Category: Sales FAQs
Posted in 16th August 2022 by Thomas Williams
The first step is to find a solicitor or conveyancer. You need to instruct a solicitor who you have confidence in and who can explain the procedures to you to ensure that you fully understand what is involved.
When you have chosen your solicitor and have had your first meeting, your solicitor will discuss the main steps of the process. …
Posted in 16th August 2022 by Thomas Williams
If you need a mortgage to fund the purchase of your property, it is important that you know how much you are able to borrow. It is always helpful to see a mortgage adviser before you start looking for properties so that you know your budget. Once you know how much you can borrow, you will need to inform your solicitor so they can review the mortgage offer. In order to have a formal mortgage offer made to you, and …
Posted in 16th August 2022 by Thomas Williams
Once you and your solicitor are satisfied with everything, you can start negotiating a completion date. The date of completion will need to be agreed and deposit monies received by the purchaser’s
solicitor before exchanging contracts. Your solicitor will also need to carry out a bankruptcy search on each purchaser. This search will also need to be carried out on any family members or friends from whom a loan or gift is given to the purchaser. There will be a …
Posted in 16th August 2022 by Thomas Williams
Once contracts have been exchanged, and a legally binding completion date has been set, the purchaser’s solicitor will request funds from a mortgage lender in readiness for completion. The seller’s solicitor will request a final redemption figure from their mortgage provider, and if there is a charge registered against the property. If the property is leasehold, the seller’s solicitor will allocate the service charges and ground rent, and then send a completion statement to the purchaser’s solicitor.
In addition to …
Posted in 16th August 2022 by Thomas Williams
Although the purchasers will have already moved into the new property, their solicitor will still have important formalities to action. After completion has taken place, the seller’s solicitor will send to the purchaser’s solicitor the signed transfer, any original deeds, and any guarantees they may hold.
Once the purchaser’s solicitor receives the seller’s signed transfer, they will need to submit their application to HMLR to register the title in the purchaser’s name. They will also need to submit a property …
