Whether you are selling or buying a property, you will need a conveyancing lawyer who can carry out all the work for you during the transaction. There is a lot of work to be done during the exchange of ownership of a property. You will need these specialised lawyers under the following situations:
When you are selling a property: If you are selling your property, you will need to fill out a lot of forms, particularly the fittings and contents form and the property information form. These forms contain a huge variety of questions regarding your property and its contents.
When you are preparing contracts for your property exchange: Once you have completed your forms, you need to show them to your conveyancing lawyer. Their team will check them and send their copies to your buyer along with a draft contract containing terms of the transaction. They will also give evidence of title to the property in the form of land registry entry.
When you are buying a property: Once the buyer receives the contract papers, their conveyancing lawyer will check the papers and identify any legal issues in them. They will ask questions about the property and raise any enquiries you have in your mind. Apart from that, they will also carry out any searches required on the property to be bought on your behalf.
When you are looking for a mortgage: Your conveyancer will review your mortgage offer and ensure that you are adhering to all the instructions given by the mortgage lender. They would usually act as the lender’s representative while carrying out the transaction.
When you are preparing for the exchange: The conveyancer will answer any queries received from the buyer’s end. They may also contact the seller’s conveyancer to answer questions posed by the buyer. Your lawyer will also obtain your signatures on the transfer deed and the contract. If you are buying a property, your conveyancing lawyer will review the replies received from the seller, and present them to you before asking you to sign the documents. The documents are not considered legally binding until they are exchanged. Once the signatures are done, your conveyancer will agree upon a date to exchange the contracts and finalise the transaction.
When you are finalising a transaction: Once a date for finalising the transaction is agreed upon and both parties are satisfied with the queries and replies, it’s time to finalise the transaction and exchange the contracts. The buyer would need to deposit an amount in exchange of the contracts. To do that, the conveyancers have to check all the terms and conditions of the contract to ensure that both copies are same with both the parties. After checking the contracts and the signatures, the conveyancers confirm a date and time of exchanging the contracts and finalising the transaction.
When you are registering a property: After exchanging all the documents, the buyer’s conveyancer would register the deal at the land registry and declare the buyer as the new owner of the property.
Let us assume the buyer requires a mortgage, the buyer’s lawyer will also request mortgage funds from the mortgage company for the date of completion. Once the transaction is finalised, the seller’s conveyancing lawyer will inform the real estate agent to release the keys for the buyer. After that, the seller’s lawyer will send the transfer deed to the buyer.