You may think that there is little difference between one Conveyancing Solicitor and another. The cost of conveyancing and the quality of service can, however, vary greatly.
You may have also considered to carry out conveyancing process yourself, this is a high-risk strategy and not some thing we would recommend. Do you have the skills, knowledge and experience? It’s likely the answer is no.
So what does a Conveyancing Solicitor actually do?
Your Conveyancing Solicitor should provide a service which is designed to safeguard your interests to make sure that your sale or purchase proceeds as smoothly as possible.
There are many reasons why delays can occur in the conveyancing process such as problems on survey, the wait for local authority searches, broken chains etc. It is often the failure to communicate these which causes frustration and confusion. Your conveyancing team should keep in touch with you at every stage of the transaction.
SELLING A PROPERTY
• Prepare an up-to-date redemption figure for your mortgage.
• Redeem the mortgage and send the net proceeds of the sale to you (or put them towards the purchase of your new property).
BUYING A PROPERTY
Buying a property is more complicated, because here we will be seeking to ensure that what you buy does not involve you in unforeseen disputes over rights of way, boundaries, fences, restrictive covenants, road charges or other legal entanglements. We will do a Local authority search to establish whether or not there are to be any public works affecting the property (such as motorway schemes) and whether there are any planning restrictions .
The information obtained relates only to the property being purchased and not to the neighbourhood in general. After receiving the contract from the seller’s solicitor, we will check through the documentation and raise any specific queries.
The next steps are:-
The legal processes involved in selling a property are relatively straightforward. It is our responsibility to :-
•Obtain the Deeds from your mortgage lender.
•Send a draft contract to the buyer’s solicitor.
•Agree on a completion date.
The Process
1. SURVEYOR’S REPORT
Your lender will appoint a surveyor to determine the value of the property. It is not a full structural survey and it is not certain to uncover defects in the property. If the property you are buying is not newly-constructed, we would recommend that you appoint a surveyor to prepare a full report. If significant defects are found, it may be possible to negotiate a lower price with the seller.
2. RECEIPT OF MORTGAGE OFFER
Your bank or building society will send written confirmation of the mortgage advance.
3. EXCHANGE OF CONTRACTS
This takes place after the full deposit (usually 10% of the selling price) is paid. Once contracts have exchanged, the sale is legally binding. We will then settle a completion date.
4. RECEIPT OF MORTGAGE FUNDS
We receive the funds from your bank or building society to enable you to purchase the property.
5. COMPLETION
The full purchase price is settled and ownership is transferred to you
John Porter
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