Selina Turner, head of conveyancing at Larken & Co Solicitors, Newark, answers your common conveyancing questions

Moving house is one of the most stressful things any of us can do. In the last year we have seen some unprecedented and surprising benefits for potential homemovers and a surge in the purchase of residential properties.

With demand outstripping current supply, the vast majority of newly-listed homes are being snapped up at a record pace, putting sellers in a strong position to negotiate and choose the most suitable buyers who are able to move quickly.

With the stamp duty holiday also now extended until the end of June for purchases up to £500k and the end of September for purchases up to £250k, the property market seems set to continue to enjoy the mini boom it has been experiencing.

Whether a first time buyer, looking for a larger family home, moving away from the city, or downsizing, you will probably have lots of queries.

Selina Turner, head of conveyancing at Larken & Co Solicitors, Newark, looks as some of the most common questions that crop up during the process:

How long will it all take?

This depends on several factors, such as how many buyers and sellers are involved in the chain, how long it takes to obtain a mortgage offer and undertake a survey, search results, investigating any potential problems and how quickly the parties want to move.

The national average is eight to 12 weeks, which can be used as a general guide.

The speed of progress is usually dictated by the slowest link in the chain ­— a chain being a sequence of linked sales and purchases.

When should I apply for a mortgage?

You can start looking for the right mortgage as soon as you decide you want to buy and apply for a mortgage offer in principle prior to finding a property.

This will help to avoid delay later on and also demonstrates to potential sellers that you are a serious buyer and ready to move.

There are thousands of different mortgage products on the market and it may take time to find out which is best for you. Mortgage offers are usually only valid for six months from the date of the offer.

When should I instruct a solicitor?

You can instruct a solicitor as soon as you decide to buy or sell as you will need to pass on their details to an estate agent as soon as an offer is accepted.

If you are selling, your solicitor will be able to start putting together the necessary documentation so it is ready to go as soon as an offer is accepted.

Missing and incomplete paperwork can of course lead to delays.

I’ve changed my mind ­— can I pull out?

It is possible for either party to pull out of a property sale or purchase prior to exchange of contracts. Once exchange takes place, however, both parties are legally bound to complete on the specified date and at the specified price.

Exchange of contracts normally takes place a week or two before completion.

What is joint ownership and how does it work?

If you are buying with someone else you will both own the legal title, the equity in the property can be held as either joint tenants or tenants in common.

In simple terms, if property is held on a joint tenant basis, it is owned equally. Should one of you die the property automatically becomes owned by the survivor.

If you own the property as tenants in common you will own it in specified shares and should one of you die your share will pass in accordance with the terms of your will, or if you do not have a will then your share will pass under the rules of intestacy.

You should always discuss what is best for you and your circumstances with your solicitor to ensure that your wishes are met.

“Buying a house is one of life’s big events, and can change your financial situation,” says Selina,” it is therefore advisable to make a will to avoid potentially future difficulties. We are here to guide you through the whole process.”

For help and advice on buying and selling a property, remortgaging , transferring equity/ownershjp, or to request a quote, contact one of the team at Larken & Co on 01636 703333.