What Are The Different Stages of Conveyancing?

Home Improvement

If you’re a first-time buyer you may not be familiar with terms like “conveyancing” or “cooling-off periods”. That’s understandable, but it’s important to have a detailed understanding of the conveyancing process to ensure everything runs smoothly.

After the offer has been accepted, your solicitor will start preparing legal documents and forms including a contract for sale, various property information documents and transfer deeds. They will also carry out searches of records relating to the land including local authority issues, flood risks, ground contamination and planning history etc.

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If you’re borrowing money to buy the property your solicitor will also act for your mortgage lender ensuring that the property is suitable security and meets all legal requirements. When you require Gloucester Conveyancing, visit a site such as www.montpellier.legal/conveyancing-solicitor/gloucester-conveyancing

Once the contract and supporting documents have been drafted your solicitor will examine them and raise any enquiries with the seller’s conveyancer. You’ll also have the option to have a survey carried out on the property which can highlight any potential problems. A standard homebuyer’s report is generally sufficient but if your mortgage lender insists on a more in-depth survey you’ll have to pay for it.

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Once all resulting queries have been answered your solicitor will arrange for the contracts to be exchanged on your agreed completion date. This is usually done by both solicitors reading out the contract over the phone (which is recorded) and sending them to one another by post. Exchanging contracts legally binds both parties to complete on the specified date. During this time the mortgage monies will be requested from your bank and the final documents prepared.

Written by suNCh8

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