Appointing a Solicitor or Conveyancer
The legal work involved in buying and selling homes is called “Conveyancing”. You can either chose a solicitor for this work or a licensed conveyancer who must be licensed by the Council for Licensed Conveyancers. Your estate agent will no doubt refer you to their “chosen “ solicitor to use (they will be passed a “referral” fee from the solicitor for doing this!) but of course recommendation from friends and family who have used their services is likely to be the best guide, alternatively consult the Law Society and local publications. Whoever you chose will be able progress both the sale of your old and purchase of your new home.
Always obtain written quotes for both the sale and purchase before instructing the work you will feel most confident with a fixed fee, and if available, on a no-move-no-fee basis – this makes budgeting easier for you and means the solicitor is motivated to complete the sale.
There are three stages in the Conveyancing process;
• Draft contract stage, you are not obligated at this point and negotiations still continue. Either party can terminate procedures at any time before the signing the contracts.
• Exchange of contracts, at this point the negotiations is complete and the contracts are signed, your buyer will hand over their non refundable deposit and given the mortgage deed to sign. Once contracts are signed and exchanged both parties are legally bound to complete the transaction when are contracts actually exchanged? Most commonly in the month prior to finalising the deal. It is known to happen on the day of transaction but you don’t want the other party making additional, last-minute demands that could see the whole affair go sour. Completion day contracts can be done and can be successful but bear in mind that if anything does go wrong you have little-to-no time to remedy the situation.
• Completion, your solicitor will notify you upon receipt of funds and the sale of your home is finished. Time to move out taking all your possessions with you and leave your keys with the estate agent