A lot of us have no idea what goes on in the process of buying and selling a home until they are in the midst of it and have to learn very quickly. Plenty of information can go over your head during this time and it is easy to get lost in the fine print. It can be an extremely stressful and confusing time in your life, especially as this is one of the biggest financial investments that most people will make.
Having a mortgage solicitor in London available to help you through the process is necessary to ensure that all paperwork is completed and that everything goes by smoothly and efficiently so that people can move forward with their lives.
The conveyancing process in England and Wales is actually quite a straightforward procedure, however serious delays can develop and build up which can lead to people pulling out of the transaction. This can also happen due to other problems and concerns that can develop.
It all begins once you have made an offer on a property which the seller is ready to accept. This is the time that you need to find a mortgage solicitor in London. A real estate agent can recommend a person but you are not obliged to use this person and are free to select a conveyancer that you feel would be more preferable to work with.
What do we do?
In order to ensure that you do not discover some hidden, nasty surprises after you have signed the contract and bought the property, we complete a detailed and thorough due diligence on the property that you wish to be yours.
We will do the hard work and apply for all searches from local and water authorities and quickly report back to you with our findings. We will advise you if we believe things to be out of the normal range and will provide sound advice as to what we believe your plan of action should be regarding this. These reports provide you with invaluable information regarding the property you are purchasing and the surrounding areas.
You are then expected to obtain a mortgage and we will advise you on all the legal aspects regarding this matter. It is necessary to fully understand the key terms of your agreement and your obligations.
Once both seller and buyer agree to the terms of the sale, then contracts will be exchanged. A deposit will be paid to the seller and the transaction from now on becomes legally binding and should one party pull out, there may be associated fees with this action.
A completion date, usually a Friday, is set for another 2 to 4 weeks after the exchange of these contracts. The buyer’s solicitor sends the finalised purchase price and the seller’s solicitors send all relevant documents.
The real estate agent is usually the one who releases the keys and the sale is deemed to be officially completed. Buyers can move into their new home and our work together is done.