Conveyancing includes transfer of home ownership legally from seller to buyer. This process begins, when the buyers offer gets accepted and concludes when keys are received.
Shop around for best cost and service. Your hired conveyancer will draw a draft contract, set their charges & deposits required. Seller’s solicitor will be notified by your appointed solicitor that they are instructed. In addition, they will request a draft contract copy and other necessary details like standard and property title forms.
The sellers draft contract and other documents will be examined. You will also have to look through the forms and let your solicitor know, if there are any queries. It is vital to double check the new home terms. If the house is on lease never depend on your conveyancer for checking lease duration. Instructing a conveyancing solicitor on time is necessary to speed the process.
Looking at the property with your estate agents is not enough. However, a good conveyancing solicitor will perform an array of legal searches. Some searches are required for attaining a mortgage, while some are recommended by the conveyancer.
- Local authority searches
- Check title at land registry
- Check flood risks
- Water authority searches
- Chancel repair search
- Environment search
- Location specific searches
Get mortgage valuation for the finance company because they want to know, if the property provides enough security against the loan. Your financer will need you to attain insurance for the said property, before contract exchange.
After receiving draft contract from sellers solicitor, your hired conveyancer will discuss with you about the terms covered because before signing it is necessary that –
- All queries are satisfactorily answered
- Fittings and fixtures included are as per your expectations
- After contract exchange the completion date must be determined and agreed by both parties
- Make proper arrangements for transport of deposit in your solicitors account. You can negotiate the deposit size.
- Visit the property with your estate agent and carry an inventory list to ensure that everything you are paying for is still in the house and is not damaged
Exchange of contract
On the agreed date and time contracts will be exchanged in presence of conveyancing solicitors over the phone. The contracts will be read loudly to ensure that both are same and will be sent to one another by post. This makes a legally binding contract to purchase a property on a fixed date and time. If for some reason you fail then you will lose the deposit amount.
Normally, completion is held around mid-day of the agreed date. When the seller’s conveyancer confirms that the due money is received, buyer can collect the keys from the estate agent.
Donald Reynolds explains about the important things that you should be instructing a conveyancing solicitor, in order to ensure that you get a fair and transparent deal. To find best conveyancers in London, visit their website today.