What is the process of selling and buying a house?
Posted on 11th March 2018
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 Garstang Solicitors have complied 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 email@example.com.
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, we can begin the fun stuff!
Firstly, you need to find the right Garstang Solicitors to deal with your Conveyancing. MG Legal's fixed fees start at just £250 plus VAT and to get the ball rolling all you need to do is give us a call on 01995 602 129 or email firstname.lastname@example.org.
Next, the Estate Agents will take details of solicitors from both parties, and will then provide these to the other parties, so that everyone can contact each other throughout the process.
The seller's solicitors will draft the contract documents (including obtaining title documents from either the seller or from the Land Registry) and will send these to the buyer's solicitors. Whilst this is going on, the buyers will likely 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 MG Legal's bundle of searches, which includes a Local Search, the Environmental Search, a Coal and Mining Search and a Water and Drainage Search. Your Garstang 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 then 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 Garstang Solicitors, MG Legal, as they can either provide you with a response immediately, or raise these with the seller's solicitors.
The sellers and their solicitor will start to respond 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 questions have been answered and a date set, the buyer's solicitors should start to 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 Garstang Solicitors, MG Legal, will send the seller or buyer a completion statement detailing all the fees and disbursements, and therefore what balance is either payable or will be due to be paid to the seller following completion.
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 by the date that contracts are exchanged, the sellers and buyers and their 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.
Now, 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 your Garstang Solicitors, MG Legal, carry on working in the background to deal with finalising the title on your behalf.
If you are moving house, contact your Garstang Solicitors on 01995 602 129 or email email@example.com.
MG Legal - Your Garstang Solicitors
Tagged as: Conveyancing Solicitors Preston, Lancaster Property Law, Preston Law, Preston Property Law, Property Advice, Purchase, Sale, Solicitor Advice, Solicitors in Lancaster, Your Local Solicitors
Share this post: