Published on : September 3, 2018 10:25
What is conveyancing and why is it important.
When you’re buying or selling a property, you will need to appoint a solicitor to complete the complex and time consuming legal procedures associated with the moving process and ensure their client receives the title deeds to the property and the land it sits on. This ensures a house purchase is valid under law.
With the amount of money at stake when buying or selling a house, it is important to ensure you, as the buyer and/or seller, remain protected. Sooner or later you will hear your conveyancer or mortgage lender referring to “exchange of contracts”. The exchange of signed contracts between the buyer and the seller – carried our via each party’s conveyancer – is what legally commits both parties to the sale of the property.
- A house purchase is not legally binding until contracts are exchanged between the buyer and the seller – this gives freedom to both parties prior to the exchange of contracts. A deposit – typically 10 per cent of the purchase price – is required at the exchange of contracts.
- In the phase prior to exchanging contracts either party can cancel the transaction, with no obligations to the other party. This can potentially increase the risk of gazumping if you are part of a lengthy moving chain.
- Upon the exchange of contracts, the buyer and seller are both legally committed to the purchase and the agreed terms of the sale. If you decide to pull out of the agreement at this stage you may automatically lose the deposit you paid upon exchange.
What will your conveyancer do for you?
Hiring a conveyancing Solicitor will take the stress out of the property buying process. Below is a detailed outline of what a solicitor will do for you:
- Liaise with the seller’s solicitor to receive a contract pack.
- Request and obtain a copy of your mortgage offer.
- Arrange potential completion dates with both parties.
- Transfer the deposit to the seller’s conveyancer.
- Prepare the completion statement and transfer deeds for you to complete.
- Transfer the signed transfer deeds to the seller’s conveyancer.
- Request payment of the mortgage advance from your lender.
Edward Mellor Conveyancing Services
Choosing a Conveyancing expert takes the stress out of your move and ensures that the sale is completed as quickly and simply as possible – leaving you free to focus on other matters. Edward Mellor’s panel of fully qualified legal professionals have helped thousands of buyers and sellers across the North West to move house with ease. Equire about our conveyancing today by filling in the form below.