For most people, buying or selling a home is an exciting milestone. However, the legal process behind a property transaction can often feel daunting. To help make the process clearer, we’ve answered the 5 most common conveyancing questions buyers and sellers often want explaining, but may feel reluctant to ask.
Much of the work carried out during the conveyancing process happens behind the scenes, and many of the legal terms used are not part of everyday conversation.
In this blog, we have taken the 5 most common conveyancing questions and explained the legal jargon, timelines and processes that often cause confusion when buying or selling a home.
1. What Are Enquiries and Why Do They Take So Long?
One of the most important stages of a property purchase is the raising of enquiries.
Once we receive the contract pack from the seller’s solicitor, we review the documentation and raise any necessary enquiries.
The contract pack typically includes:
- Title documents
- Property Information Form
- Fittings and Contents Form
- Energy Performance Certificate (EPC)
- Guarantees and certificates
- Additional leasehold documents where applicable
Why an enquiry might be raised:
Enquiries are not usually a sign that something is wrong. They are simply questions designed to clarify information, fill gaps or resolve inconsistencies.
- Missing documents
- Planning permissions and building regulations
- Rights of way and easements
- Service charge accounts
- Boundary issues
- Any unclear or contradictory information
Although this stage can feel slow, enquiries are a vital part of protecting you. They help ensure you understand exactly what you are buying and that both you and your mortgage lender are satisfied with the property’s legal position.
2. Exchange vs Completion – What’s the Difference?
These are two of the most commonly misunderstood terms in conveyancing.
A simple way to remember the difference is:
- Exchange = Commitment
- Completion = Moving Day
Signing your contract and returning it to us does not mean contracts have been exchanged, nor does it commit you to the transaction.
Once all legal work is complete, enquiries have been satisfactorily answered and a completion date has been agreed, we will discuss exchanging contracts with you. We must obtain your specific authority on the day of exchange before legally committing you to the transaction.
It is important to understand that once you have given authority to exchange contracts, that authority cannot be withdrawn later that same day.
During exchange, we will formally agree:
- The signed contracts
- The deposit
- The completion date
- Any agreed variations, such as indemnity policies or included contents
Once contracts are exchanged, the completion date becomes legally binding.
At that point, you can confidently arrange removals, organise utilities and, where appropriate, give notice to a landlord.
Following successful exchange, we then move on to Completion. This is the day ownership changes hands. Funds are transferred through the banking system and, once received by the seller’s solicitor, keys can be released.
While we cannot guarantee exactly what time keys will be available, they are usually released once completion funds have been received and acknowledged.
3. What Does My Mortgage Lender Have to Do With the Process?
Many buyers are surprised to learn that when purchasing with a mortgage, we act for both you and your lender.
Your lender requires us to:
- Check the mortgage offer is correct
- Confirm the property provides suitable security for the loan
- Report any legal issues or unusual circumstances
- Satisfy all lender requirements before mortgage funds are released
If we discover something that must be reported to the lender, we are legally obliged to do so. If you do not consent to that disclosure, we would be unable to continue acting due to a conflict of interest.
Although this can occasionally add extra steps to the transaction, it is essential if mortgage funds are to be released in time for completion.
It is also important not to make significant financial changes during the conveyancing process. Changing jobs, increasing credit commitments or taking out additional borrowing could affect your mortgage eligibility and potentially result in your lender withdrawing their offer.
Other common mortgage lender misconceptions:
Another common misconception is that a mortgage valuation is the same as a survey.
It is not.
A mortgage valuation is carried out for the lender’s benefit and simply confirms that the property offers sufficient value for the loan. Buyers should always consider obtaining their own survey to assess the property’s condition.
It is also worth remembering that a mortgage offer can be withdrawn at any point before funds are released. In rare circumstances, this could happen after exchange of contracts but before completion, creating a risk of breach of contract.
4. Freehold, Leasehold and Share of Freehold – What’s the Difference?
Understanding the type of ownership you are buying is one of the most important aspects of any property transaction.
The ownership structure affects your rights, responsibilities, costs and future saleability.
Freehold:
If you purchase a freehold property, you own both the building and the land it stands on.
Benefits typically include:
- No lease term to worry about
- Greater control over the property
- Responsibility for maintenance and repairs
- Ability to make alterations, subject to any required permissions
Most houses are freehold, although some are leasehold.
Even with freehold properties, there can sometimes be estate management charges where communal areas require maintenance.
Leasehold:
With a leasehold property, you own the right to occupy the property for a fixed period under the terms of a lease.
This is most common with flats and apartments.
Typically:
- The freeholder owns the building and land
- You own the leasehold interest
- Lease terms reduce in length every year
- Service charges and ground rent may apply
- Certain activities may require landlord consent
Leasehold owners may need permission for matters such as:
- Subletting
- Keeping pets
- Carrying out alterations
- Replacing key fixtures such as boilers
As part of our work, we also review:
- Remaining lease length
- Any planned major works
- Service charge arrangements
- Potential lender requirements
- Any lease defects requiring a Deed of Variation
Lease length is particularly important because shorter leases can affect mortgageability and future resale value.
Share of Freehold:
A share of freehold means you own your leasehold flat while also owning a share of the freehold building.
This is often achieved through a residents’ management company, although ownership structures can vary.
Advantages can include greater control over building management and costs. However, it also brings responsibilities, including participating in decision-making, approving repairs and ensuring legal compliance relating to building management and safety requirements.
5. What Does Being “In a Chain” Actually Mean?
A property chain is a series of connected transactions where each move depends on another.
For Example:
You are buying from a seller
↓
That seller is buying another property
↓
Their seller is also moving
↓
And so on…
The longer the chain, the more moving parts there are.
Why Property Chains Matter:
- Everyone needs to be ready to exchange simultaneously
- Delays in one transaction can impact everyone else
- Completion dates are often difficult to confirm early
- If one party withdraws, the entire chain can be affected
Property chains are one of the main reasons why solicitors cannot always provide precise completion dates at the beginning of a transaction.
Often, the legal work may be complete, but the chain still needs time to align before exchange and completion can take place.
Conveyancing can feel complicated, this guide to the 5 most common conveyancing questions is here to create clarity, particularly if you are buying or selling a property for the first time.
Understanding key concepts such as enquiries, exchange, completion, mortgage lender requirements, ownership structures and property chains can help make the process feel far more manageable.
If you are unsure, or have further questions, our team of award winning conveyancers will always be happy to explain the process and help you feel informed at every stage of your move. To find out more, call us on 0800 118 1500 or complete the form below: