Moving house is a very exciting and important event in your life but also one of the most stressful things you can do. This is particularly true If you are trying to buy and sell property at the same time. We recognise that purchasing a property is likely to be one of the biggest financial commitments you make, there Is much to plan and organise and you will want the process to run smoothly. There are many opportunities for things to go wrong and you will not want to leave this to chance. We have a specialist residential conveyancing team waiting to guide you through the necessary formalities. We are proud to have helped thousands of first time buyers and existing property owners to buy and sell their homes with the minimum of fuss and delay. To speed up the process we are able to carry out many of the searches and investigations electronically. Our clients value our experience, local knowledge and competitive prices. You will find us friendly, approachable and good at what we do.
We believe in individual attention to each case but what follows is a brief and simplified guide to explain some of the procedures involved and hopefully, answer some of your questions.
Conveyancing – what does it mean?
Conveyancing is the process of legally transferring the ownership or rights in property from one person to another. Your solicitors job is to ensure you get what you pay for and that you will not discover problems about
the property you are buying or selling until it is too late.
Energy Performance Certificate and report prepared by an independent energy assessor.
This rates the overall energy efficiency of the home and contains advice on culling carbon emissions and
provides buyers with a clear idea of what their fuel bills are likely to be.
The seller is responsible for the cost of the EPC of which is to give prospective buyers better
information about the property they are thinking of buying.
What is exchange of contracts?
This describes the stage where both the seller (‘Vendor) and the buyer (‘Purchaser) have signed their own sale agreement (‘Contract’) and these are literally exchanged between the various solicitors who may be involved. It is a significant and very important stage as the agreement then becomes totally legally binding and neither party can back out after this without suffering financial loss. Prior to this stage your solicitor will make all sorts of enquiries about the property. For example, to check exactly what is and is not included in the sale or purchase price and that the seller actually owns the property in the first place.
What are local searches?
Your solicitor will carry out a number of investigations with the local authority. In practice they are trying to find
out if there are any matters which you ought to know about that might affect your decision to proceed or the price you will pay. For example, if the solicitor discovered that a new motorway route was planned near the property, or a new regional airport was to be built nearby you might want to think again!
When will a deposit have to be paid?
An agreed percentage of the purchase price is payable when contracts are exchanged, unless otherwise agreed this is 10%. If you are selling as well as buying, your solicitor will attempt to exchange on both transactions at the same time. This is so that the deposit taken from your buyer can be put towards the deposit on the property you are buying. Coordinating the two transactions is one of the many jobs your solicitor will carry out for you.
When do I get the keys?
You will get the keys when the ownership of the property has passed to you on the date stated in the contract. This will take place when you have paid the full purchase price. This is known as completion.
How long will it all take?
It is impossible to be specific over this, as no two transactions are the same. On average it is likely to take between four to six weeks. Solicitors like Clayton Mott who are sensitive to Clients’ needs will try to meet any deadlines that are important to you providing it does not compromise the quality of the work and your long term interests.
What are disbursements?
It is very important that you understand this particular issue. Disbursements are those additional expenses that you will have to budget for as part of your conveyancing (such as search fees). They are not connected to your legal fees at all. For example, we will charge you a fee for the legal work we carry out. On top of this we have to ask you to pay for those expenses payable to others such as the local authority and the land registry over which we have no control. These disbursements are the same regardless of which legal firm you use.
Offering a professional service we recognise that a large proportion of our work comes from recommendations and satisfied clients. Our aim is to give the maximum level of added value service at a competitive rate. We believe that in providing a service that is approachable, efficient, fast and effective, you will not only want to use us again but will recommend us to your family and friends.
The Next Step
For further information or an immediate fixed quote contact the residential conveyancing team at our office without obligation. The information and opinions contained herein are for general guidance only and not intended to constitute legal or professional advice. The information should not be relied upon or treated as a substitute for specific advice relevant to individual circumstances. Clay/on Mott shall have no responsibility for any loss that may arise out of reliance on any material contained herein.