PSR Solicitors step by step guide to buying a house/selling your house
Some people will have moved house before or purchased a commercial property before and will be aware of the process involved. However, if you are a first time buyer or a first time commercial purchaser, the process can be daunting as can contacting a solicitor to obtain advice in the first place. We have provided below a simple outline of the conveyancing process below so that you can understand exactly what your sale and/or purchase will entail.
The first step is to make contact with one of our conveyancers who will then take information from you to enable them to provide you with a quotation and an approximate timescale. If you are happy to proceed, you will then instruct one of our conveyancers and usually an initial fee will be payable on account which is used to make the initial searches with the appropriate local authority. Contact will also be made with the other conveyancers involved in the transaction and if you are purchasing using a mortgage, we will contact the mortgage provider also. If you are obtaining mortgage, please ensure your conveyancer is on the mortgage lender’s panel as usually the same conveyancer will act for you and the lender.
The next stage is to conduct an investigation of the property itself and the land it is situated on. We will ask information from the other conveyancers involved and look at planning and building regulations, rights of way etc. We will also check the title of the property to ensure that the Land Registry documentation accurately matches the information you have been provided with by the estate agents.
Sometimes insurance is required to indemnify you if there are any faults in title for example. This indemnity is usually paid for by the vendor’s solicitors. There are buildings and contents insurance cover for you to consider also.
If you are purchasing with a mortgage, we will have a responsibility to undertake certain enquiries on behalf of your mortgage provider. We report directly to them on certain matters in order to ensure that they are satisfied with the property and are willing to provide the mortgage to you.
Once all of the enquiries are completed, we then proceed to an exchange of contracts and at this point we will become aware of how many parties are in the chain. The chain is basically the number of people buying and selling in one transaction. If you are purchasing a property from somebody, it is likely that they are buying from somebody else, who may well be buying from somebody else and so on. The longer the chain the more complicated the transaction becomes especially when looking to set a completion date, which is the date that all the purchases complete and the move actually takes place. The timescale between exchange and completion can be anything from a day to a month and is something that is usually decided directly between the parties themselves. Once the contract is exchanged it does become legally binding and there are penalties if the completion does not take place on the set completion date.
We hope that you have found PSR Solicitors step by step guide to buying a house/selling your house useful. If you now require further assistance we have Conveyancing Solicitors in Wrexham, throughout North Wales & Cheshire, so contact us safe in the knowledge that one of our expert conveyancers will take care of everything for you on a No Move No Fee basis.