Buying a home can be a daunting experience. Vanguard Law can help you reduce the stress by guiding you step by step through the process, resolving any legal issues and keeping you up to date with the sale/purchase of your home.
What is conveyancing?
Conveyancing is the legal transfer of a property from one owner to another. The process involves a conveyancing solicitor acting on behalf of the buyer to ensure their client receives the title deeds to the property and the land it sits on. Conveyancing encapsulates the entirety of the legal and administrative work required to ensure a house purchase is valid under law.
How does it work?
A buyer will make their offer – either through an estate agent if the home is being sold through one or directly to the seller if it is being sold privately – whether it is a verbal or written offer it will not be legally binding at this stage until contracts are exchanged. If a buyer makes an offer that is ‘subject to contract’ this means that the price can still be negotiated, for example if the survey finds a problem within the property.
What happens once the offer is accepted?
At this point it becomes the seller’s responsibility to draw up the legal contract that will transfer ownership of the property. This contract will pertain to details such as the sale price, the property boundaries, included fixtures and fittings, legal restrictions or rights, services to the property, planning restrictions if any and when the sale will be completed. From this point onwards, the seller’s solicitor will then draw up the initial contract, liaise with the buyer’s solicitor and answer any questions they may have and negotiate the details of the contract if necessary.
What happens once the contracts are drawn up?
This stage is referred to as the ‘exchange of contracts’ and up until this point you or the seller can change their mind about buying or selling the property. When the contracts are exchanged, both parties sign them and a deposit is paid. A completion date is agreed at this point by all parties. Once exchanged, the contract is legally binding and there may be severe financial penalties if you or the seller pull out of the sale.
Is that the final stage?
The final stage is known as completion and this takes place on the date agreed upon and once the balance of the purchase price and any other fees are paid. Your solicitor will tell the mortgage lender that all is in order and the lender will release the mortgage money. The money is then transferred to the seller by the solicitor together with any other fees. The property is then registered in your name at the Land Registry together with details of your mortgage lender. The purchase is now complete and the property is yours.
Due to the complex nature and legal issues involved with property buying, it is highly recommended you seek the help of a dedicated and experienced conveyancing solicitor. Here at Vanguard Law, with over 10 years of experience in the field of law under our belts we work to achieve results for you. If you’re in need of a solicitor or simply need advice on a legal issue get in touch with us today on 01282 792577 or drop us an email on firstname.lastname@example.org.