Harrisons Solicitors

Harrisons Home

RESIDENTIAL CONVEYANCING

The Conveyancing of property, that is to say the legal transfer of ownership of property from one person to another, is probably the most important transaction in value terms that an individual makes in their lifetime.

Our role is to ensure that, whether you are buying or selling (or both), your interests are safeguarded at all times and that everything possible is done to see that the transaction completes as swiftly and as painlessly as possible.

Our Residential Conveyancing Department is headed by a partner dedicated to guiding you through the transaction from start to finish.

We have been able to invest in the very latest technology including our own conveyancing support package written in-house. This enables us to process work and produce letters and documents far more swiftly than would otherwise be the case and thus speed up communications with all concerned and particularly with you, our client.

We also have close links with the Land Registry, enabling us to obtain copy deeds and carry out searches efficiently and quickly.

We would be pleased to advise you on the basic procedure involved in buying or selling a property, so please do not hesitate to telephone for general advice if your property is not yet on the market or you have not yet found a property to purchase.

We would be pleased to let you have a written estimate of the likely cost to you in terms of our fees and the other expenses of the move which will be incurred, i.e. search fees, Stamp Duty, Land Registry fees etc.

BUYING A HOUSE

The following is a brief outline of the process involved in buying a house after you have had an offer accepted by the seller.

1. OFFER ACCEPTED SUBJECT TO CONTRACT -

Now that you have agreed in principle to purchase the Property the Estate Agents will provide the Solicitors with details as to what has been agreed.

POINTS TO NOTE :

· We will request a cheque from you made payable to “Harrisons” on account of your searches. We will not undertake any searches until we have received your cheque.

· Either party can withdraw from the transaction at any time until then .

· FINANCES - You will need to consider how you are financing the transaction. If you need a mortgage you should ensure that all application forms are completed as soon and as accurately as possible. We will not be able to exchange contracts until we have received your written mortgage offer. If this is delayed it may hold up your move. We can put you in touch with Independent Financial Advisors if required.

· SURVEY – For all properties (except those now being built) we advise that you should have a Home Buyers Survey or a Full Structural Survey prepared so as to reveal any structural defects and potential repair bills before exchange of contracts. DO NOT rely on a Mortgage Lenders valuation as it does not involve a thorough examination of the Property. If your Mortgage Lender is having the Property surveyed the same Surveyor can generally carry out your Survey at the same time which may reduce costs. For an explanation as to the types of Survey and the potential cost please speak to a local Surveyor or the Surveyor appointed by your Lender.

2. INVESTIGATION OF THE TITLE

The Sellers Solicitors will obtain the Sellers Deeds and send us a Contract and copies of the Sellers Deeds. We will conduct all necessary searches and having checked through the Deeds will raise all necessary queries with the Sellers Solicitor. The time it takes to complete this stage is very much out of our control. PLEASE NOTE on average we would not expect to be able to report anything to you until at least 3 weeks after the searches have been submitted..

3 . REPORTING TO YOU

when we have received the results of our searches and enquiries and (if applicable) your mortgage offer we will either report to you by letter or arrange to meet you at our office. We will also send our written Report to your Lender (if applicable). POINTS TO NOTE

· if you have not already thought about it you should have dates for exchange and completion in mind.

· We will need to have sufficient cleared funds for a deposit (please see below) before we can exchange contracts and you should arrange for us to receive your deposit at this time.

4. EXCHANGE OF CONTRACTS

This is the stage at which the contract becomes binding on both yourself and the Seller. For Exchange of Contracts to occur a set procedure has to be followed by us and the Sellers Solicitor. The contracts are dated a completion date is fixed and the deposit will be paid over. PLEASE NOTE:

· Signing the contract alone does not amount to Exchange of Contracts

· We will not exchange contracts without your authority .

· You do not need to be present when we Exchange Contracts

· When contracts have been Exchanged you will not be able to withdraw from the purchase.

· You should insure the Property from the moment contracts are exchanged.

· As a completion date can not be fixed until contracts are exchanged you should not make any firm bookings for removals or work to be done on the property.

5. COMPLETION

When contracts are exchanged a completion date will be fixed. This will be the date on which (through us) the balance of the money is be paid to the Sellers Solicitor and the date on which you will receive the keys and become the Legal owner of the Property. We will notify you over the telephone when completion has taken place so it is important you keep us informed of your contact details. Unless for any reason we specifically request it there is no need to visit our office on completion.

6. LAND REGISTRATION

Following completion the Sellers Solicitors will send us the title documents to the property. We will then submit an application to the Land Registry to show that the property is owned by you. On average this takes between 2 – 3 months for the Land Registry to complete. We will send you a copy of the Land Register when it has been completed.

7. FREQUENTLY ASKED QUESTIONS

FIXTURES & FITTINGS – Generally in the sale of a home the Sellers will provide a list of fixtures fittings and contents that they are leaving behind/removing. We will provide you with a copy of this when we write to you/meet you to sign contracts.

DEPOSITS – Generally a Seller will require a 10% deposit from you when contracts are exchanged. We can try to negotiate a reduced deposit on your behalf if required. Your deposit money must have cleared our account by the time we exchange contracts. Please note that normal cheques can take up to 5 working days to clear.

INSURANCE – you should take out adequate insurance from the moment that contracts are exchanged. You will have an interest in the property from this moment and you can not rely on the seller to insure for you.

KEYS – Nearer the completion date you should contact the Seller to find out where the keys will be. Generally you will have to collect them from the Estate Agents. The Estate Agents will not give you the keys until the Sellers Solicitors have received the purchase money. We are unable to influence the time of day this will happen particularly if your money is coming in from mortgage Lender. We will however contact you to confirm that you can pick up the keys.

KEYS BEFORE COMPLETION – Sellers will usually be reluctant to hand over keys to you for any purpose other than inspecting the property until completion has taken place. In the unlikely event of you needing the keys before hand you should discuss this with the Sellers.

· CAPITAL GAINS TAX – Any property you occupy as your main residence is exempt from Capital Gains Tax.

CUSTODY OF DEEDS – When your purchase has been registered with H M Land Registry we will send you a copy of the Land Register. If you are buying the property with a mortgage we are bound to send the original Charge Certificate and other important documents to the Lenders. In all other circumstances we are happy to store your documents free of charge (subject to the conditions set out in our terms of business) or return them to you.

Call 01938 552545 and ask for the Conveyancing Department or click here to email .