they expect the property to be finished. The buyer should then monitor the build programme. The seller will typically expect the buyer to complete on short notice of a couple of weeks and they will fix the completion date.

• When do we agree a date to move?

  On established properties the date set for you to move into the property known by us as 'completion' will be fixed. We recommend at least a week between exchange and completion to give both parties the comfort of the other's commitment before packing to move.

• Do I have to move on a Friday?

  Purchase monies are transferred between conveyancers electronically. At present, banks only transfer money electronically on a working day and, therefore, completion cannot take place at the weekend or on a Bank Holiday. You can move on any weekday. Fridays tend to be more popular as they give homeowners the weekend to unpack and settle into their new home.

• When will I receive the money from my sale?

  On the day of completion we'll establish what's needed to pay off your mortgage, settle the estate agent's fees, our fees, and outstanding expenses. We'll then pay the balance to you on the day of completion directly into your bank account, where it'll be cleared and available for you to draw against.

• The surveyor has found a problem with the property. What are my options?

  As a buyer, on the basis that you become aware of the issue prior to exchange of contracts, you most probably have three options: to withdraw from the purchase if the problem is substantial; insist that the seller puts the problem right at their expense; seek a price reduction to cover the cost of resolving the problem if you are prepared to take it on.

  You should seek further reports from specialists and obtain quotations for sorting the problem so that you're fully aware of the likely complications and costs.

• My buyer wants to renegotiate the purchase price. What do I do?

  Both parties are entitled to renegotiate the price at any time prior to exchange of contracts. This may arise from a change in market conditions or matters revealed in the survey valuation, which the buyer may not have been aware of when they made an offer. Once contracts are exchanged the final selling price is fixed and cannot be changed.

• Can my mortgage lender force me to complete repair work to my property?

  Sometimes a mortgage lender imposes obligations on the buyer to carry out repair works, typically to put properties in need of remedial work into good order. On occasion they may retain a sum from the mortgage advance to encourage you to deal with these requirements.

• What can I do if I'm 'gazumped'?

  The current system doesn't prevent the seller from changing their minds before exchange of contracts and deciding to sell to someone else - 'gazumping'. The sooner we can exchange contracts, the lower the risk of being gazumped (although in our experience the fear is greater than the actual risk of being gazumped).

• If I the vendor decides not to sell to me can I sue them to recover my costs?

  If they withdraw after contracts are exchanged (very rare in our experience) then you'd be able to recover any deposit paid and also have contractual remedies against them through the court, potentially to force them to sell to you and seek compensation.

  You're responsible for your own costs up to the point of exchange and wouldn't be able to recover these if the seller withdrew before exchange.

• If I lose my buyer can I sue them to recover my costs?

  If they withdraw after contracts are exchanged (very rare in our experience) then you'd be able to retain any deposit paid, out of which you should be able to recover your costs.

  You're responsible for your own costs up to the point of exchange, and wouldn't be able to recover these if the buyer withdrew before exchange.

• What will happen if I pull out?

  You're entitled to withdraw from the transaction at any time prior to exchange of contracts. After exchange you'd be liable for breach of contract to the other party, who'd have contractual remedies against you.

• Can I pull out of my sale?

  Any party may withdraw from the transaction prior to exchange of contracts without risk of penalty. Once contracts are exchanged remedies for breach of contract would be available to the suffering party and the buyer would be able to insist on return of their deposit.

• Can I pull out of my purchase?

  Any party may withdraw from the transaction prior to exchange of contracts without risk of penalty. Once contracts are exchanged remedies for breach of contract would be available to the suffering party and the seller would be able to keep the buyer's deposit.

• Why does exchange of contracts mean?

  It means that each party ultimately ends up with their lawyer holding a contract signed by the other party, at which point the deal is legally binding. A party failing to honour its obligations created by the exchange will be liable to the other for breach of contract.

• What happens on exchange of contracts?

  The seller and the buyer both sign a separate but identical contract. Once everyone is in a position to exchange, the procedure is carried out by the transacting solicitors via telephone, with commitments to release their clients' contract and deposit in that evening's post.

• When will I know I've got the property?

  We'll contact you by your preferred method to take your instructions on the proposed date for completion and to seek your authority to exchange contracts on your behalf.

  Once contracts have been exchanged we'll contact you again to confirm the details. Don't make any financial commitments for moving until contracts have been safely exchanged and a definite completion date agreed.

• What fees do I have to pay, and when?

  Our fees, together with accompanying expenses, taxes and registration fees must be provided to us as cleared funds by completion.

• How much deposit do I have to pay?

  The seller's conveyancer will often ask for at least 5% of the price. Please contact us if you've agreed a lesser deposit. Where your purchase is dependant on a sale, we will endeavour to use your buyer's deposit on your related purchase.

• If I have to pay a deposit when is it payable?

  Where required, the deposit is requested prior to exchange of contracts.

• Do I have to pay a deposit?

  A deposit is usually paid by the buyer to the seller's conveyancer. If the buyer fails to complete the purchase on time, the seller can keep the deposit as part compensation and retain the balance of up to 10% (although this is more complex with chains).

• Will I need to get the property I want to purchase valued?

  If anything is found to be wrong with an established property after exchange of contracts the seller is not liable and the buyer will have to pay for any necessary repairs. There is greater statutory protection where you are buying a new property from a developer.

  If you are arranging a mortgage, a valuer will be appointed by the lender to inspect the property on their behalf. We don't recommend you rely on the lender's valuation report alone, because it doesn't consider the condition of the property in detail and offers you limited protection.

  It's often possible, for an extra fee, to arrange for the same valuer to carry out a more detailed inspection - called a Home Survey and Valuation Report - or even a full building survey, if the property is very old.

• When do I need to arrange a Home Information Pack?

  Before you market the property for sale. See our Home Information Packs page for details of how we can help.

• What do I need to do before I can sell my property?

  You'll need to decide how you wish to sell the property, typically through an estate agent. Before you can place your property on the market you must make a Home Information Pack available to potential buyers.

• When do I need to instruct a solicitor?

  For a sale transaction, by instructing us once your property is on the market and even before a buyer is found will allow us more time to work together to complete the property and contents forms that will be required and collect accompanying paperwork to present an exchange-ready contract package once a sale is agreed.

  For a purchase transaction we ask you to contact us as soon as your purchase offer has been accepted.

• How long does it take to sell a property?

  No two transactions are the same. Some transactions to progress to exchange in less than a month. The typical timescale to exchange is about eight weeks. Much will depend on the number of transactions in the chain your sale is dependent on, and whether you have an upward chain with a related purchase.

• How long does it take to buy a property?

  No two transactions are the same. Some transactions progress to exchange in less than a month. The typical timescale to exchange is about eight weeks. Much will depend on the number of transactions in the downward chain, and the parties' need for mortgage funding.

Equity release

• What would happen to my partner if I die?

  This will depend on whether your plan is in joint names - where your partner should be able to continue to live in the property - or your sole name, when the property may have to be sold to repay the loan. Your financial adviser should guide you through the options available.

• Do I make monthly repayments?

  Unlike traditional mortgages, these schemes don't all require monthly repayments until the last surviving borrower dies or requires long term care resulting in you having to leave the property.

• How much can I borrow?

  This will depend your age (you must be at least 55 years of age), your health, and the value of your home.

Home Information Packs

• If I instruct more than one estate agent to sell my property do I need more than one HIP report?

  No. Joint or multiple agents can rely on one HIP.

• Can I get an estate agent to value my property before I need to get a HIP report?

  Yes. You're able to get comparable valuations from estate agents without needing a HIP. However, once you've selected an estate agent you'll need to provide the HIP before starting to market the property.

• How long does it take to arrange a HIP report?

  We can normally obtain the main components to get the property on the market within five working days. It's essential to obtain the Energy Performance Certificate, which requires access to the property by an energy assessor.

  In our experience they can provide these quickly subject to early access to the property. Whilst the searches in the HIP may take longer to obtain, you're able to start marketing the property provided the outstanding searches are added to the HIP within 28 days.

• How long does a HIP report remain valid?

  Provided a HIP was provided before the first marketing of the property, the seller doesn't have to renew it as its ages. However, if a property is removed from the market and then re-marketed, the HIP must be refreshed.

• Do I need a HIP report to sell any property?

  Yes. It's now a legal requirement.

• I'm buying a house and the seller has given me their HIP report. How do I know if it's a good quality report?

  It's generally acknowledged that not all HIPs are of the same quality. It's important to check when the HIP was produced, as older HIPs risk including information that's out of date. We'll check the HIP for you as part of the conveyancing process and handle any concerns you might have.

• Are HIP reports regulated?

  The content of the HIP is governed by the Housing Act 2004 and supporting regulations. HIP providers aren't necessarily subject to regulation themselves, so quality can vary. If you instruct us you'll have the assurance of knowing we're regulated by the Solicitors Regulation Authority.

Remortgaging advice

• How do I remortgage?

  Be aware that there will be costs associated with a remortgage. You'll first of all need to take financial advice from a qualified adviser on the most appropriate products to suit your needs. Then you'll fill in an application form and submit it to the lender with their required application fee, for consideration. The lender will appoint a valuer at your expense to check on their behalf that the value of the property is sufficient to cover their loan to value requirements.

  You may even remortgage with your existing lender if they have a product that's suitable and attractive. This is the most straightforward option.

  We'll contact your existing lender to establish their requirements to discharge your current mortgage. We'll then carry out the property searches required by new lender and check your property title on their behalf.

  When the mortgage offer is received from the new lender, we'll report to you on any special conditions attached, check with you on the current building's insurance arrangements, and send you the mortgage deed to sign.

  Once the mortgage deed is back with us, we'll request a final repayment figure from your existing lender and certify the title and conditions to your new lender with instructions to draw down on the mortgage.

  On the day of completion we'll pay off the existing mortgage with the new advance then arrange to discharge the existing mortgage and charge the new mortgage with the Land Registry.

  If your property is a leasehold flat or apartment there are likely to be formalities in your lease that we'll observe on your behalf.

• My new partner is coming onto the deeds to help us obtain the mortgage deal we want. Can you also help us?

  Yes, we can. Please see our Transfer of equity page for more information.

• How long will it all take?

  We're typically able to complete remortgage instructions within a couple of weeks of receiving the mortgage offer from your new lender. We'll always check with you once we're ready to proceed to complete, to ensure you agree with the proposed completion date.

Selling a house

• What documents should I receive after completion?

  Following completion we'll settle the stamp duty land tax liability of the buyer and then register the buyer's ownership with the Land Registry. Following registration we'll provide a copy of your new title document, and send a copy to your lender.

• Do I have to come to your office to sign contracts?

  No. We're can send documents for you to sign by post and via email.

• What forms do I need to sign to complete a house sale?

  In selling forms need to completed for the Home Information Pack and also part of the contract package. Both parties sign a contract and the Land Registry transfer. The buyer will also sign the mortgage deed in order that their lender's interests are protected.

• What happens if I want to buy a new house that isn't built yet?

  For new homes at the point of exchange of contracts the builder may give us an estimated date when they expect the property to be finished. The buyer should then monitor the build programme. The seller will typically expect the buyer to complete on short notice of a couple of weeks and they will fix the completion date.

• When do we agree a date to move?

  On established properties the date set for you to move into the property known by us as 'completion' will be fixed. We recommend at least a week between exchange and completion to give both parties the comfort of the other's commitment before packing to move.

• Do I have to move on a Friday?

  Purchase monies are transferred between conveyancers electronically. At present, banks only transfer money electronically on a working day and, therefore, completion cannot take place at the weekend or on a Bank Holiday. You can move on any weekday. Fridays tend to be more popular as they give homeowners the weekend to unpack and settle into their new home.

• When will I receive the money from my sale?

  On the day of completion we'll establish what's needed to pay off your mortgage, settle the estate agent's fees, our fees, and outstanding expenses. We'll then pay the balance to you on the day of completion directly into your bank account, where it'll be cleared and available for you to draw against.

• The surveyor has found a problem with the property. What are my options?

  As a buyer, on the basis that you become aware of the issue prior to exchange of contracts, you most probably have three options: to withdraw from the purchase if the problem is substantial; insist that the seller puts the problem right at their expense; seek a price reduction to cover the cost of resolving the problem if you are prepared to take it on.

  You should seek further reports from specialists and obtain quotations for sorting the problem so that you're fully aware of the likely complications and costs.

• My buyer wants to renegotiate the purchase price. What do I do?

  Both parties are entitled to renegotiate the price at any time prior to exchange of contracts. This may arise from a change in market conditions or matters revealed in the survey valuation, which the buyer may not have been aware of when they made an offer. Once contracts are exchanged the final selling price is fixed and cannot be changed.

• Can my mortgage lender force me to complete repair work to my property?

  Sometimes a mortgage lender imposes obligations on the buyer to carry out repair works, typically to put properties in need of remedial work into good order. On occasion they may retain a sum from the mortgage advance to encourage you to deal with these requirements.

• What can I do if I'm 'gazumped'?

  The current system doesn't prevent the seller from changing their minds before exchange of contracts and deciding to sell to someone else – 'gazumping'. The sooner we can exchange contracts, the lower the risk of being gazumped (although in our experience the fear is greater than the actual risk of being gazumped).

• If I the vendor decides not to sell to me can I sue them to recover my costs?

  If they withdraw after contracts are exchanged (very rare in our experience) then you'd be able to recover any deposit paid and also have contractual remedies against them through the court, potentially to force them to sell to you and seek compensation.

  You're responsible for your own costs up to the point of exchange and wouldn't be able to recover these if the seller withdrew before exchange.

• If I lose my buyer can I sue them to recover my costs?

  If they withdraw after contracts are exchanged (very rare in our experience) then you'd be able to retain any deposit paid, out of which you should be able to recover your costs.

  You're responsible for your own costs up to the point of exchange, and wouldn't be able to recover these if the buyer withdrew before exchange.

• What will happen if I pull out?

  You're entitled to withdraw from the transaction at any time prior to exchange of contracts. After exchange you'd be liable for breach of contract to the other party, who'd have contractual remedies against you.

• Can I pull out of my sale?

  Any party may withdraw from the transaction prior to exchange of contracts without risk of penalty. Once contracts are exchanged remedies for breach of contract would be available to the suffering party and the buyer would be able to insist on return of their deposit.

• Can I pull out of my purchase?

  Any party may withdraw from the transaction prior to exchange of contracts without risk of penalty. Once contracts are exchanged remedies for breach of contract would be available to the suffering party and the seller would be able to keep the buyer's deposit.

• What does exchange of contracts mean?

  It means that each party ultimately ends up with their lawyer holding a contract signed by the other party, at which point the deal is legally binding. A party failing to honour its obligations created by the exchange will be liable to the other for breach of contract.

• What happens on exchange of contracts?

  The seller and the buyer both sign a separate but identical contract. Once everyone is in a position to exchange, the procedure is carried out by the transacting solicitors via telephone, with commitments to release their clients' contract and deposit in that evening's post.

• When will I know I've got the property?

  We'll contact you by your preferred method to take your instructions on the proposed date for completion and to seek your authority to exchange contracts on your behalf.

  Once contracts have been exchanged we'll contact you again to confirm the details. Don't make any financial commitments for moving until contracts have been safely exchanged and a definite completion date agreed.

• What fees do I have to pay, and when?

  Our fees, together with accompanying expenses, taxes and registration fees must be provided to us as cleared funds by completion.

• How much deposit do I have to pay?

  The seller's conveyancer will often ask for at least 5% of the price. Please contact us if you've agreed a lesser deposit. Where your purchase is dependant on a sale, we will endeavour to use your buyer's deposit on your related purchase.

• If I have to pay a deposit when is it payable?

  Where required, the deposit is requested prior to exchange of contracts.

• Do I have to pay a deposit?

  A deposit is usually paid by the buyer to the seller's conveyancer. If the buyer fails to complete the purchase on time, the seller can keep the deposit as part compensation and retain the balance of up to 10% (although this is more complex with chains).

• Will I need to get the property I want to purchase valued?

  If anything is found to be wrong with an established property after exchange of contracts the seller is not liable and the buyer will have to pay for any necessary repairs. There is greater statutory protection where you are buying a new property from a developer.

  If you are arranging a mortgage, a valuer will be appointed by the lender to inspect the property on their behalf. We don't recommend you rely on the lender's valuation report alone, because it doesn't consider the condition of the property in detail and offers you limited protection.

  It's often possible, for an extra fee, to arrange for the same valuer to carry out a more detailed inspection - called a Home Survey and Valuation Report - or even a full building survey, if the property is very old.

• When do I need to arrange a Home Information Pack?

  Before you market the property for sale. See our Home Information Packs page for details of how we can help.

• What do I need to do before I can sell my property?

  You'll need to decide how you wish to sell the property, typically through an estate agent. Before you can place your property on the market you must make a Home Information Pack available to potential buyers.

• When do I need to instruct a solicitor?

  For a sale transaction, by instructing us once your property is on the market and even before a buyer is found will allow us more time to work together to complete the property and contents forms that will be required and collect accompanying paperwork to present an exchange-ready contract package once a sale is agreed.

  For a purchase transaction we ask you to contact us as soon as your purchase offer has been accepted.

• How long does it take to sell a property?

  No two transactions are the same. Some transactions to progress to exchange in less than a month. The typical timescale to exchange is about eight weeks. Much will depend on the number of transactions in the chain your sale is dependent on, and whether you have an upward chain with a related purchase.

• How long does it take to buy a property?

  No two transactions are the same. Some transactions progress to exchange in less than a month. The typical timescale to exchange is about eight weeks. Much will depend on the number of transactions in the downward chain, and the parties' need for mortgage funding.

Shared ownership housing

• What happens if I change jobs and I'm no longer a keyworker?

  Where a person has been able to buy a shared ownership property because they are a key worker and then change jobs and are no longer be considered a key worker, they have five years to buy the property outright or to sell it, either to someone of their choice or back to the housing association.

• Can I extend or alter the property once I've bought it?

  Should you wish to alter or improve your home, you'll need to get advance permission from your landlord.

• What will I pay each month if I buy a property under New Build HomeBuy?

  In addition to your mortgage payments you'll make a monthly rent payment. It's important to highlight as part of owning a home you'll also be responsible for council tax, bills and all other outgoings associated with your property, as well as for furnishing it.

Track your move online

• Am I the only person able to view my account details?

  We'd typically propose to confirm the access details to the estate agent dealing with the sale (where applicable). The information provided also helps them keep abreast of developments as they work with us on your behalf. We can reassure you that the system only reports general milestone stage progress and doesn't report on price, mortgage or other more sensitive information. The system can be disabled for your account should you so wish.

• Does the service cover all aspects of legal services provided by Access Legal by Shoosmiths?

  The system is specifically configured for sale and purchase conveyancing transactions, but we intend to expand the range of services offered in the future.

• Can the password and username be reset by you for security reasons?

  Yes, we can deal with this.

• What do I do if I lose my username or password?

  Please speak to your case handler, who'll be able to confirm the details to you. The details will be reconfirmed at the foot of each letter we send you.

• How do I access my online account with you?

  We'll provide you with a username and password unique to your transaction.

Transfer of equity

• What does the solicitor do?

  • obtains the title deeds or an official copy from the Land Registry in readiness for an equity transfer.
  • prepares the transfer deed and arranges for the parties to sign it in the presence of a witness.
  • notifies any third parties who have an interest in the property, such as mortgage lenders. If the property is mortgaged or secured to a lender they must give formal written consent to the transfer.
  • assesses whether stamp duty is payable.
  • completes the Stamp Duty Land Tax Form, arrange for this to be signed by the property owners and submit it to the Inland Revenue.
  • registers the transfer at the Land Registry. A Land Registry fee is payable.
  • checks the legal identity of the client (this is required by law).

  Please note that the solicitor may not act for both parties, as there may be a 'conflict of interest'. Each party should appoint a solicitor who'll provide independent advice.

• What if we also have life policies in joint names?

  You're recommended to consult an independent financial adviser about the most appropriate action to take concerning life policies you hold jointly.

• Who else needs to know?

  The transfer will need to be registered at the Land Registry. If your property is leasehold, your landlord will need to be informed. If your property is shared you may need your landlord to consent to the transfer. For more information visit our shared ownership housing advice.

• Does my mortgage lender have to agree?

  If you intend to retain your existing mortgage lender, you'll need to get their consent before the property can be transferred. You'll also have to satisfy your lender that the ongoing mortgage liabilities will be met after the transfer is completed.

  If your lender declines your request, you could consider changing mortgage lender at the same time as concluding the transfer. This is known as a remortgage. Visit our section providing Remortgaging advice for more information.

All documents should be read and used in accordance with the terms and conditions. This document is for your general information only and is not a detailed statement of the law. It is provided to you free of charge and should not be used as a substitute for specific legal advice. If you require specific legal advice please contact our helpline on 03700 86 86 86.

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