The role of a conveyancer while buying a property will be as follows:
The role of a conveyancer changes as follows if you sell your property:
The survey is not necessary but highly recommended. Often properties look well maintained but have hidden repairs underneath. If you overlook such issues and do not dig out enough information before signing the contract, you may invite a huge loss.
In case you are buying the property with a mortgage company, their facilitators will carry out a survey to check the condition of the property or structure and also carry out a valuation.
However, their job is limited to helping the lender only. Hence, it is advisable to not rely on their valuation report alone. Rather, carry out your survey to do a detailed inspection, which will provide the right information about the condition of the property.
Yes. Exchange of contracts occurs when both the buyer and seller sign a contract agreeing upon specified terms in the contract and a specific date to pay the remaining purchase amount. On the other hand, completion occurs when all payments have been made and the property has been transferred to the new buyer.
Conveyancing deeds are the papers that show the registered owner of the property. In recent times, conveyancing has become automated and most of the properties are now fully registered at the land registry. Hence, it is possible that when you buy a property, you will not receive any deeds, since they are no longer necessary.
Conveyancing documents are produced during the course of buying or selling a property for the clients. There are a number of documents that are produced in a property transaction, such as:
Conveyancing is a long process that comprises several steps. In brief, there are the following steps:
Typically, contracts are exchanged in a phone call. The conveyancer for the purchaser and the conveyancer for the vendor consults with their clients to decide a date and time to make a call for exchanging contracts. On the specified day, the parties exchange the contracts on phone through their conveyancers.
When they get in a call, both the conveyancers hold a copy of the contract signed by their respective clients. They confirm that they are both holding the right version of the contract. This is because most of the time the final or the original draft has some fine adjustments in the clause, terms, or conditions. Therefore, they discuss any minor amendments or correct typos.
After that, they decide a day of completion with mutual consent and the conveyancers confirm that the exchange has taken place. It is specifically mentioned in the contract. Then each of them sends their version to the other through the post. The buyer also pays the deposit, which is usually 10% of the property price.
On this day, the remaining amount of the property purchased is handed over to the seller. Upon receiving the amount, the seller leaves his possession on the property and the buyer gets complete ownership of the bought asset. The buyer usually collects the keys to the new property from the estate agents. The date of completion is decided on the day of contract exchange.
Our conveyancing service in Chester includes property checks to dig out the details about the property you are buying. It helps find any potential issues involved with the property that might impact its valuation.
Some of the common searches include:
Besides, there can be many other types of local searches that are not listed here that are carried out according to the location and type of the property.
Yes, based on the type of relationship the solicitor has with both parties. If the buyer or seller has previous experience of working with the solicitor, it could work for them. However, both parties have to agree to their representation. Also, it may raise the representation issue in the case it is a mortgage plan. The mortgage lender may insist on having separate representation to avoid conflict of interest.
Exchange of contracts happens at any time when both the parties agree in the presence of a conveyancing lawyer. The conveyancer lawyers ensure to counter-check every document received before giving their respective clients the go-ahead. The buyer’s conveyancer completes the searches and proves that this is a clean and transparent deal. The buyer receives property reports to check and advise accordingly on when to exchange the contracts. On the day chosen by both the parties, both the parties exchange their contracts. This is a highly crucial stage as both parties become legally binding.
Usually, searches do not take much time. A couple of days is enough as most of the searches are done by the conveyancer. The Local Authority Search, the most important one, takes around two weeks because it requires the help of the local authorities. The search duration can be even more if the local authority has a backlog.