19 January, 2018

Kingfields Solicitors

 

 

Frequently Asked Questions.

The FAQ page is split into 4 sections. Please choose the section relative to you.


General Questions

How long will the transaction take?

This will depend on a number of factors such as:

  1. Is there a chain involved
  2. Is the property freehold or leasehold
  3. Do you have a related transaction
  4. Is your mortgage offer in place.

A typical transaction will take at least 4 to 6 weeks to exchange contracts and then another 2 to 4 between exchange and completion. We always do as much as we can to ensure that the transaction will run quickly as possible but we cannot offer any guarantees about this.

How will I know what stage my Sale/Purchase/Re-mortgages is at?

  1. You will be able to check the progress of your case by logging onto our website using your username and password. These details will be provided to you at the start of the transaction.
  2. You can also contact us by telephone, email or fax to discuss your case.

Why do you want money upfront?

We ask you to make an on-account payment at the beginning of the transaction so that we can submit the usual local searches on your behalf. Any money that you pay upfront will be accounted for on completion when we provide you with the financial statement. We will let you know of any issue that arises which will significantly increase your legal cost.

How soon do I have to make the on-account payment?

The on-account payment needs to be made as soon as possible so that we can progress with your transaction. Any delays in providing us with the payment will cause delays to the transaction.

Why do we need to prove our identity?

The law now requires solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, we need to obtain evidence of your identity as soon as possible. Please provide us with documents to verify your identity and address as set out in the "Verification of Identity" form. You can obtain further information by referring to Kingfield's Terms and Conditions, Client Care Letter and the Instruction Form.

What documents do we need to provide in order to satisfy our identity and address?

Please refer to "Verification of Identity" form and the "Instruction Form" for further details on the documents that are required.

Who can certify our ID documents?

The certification of ID documents should be carried out by a lawyer, banker, accountant or other person whose business is subject to the Money Laundering Regulations in the UK or equivalent overseas. The certifier must record that the copy is a true copy of the original AND that any photograph provides a good likeness of you. Additionally, the certification must evidence the capacity of the certifier and the firm for which they work, including an address and/or other details by which contact can be made if required. It is important that the documents are certified in this way as otherwise delays may arise in paying away any monies from our Client Account to you until these processes have been satisfactorily completed. If we have to ask you to arrange for the documents to be re-certified, this may incur delays for the whole transaction.

What are the "Standard Conditions of sale"?

The "Standard Conditions of Sale" are incorporated into most contracts in England and Wales for the sale and purchase of residential property. They set out the general procedure and rules governing the transfer of property and the obligations on either party in the transaction. If you would like to see a copy of the standard conditions of sale, please let us know and we will forward you a copy. The idea of using standard terms is to keep the time incurred in preparing and negotiating a contract "and therefore also the cost" to a minimum.

We have not exchanged contracts - what happens if I back out?

Until you exchange contracts, either party is free to back out without any penalty due to the other. The purchaser will have to write off any conveyancing legal costs and the cost of any survey and so on. The seller will also have incurred legal costs. When one party backs out, this causes considerable expense and frustration to the other, which affects both sellers and buyers alike.