Published 17 May 2024
Buying or selling your home
Your guide to what's involved in buying and selling
Buying and selling your home can be a stressful experience. Whether it’s your first house or your forever home, here are some frequently asked questions to help you make your move.
What is conveyancing?
No sale or purchase of property will be exactly the same. However, some home insurance companies also offer conveyancing services. Conveyancing experts aim to make the house buying process simple and stress-free by carrying out all necessary property and mortgage checks, preparing the documents needed to buy or sell, and working with the seller or buyer’s solicitor on your behalf.
What's involved in a typical house sale?
A typical house sale can take around 6-8 weeks, but every sale is different. To start the conveyancing process for a sale you'll need to get your identity checked and there’ll be a few things conveyancers need from you:
- The buyer's details.
- A list of fixtures and fittings you’re planning to leave as part of the sale (like light fittings and heating appliances).
- Some information about the property (e.g. mortgages and guarantees).
- They'll then gather information about the title of the property and any land surrounding it. Here are the next steps taken when selling your home:
- Prepare the contract - The information you've provided will be sent with a copy of the contract to the buyer’s solicitor. You and the buyer will both need to sign a copy of the contract.
- Agree an exchange date - The exchange of signed contracts will be agreed between your conveyancer and the buyer’s solicitor. The sale of your property won’t be legally binding until the exchange has taken place.
- Complete - The sale of the property becomes final when the payment to the conveyancing company has been received in full from the buyer’s solicitor. This is known as completion. If there’s a mortgage, your conveyancer can arrange the repayment when the sale’s gone through.
What's involved in buying a home?
Buying a property can take around 6-8 weeks, but every purchase is different.
To start the conveyancing process for a purchase, a conveyancing company will need to check your identity and check you have the funds available for the purchase (you can provide the details of your mortgage lender or show copies of your savings statements).
Your seller’s solicitor will prepare the contract and send it to your conveyancer. Once received it will be checked over. Here are the next steps to purchasing a property:
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Running the searches
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Signing the contract
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Agreeing an exchange date
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Agreeing the completion date
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Registering your property
A number of searches will be made against the property and any enquiries are raised with the seller. Both you and your mortgage lender will receive a full report on the property.
Both you and the seller will need to sign a copy of the contract.
A date for the exchange of the signed contracts is agreed between your conveyancer and the seller’s solicitor. It won’t be legally binding until exchange has taken place. This is when your deposit is held – it’s usually around 10% of the purchase price.
The purchase of the property becomes final when the seller’s solicitor receives payment in full. This is your completion date and it’s when you’ll be able to collect the keys to your new home.
Following completion, the conveyancing company will deal with Stamp Duty Land Tax and register your property in your name. They'll let you and your lender know once this is done and send your lender any relevant documents for them to hold.
What do I need to do when buying a leasehold property or apartment?
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Ground rent
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Service charges
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The end date of the lease
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Repairs
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Communal areas
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Insurance
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Disputes
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The lease
How much is it and when does it need to be paid?
How much are the charges under the lease and when do they need to be paid?
If the length of the lease is approaching 80 years, an extension is likely to be expensive.
Does the main building need substantial repairs in the near future, who is responsible, how much will you need to pay and is there a reserve fund?
Who manages the communal parts of the building?
Who's responsible for insuring the building?
Are there any ongoing disputes about the building?
What are your responsibilities under the lease and are there any restrictions (e.g. no pets, no business use, no hard flooring)?
I’m buying a home, what kind of insurance do I need?
There’s a checklist to keep in mind when buying a home, and at the top of that list should be buildings insurance. It is not required by law, but your mortgage provider will encourage you to have cover in place, to protect the asset. Having buildings insurance could save you a fortune if something was to happen to your home, as it will cover the cost of repairing or rebuilding your home if it’s been damaged by things like fire, flood or storm.
Thinking about buying a newbuild home? We’ve got some extra information about buildings insurance when buying a newbuild in our home insurance for newbuilds article.
What do I need to know if I’m buying a holiday home?
Having a holiday home can provide a welcome break away from the hustle and bustle of everyday life. When looking to buy a second home, there are a few things to consider first. A conveyancing company can help you purchase your home away from home. Here are a few questions you should ask before buying a holiday home:
- Are there any restrictions on the use of the property?
- Can I get buildings/contents insurance that covers properties that may be empty for long periods?
- Are you aware of any rates and other costs that affect the property?
- Is the property secure?
- If there’s a view, is it protected against future building projects?
- Is it a home for all seasons?
If you’re buying or selling a property and need buildings insurance or contents insurance, take a look at our home policies to see what’s covered.
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