When you go through the emotional highs and low of buying a house conveyancing may seem like just another expense, but just what is involved in property conveyancing?
At Parry Carver Solicitors we appreciate that moving house can be one of the most stressful periods of a person’s life. This process of purchasing and selling property is known as ‘conveyancing’ and we endeavour to deal with every transaction effectively and efficiently where communication between all parties, at all stages of the transaction, is paramount.
From the vendor’s perspective, this conveyancing process will begin once a purchaser has been found and the Estate Agents have contacted the parties involved confirming the sale is agreed.
The vendor will gather together all documentation relating to the property and instruct his solicitor who will draft the Contract documentation. Once this documentation has been delivered to the purchaser’s solicitor enquiries may be raised and once these are satisfied exchange of contracts may be discussed. The vendor will sign the contract paperwork in readiness.
From the purchaser’s perspective there are three key elements in progressing to exchange of contracts. The contract paperwork will be received, mortgage instructions will be to hand and search results will have been obtained. Any enquiries having arisen will have been dealt with satisfactorily and no queries will be outstanding. The client will have attended the office, discussed the matter and signed the paperwork in readiness.
Once the above essential stages have been satisfied contracts can be exchanged and a completion date set. To the vendor and purchaser these two dates will be of utmost importance. Exchange of contracts will legally commit both vendor and purchaser to the transaction; in other words to sell or to buy for the agreed price and to move on the agreed date, with legal remedies available should the contract be breached. The exchange itself is done at the office between the respective solicitors, there is no need for the client to attend.
Upon exchange, the agreed moving date is known as the ‘completion date’ and on this day the vendor will ensure that the property is vacated and the purchaser’s solicitor will send over the monies to the vendor’s solicitor. Upon receipt of the same, the keys to the property will be released from the Estate Agents and the transaction will be deemed ‘completed.’
The respective solicitors will thereafter deal with various post-completion matters such as redeeming the existing mortgage on the sale and paying Stamp Duty Land Tax on the purchase.
By choosing Parry Carver Solicitors you can be confident that every effort will be made to ensure your conveyancing matter is as stress-free as possible. Achieving The Law Society’s Conveyancing Quality Scheme accreditation reflects the high standards we strive to achieve and is a recognised quality mark that you can trust.
Please do not hesitate to contact a member of the conveyancing department for a free, no obligation estimate or to book a free half an hour consultation to discuss your requirements in more detail.