Frequently Asked Questions How long will it take to move house? It will usually take 6-8 weeks to exchange contracts and then approximately 2 weeks between exchange of contracts and completion. We will progress your transaction as quickly as possible although where there is a chain of transactions this may have some impact on how quickly everyone can move. When do I need to pay any money? If you are purchasing a property we will ask you for approximately £250.00 at the beginning to cover the initial searches. The balance of the price and our costs and disbursements will be payable shortly before completion or in some cases where it is being used as your deposit this will be required prior to exchange of contracts. Do I need a survey? If you are obtaining a mortgage a valuer will inspect the property on behalf of the lender. Although his report is only an indication as to whether he thinks the property is worth the amount that you have asked to borrow you will not be able to rely on it if things go wrong. For an extra fee you will usually be offered the option to arrange for the same valuer to carry out a more detailed survey called a "Home Buyers Report". This can be relied upon by you so if at a later date you find a problem that is not mentioned in the report you will have some redress against the valuer. If the property is quite old and you are particularly concerned about its condition you can obtain a full structural survey which is even more detailed. If you would like us to recommend a valuer or surveyor, please feel free to call us for details. What deposit will I need? It is normal for a deposit to be paid on exchange of contracts. If you are buying and selling we can usually use the deposit paid by the buyer on your sale as the deposit in connection with your purchase so you will not have to find anything. If you are buying, the amount of the deposit will usually depend upon the size of your mortgage. Traditionally where possible a 10% deposit is paid on exchange. When is the building insurance required? Unless the building insurance is being arranged by your lender or it is a leasehold property and the insurance is automatically arranged by the freeholder, you must arrange buildings insurance from exchange of contracts as the property will be at your risk from that time. If you had a survey or you are obtaining a mortgage your surveyor or the lender's valuer will usually state a minimum amount of cover in their report. What do we need to know if we are buying in joint names? There are two ways of owning property jointly - namely, joint tenants or tenants in common. We will supply detailed information at the relevant time and advise what will be best for your circumstances. What happens with keys? These are usually left with the estate agents and the buyer collects them once the money has been paid over on completion. If there are no estate agents then the seller will hand them direct to the buyer. Why should I use John M Lewis & Co? We are a firm of specialist property lawyers. We have invested in latest technology to aid the smooth running of your conveyancing transaction. You will be able to track your matter via the internet to find out the up to date position in connection with your move. We pride ourselves on being friendly and efficient. A lot of our clients are introduced to us by personal recommendation or have been previous clients in the past returning to us. You can be confident that your matter will be dealt with promptly, we will always keep you informed and that your house move will be made as stress free as possible.