Once the vendor and buyer of the property have agreed a price, the vendor’s solicitor will prepare a draft contract of sale to the purchaser’s solicitor.
The buyer’s solicitor will ask questions about the home but most of this information your solicitor will already have from the forms that have been sent to you at an earlier stage, which you would have returned. There may still be, however, extra issues that need clarification.
Once all questions have been answered and agreed upon, the sale can proceed and a contract signed. This will either need to be signed in the solicitor’s office, or remotely but in front of a witness who also signs.
A moving day can then be agreed by both parties and once this is done, then ‘exchange of contracts’ can take place, with an agreed Completion date, often two weeks later.
The sale is then legal and binding to both buyer and seller.
On the day you move, the agreed Completion day, the buyer’s solicitor will send all the money to your solicitor.
At this point, all fees are paid, including ours, and you are sent the balance by your solicitor. If you are also buying, this balance will be passed up the chain.
Congratulations, your sale is then completed.
A solicitor or conveyancer will have various tasks to do on your behalf. He or she will provide legal advice and make recommendations, and deal with things like;
It is important, when considering quotes for this work, that the following is included in the fee, if you are selling;
indemnity insurance, telegraphic transfer fee, cost of postage and faxing and maybe a supplement for dealing with your existing mortgage.
Again, if you are buying, then the same as above but also, SDLT form, all searches and Land Registry fee.
It is important to have chosen a solicitor or licensed conveyancer as soon as you put your property on the market so that you have plenty of time to make an informed choice and determine their availability.
At Bear we can recommend solicitors that operate with a ‘no sale no fee’ policy, whom we have a good working relationship with…just contact bear and we will be happy to pass on their details.
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