The Process of Buying and Selling
Buying or selling a property involves a legal process and both the seller and the buyer need a solicitor or legal conveyancer to do the legal work to safeguard the interests of both the buyer and seller.
Buyers and sellers are responsible for appointing their own solicitors and the same solicitor cannot act for both parties. You will expect to receive an efficient service to keep the conveyancing process moving at a good pace. You must be confident that your solicitor looks after your interests and works with the other solicitor to make sure that the process moves towards legal completion as efficiently as possible.
Your estate agent has to continue to be involved in coordinating the process and our job does not end when we have found you a buyer. At James we have specially trained staff work for the sellers to chase progress of the sale.
Choosing a good solicitor or conveyancer is very important. As with agents don’t always choose by selecting the lowest fee, remember the lowest fee also means a lower level of service. It is sensible to work with a solicitor who you have used before or who works with an agent on a regular basis.
At James we have professional working associations with a number of solicitors which helps the process run more smoothly. A solicitor with local offices makes life easier when it comes to signing documents and making contact.
The buying, selling and conveyancing process involves the following stages
- Offer accepted and purchaser agree
- Agents will check mortgage and chain
- Buyers and sellers appoint solicitors and confirm instructions to act for them
- Purchasers needing a mortgage or loan complete an application and pay survey fee
- Seller’s agents issue Memorandums of sale to show details of all parties and their solicitors
- Seller’s solicitors will request title deeds usually from bank or building society
- Seller’s solicitors issues draft contract to buyer’s solicitors
- Buyer’s solicitors will carry out a range of searches to check there are no risks for buyers
- Buyer’s solicitors will raise enquiries about details of the property
- Where a mortgage is involved a survey will be done and a mortgage offer issued by Bank or Building society
- A detailed contract is agreed and signed by both parties
- Purchasers will have to provide solicitors with a deposit before contracts can be exchanged
- All parties need to agree on a date for moving or legal completion
- Contracts exchanged, which is a legal commitment to purchase and sell.
- Completion day … the end and the beginning.