Buying 

Below is a simplified explanation of the process of conveyancing which covers the main points when buying a property. Taylor&Emmet solicitors conduct a great deal of legal work behind the scenes to ensure that your move runs smoothly and that you are made aware of anything which could affect your purchase of the property.

Instruction & Searches

Upon receipt of the relevant information about the parties and property involved, we contact the seller’s solicitor to obtain draft contracts, title information such as copies of the deeds, a list of fixtures and fittings and a property information form. We conduct various searches on the property you are buying to uncover anything which you need to be aware of which could affect your purchase.

Contract report & Mortgage details

We check the terms of the contract and the title information in detail and carry out additional enquiries with the seller’s solicitor. When we have received the results of the searches and replies to any additional enquiries, we will prepare a property report for you, bringing to your attention the property details. At this stage we will ask you to sign the documents in relation to your purchase and let us have the deposit. We will then check the details of your mortgage offer and ensure there are no special conditions that have to be satisfied before the funds can be made available. Once you have signed the documents and your mortgage offer has been checked, we can begin to discuss possible dates for completion; this is the moving date. The completion date must be agreed by all the chain before contracts can be exchanged. We strongly recommend that you do not agree completion dates with the other parties in the chain before we have advised you that we are at that stage, as this can lead to you feeling frustrated and disappointed.

Exchange of contracts

Exchange of contracts takes place between us and the seller’s solicitor. At this stage you and the seller are legally committed to the transaction.  We will deal with requesting funds from your lender and dealing with the final searches and any balance which is required from you.

Completion

This is the point when the money is transferred electronically between parties. Once this has taken place completion is effected and keys can change hands. Your conveyancer will deal with payment of Stamp Duty Land Tax and register your ownership at the Land Registry.

Selling

Instruction and Documentation

Once you have instructed us we obtain your title deeds, usually from your mortgage lender. We will ask you to complete a property information form and a list of fixtures and fittings which are to be included in the sale, this will form part of the contract. We will also ask you to provide any other relevant documentation such as planning consents and guarantees (e.g. Damp proof course or double glazing).

Contract package

We will prepare a contract package which will include the draft contract, title documentation, property information form and list of fixtures and fittings which will be forwarded to the buyer’s solicitor. Upon receipt the buyer’s solicitor may raise additional enquiries.

Exchange contracts

Exchange of contracts takes place between us and the buyer’s solicitor. At this stage you and the seller are legally committed to the transaction. 

Mortgage

If you have an existing mortgage we will obtain a redemption figure from the lender and prepare for you a financial statement showing all aspects of the transaction.

Completion

This is the point when the money is transferred electronically from the buyer’s solicitor to us, vacant possession of the property is required by the new owners and the keys are released to them. At this point we pay off any outstanding mortgage, legal fees and estate agents fees and forward any remaining monies to you.

What happens next