So you’ve decided to sell your property; perhaps you’re looking to move up the property ladder or sell your inheritance? Or are you looking to buy your first home or an investment property?
Do I have to visit the office?
You are welcome to come and see us if you wish , but all communications and correspondence can take place via email, telephone, post and fax – whatever is best for you!
I don’t live locally, would this be an issue?
Nearly all conveyancing matters are managed by email, telephone or post regardless of your location. When forwarding legal documents by post for vetting and signature, we will send you hard copies. This gives you the opportunity to read them at your leisure and discuss any questions raised or concerns with us over the phone.
All forms sent to you for your signature are completed as soon as possible, giving you ample time to read the information and return the documents to us.
What is ‘Exchange of Contracts’?
In a property transaction, a draft contract is prepared by the seller’s Conveyancer and sent to the buyer’s Conveyancer for approval.
The contract will include details of the legal title of the property, a list of fixtures and fittings which are included in the sale and any special conditions relevant to the property.
The buyer’s Conveyancer will then check the legal title and carry out preliminary searches and enquiries.
Once they are satisfied that all is in order, the buyer and seller both individually sign a copy of the contract and the two parts are then exchanged between the two Conveyancers.
This is carried out between the Conveyancers over the telephone so you don’t need to be present. At this point, the contract becomes legally binding, the completion date is fixed and neither party can withdraw from the transaction without incurring a financial penalty.
What happens on the day of completion?
The completion day is the date that you move and all money is transferred to buy and/or sell the property.
On the day of completion you should aim to move out of the house you are selling by noon or if you are buying, move in that afternoon. If there is a long chain, you may find there is a delay whilst the monies are transferred.
Please be patient and remember that we will do whatever we can to speed up the process.
What do we do about the keys?
If you are selling, you should take the keys to the Estate Agent on the day of completion. They will then hand the keys over to the buyer once the seller’s Conveyancer has confirmed the money has been received by the buyers of your property.
If you are buying, you will be able to obtain keys from the Estate Agent once your purchase money has been received by the seller’s Conveyancer and the sellers have vacated the property.
In the majority of transactions, completion and the exchange of keys usually takes place around 12 noon – 1pm.
What is a ‘Chain’?
People usually decide to buy and sell simultaneously to avoid the cost of owning two properties. A number of linked transactions arise, each dependent on the other. The exchange of contracts must take place simultaneously in all transactions for a smooth sale/purchase.
The result is that the speed of progress is dictated by the slowest link in the chain – hence the saying ‘any chain is only as strong as its weakest link’.