If you are buying, selling or just remortgaging you will need to instruct as solicitor to conduct all the legal work involved.
Conveyancing or legal fees can vary by several hundred pounds per transaction and it is wise to shop around.
However, as with most things in life the lowest cost option is not always the best option. For example, when you are re-mortgaging and your prospective new Lender has offered a Free Legal Service, if you use their nominated Solicitors.
Remember, nothing is free, you will pay somewhere. Would the nominated Solicitors be totally independent in their advice to you if a conflict occurred?
We always recommend you instruct an Independent Solicitor and have developed a network of trusted conveyancers who we are happy to recommend to our clients.
The conveyancing process (purchase)
Please see below for an indication of the typical stages involved in a property purchase. In this section the term Solicitor means conveyancing solicitor.
Step 1: Your solicitor when formerly instructed by you will contact the seller's solicitor and obtain the contract pack.
This is a set of documents forwarded by the seller's solicitor which helps your solicitor investigate the seller’s legal title over the property.
The contract pack should contain the draft contract, copy title deeds, a HIPs Pack (if applicable) property information form, fixtures & fittings form and leasehold management information (if applicable), building guarantees and any planning consents.
Step 2: Your solicitor will carry out the Local Authority, Environmental, Water and Chancel searches which are a set of questions asked of various Authorities about the property you're buying, provided these are not included in a HIP Pack.
When your solicitor has a copy of your mortgage offer they will review this to ensure you comply with any conditions that the lender has stipulated.
Step 3: Your solicitor will investigate; review & report to you on the contents of the contract pack, the searches and your mortgage offer, and ask you to sign the Contract and provide any deposit that is to be paid.
If you are in a chain of transactions your Solicitor can only move as quickly as the slowest link in the chain.
Step 4: When the Contract is signed and a completion date agreed, your solicitor will inform the seller's solicitor that you're happy & ready to proceed.
Step 5: Is known as exchange of contracts and is the point in the process where contracts are exchanged between the buyer and sellers solicitor and when any deposit monies are handed over to the sellers solicitor.
This is the stage were both parties are committed to the sale and purchase.
Step 6: Your solicitor prepares the title Transfer document, Mortgage documents and a completion statement which is a financial breakdown of your purchase and all the related costs.
Your solicitor will also carry out pre-completion searches. This is required by the lender to ensure that you have not been declared bankrupt since your mortgage offer was issued. The land registry is also checked to ensure the property being purchased is still owned by the seller.
Step 7: Your solicitor will ask you to sign the transfer and Mortgage Deeds and request the money from your mortgage lender.
Step 8: Your solicitor on the date agreed for completion will send the seller's solicitor full payment for the purchase of their client's house. and in return receive: The title deeds, the transfer deed and proof that the sellers mortgage has been paid off (if applicable).
This is known as completion and means that you now own the property and can move in. The timing of completion may vary, especially if you are in a chain of transactions.
Step 9: After completion your Solicitors will pay any Stamp Duty that is due, and when the Stamp Duty Paid Certificate is received, will then register at H M Land Registry, your ownership of the Property, and your Mortgage. Copies of the completed Registration will be sent to you when Registration is completed.
If you would like a competitive no obligation quotation for your purchase. sale or remortgage conveyance without compromising on the quality of service, please call us now.
