What is the process of selling and buying a house?
Posted on 27th December 2023
When you are buying or selling a property or land, it can seem like the most daunting thing in the World. Estate Agents, Solicitors, Chartered Surveyors: the list of people who you need to talk to goes on and on; but, what are they really talking about?
To help you along the way, our Conveyancing Solicitors in Garstang have compiled a step-by-step guide on the Conveyancing process (also known as buying and selling a house) to help you get a head start on what you need to do. Don't worry if you have any questions about the process or about your sale and purchase, just give us a call on 01995 602 129 or email us on property@mglegal.co.uk.
Firstly, you need to have a house to sell, or you need to find your perfect property to purchase. Once you have found this and an offer has been accepted, our Conveyancing Solicitors in Garstang can begin the legal process on your behalf. Simply call 01995 602 129 or contact us, here, to find out what we need from you to get your property sale or purchase moving.
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The Estate Agents will take details of solicitors from the sellers and the buyers, and will then send a document to both solicitors known as a Memorandum of Sale. This ensures that both sets of Conveyancing Solicitors have the information they need to contact the other party.
The seller's solicitors will draft the contract documents (including obtaining title documents from the Land Registry) and will send these to the buyer's solicitors. Whilst this is going on, the buyer will usually be having their survey or mortgage valuation carried out.
The buyer's solicitors can then look at carrying out searches against the property, such as our Conveyancing Solicitors’ search bundles, which includes a Local Search, the Environmental Search, a Coal and Mining Search, and a Water and Drainage Search. Your Conveyancing Solicitors can explain what other searches are available to you and what we would recommend for the area that you are purchasing in.
The buyer's solicitors will raise any enquiries that they have about the property, the search results, the survey, and the title, among other things. If you have any questions, now is a good time to raise them with your Conveyancing Solicitors, so they can either provide you with a response immediately, or raise these with the seller's solicitors.
The sellers and their Conveyancing solicitors will start to respond to the enquiries and, depending on what has been asked and how may questions have been raised, the parties may be able to start discussing a date for completing the transaction.
Once all enquiries have been dealt with and a date set, the buyer's solicitors should request mortgage funds and the balance of the money due from the buyers. If there is no mortgage, then obviously the buyer will need to be ready to provide all the funds. Your Conveyancing Solicitor will send you a completion statement detailing all the fees and disbursements, and therefore what balance is either payable by the buyer or will be due to be paid to the seller following completion.
Why choose MG Legal Solicitors?
Transparent fees.
Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis.
We are the experts.
Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you.
Regular communication.
When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates.
Multiple office locations.
If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience.
Once funds are in place, or on their way, contracts can be signed, and exchanged with completion agreed for a specific date.
On the day of completion, which can sometimes be the date that contracts are exchanged (known as simultaneous exchange and completion), the sellers and buyers and their Conveyancing solicitors will be in communication with each other from early doors, the buyer's solicitors sending completion funds to the seller's solicitors and, in return, the seller's solicitors will send title documents and any original deeds to the buyer's solicitors, along with a Transfer document, which transfers the legal title to the buyers.
Finally, the sellers move out and the buyers can collect their keys, usually from the Estate Agents. For the most part, the bulk of the work is over and the seller and buyer can get on with matters, whilst the Conveyancing Solicitors for the buyer carry on working in the background to deal with finalising the title on your behalf.
If you are selling or buying property, contact your Conveyancing Solicitors in Garstang on 01995 602 129 or email property@mglegal.co.uk to get the ball moving, and get your property matter underway today. You can expect an excellent service- with 5 star reviews from clients available on Google, here- for an affordable fixed-fee, with one of our expert Conveyancing Solicitors- Chloe, Onyeka and Naomi, able to assist.
Why choose MG Legal, Conveyancing Solicitors?
Clear, fixed-fees
Fully-Qualified Conveyancing Solicitors
Tailored Service
Multiple Office Locations
Decades of Experience
Home Visits
This article was posted on 11 March 2018, and updated on 27 December 2023.
Tagged as: Conveyancing, Solicitors in Garstang
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