What’s the difference between exchange of contracts and completion?
When you exchange contracts, this means that you are agreeing to all the terms drawn up within the contract made between you on one side of the transaction, and the opposite party on the other side. It is from this point that you are legally obliged to go through with the transaction (unless you want to be subject to financial and/or legal penalties).
The completion of contracts is the point where you officially take over ownership of the property, receive the keys and can move in. All monies are transferred between the various parties and the conveyancing solicitor contacts the Land Registry to register the change of ownership to you.
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How long should I expect it to take for our property lawyer to exchange contracts all of the legal work for the top floor of new build home we are buying?
The legal process can take anywhere between 1 month and 3 months, which can be affected by any number of factors e.g. the efficiency of the sellers solicitor, or the time taken to get a mortgage offer. Our highly solicitors are exceptionally focused on pushing transactions through exchanging as promptly as realistically possible.
The web is awash a growing number publications on the subject of DIY conveyancing for example House Buying, Selling and Conveyancing: How to Save Estate Agent and Solicitor Fees When Buying or Selling Property by Joseph Bradshaw and Georgia Bedworth. Do I actually need to instruct a Bishopston solicitor ?
In theory, there is no argument why a home seller cant take care of he conveyancing unaided.
That said, a lawyer is in charge of a huge array of functions e.g. checking contracts or maintaining constant communication with agents some of which need a skilled professional. Despite that legal practices will carry suitable indemnity insurance to safeguard you from any failures.
How many lenders in Bishopston do you work with?
We can work with all the major lenders financing buyers in Bishopston. Lenders and mortgage specialists in Bishopston include Celtic Financial Services Ltd, 16 Gwelfor, Dunvant, Swansea, SA2 7NX, Mortgage Solutions, 3 Walter Rd, Swansea, SA1 5NE, and Isys Mortgages, First Floor/25 Station Rd, Llanelli, SA15 1AW.
Who do I give the appliance warranties to if they are being left at the property I’m selling?
If you are leaving what is generally termed ‘white goods’ at the property you are selling, which are still in warranty, the documentation should be given to your solicitor so that any warranties can be given to the buyer’s solicitor as part of the contract.
Note that, should you be leaving any electrical (or other) items at the property, this should be made clear on the Fixtures and Fittings Form (TA10) and agreed as early as possible between you and the buyers, particularly if you want financial recompense in so doing.
How is Bishopston contaminated land investigated?
A wide range of contaminants caused by environmental concerns could irreparably damage property. Contaminants like limestone or gypsum quarrying will be detailed in an appropriate search.
Why could the sale conveyancing process need such a long time?
The conveyancing process will occasionally be drawn out. We aim to reduce the effect of these delays wherever possible to do so. There are numerous reasons for delay, such as difficulties with mortgage finance.
Can I change the purpose of use for a purchase as part of the conveyancing procedure?
Putting in a planning request to change the use of part or all of a property is a straightforward process and you can deal directly with the local authority, which authorises plans and requests. However, tying it in with a planned purchase of a property has its own problems, since you don’t yet formally own the property, and the length of time to get through the planning process (with no guarantee of success) will need to be factored into the purchase duration, which the seller may not agree to.
We would advise you to either buy the property and then put in the planning request after completion (or exchange at the very earliest), or buy a property that’s already fit for your purposes. Or you might be lucky to find a property that already has the relevant planning consents in place.