Residential Property Conveyancing
If you are looking to buy or sell a home it can be a daunting prospect, fraught with uncertainty and stress.
This is when you need to turn to Somerset conveyancing solicitors AmicusLaw, specialists in legal services for buying and selling private properties and with local offices in Bridgwater, Minehead, Wellington, Yeovil, Martock and Exeter. Your personal conveyancing lawyer will take you step by step through every important point in the conveyancing process.
What Do They Mean?
At AmicusLaw we communicate with our clients in a clear a simple way to avoid confusion caused by usual Law jargon. For example, replacing “vendor” and “purchaser” with “seller” and “buyer” suddenly everything becomes a lot easier for to understand. Here are a brief explanation of some of the more common terms used by conveyancers that you may find helpful.
The client care letter sets out all of the terms and conditions between yourselves and your conveyancer. This is often accompanied with a questionnaire and various forms for you to complete and return together with a terms of business for both parties to keep.
The seller’s solicitors obtain the title deeds to the property from the seller or the seller’s mortgagees and prepare a package containing the sale contract and title documentation including replies to standard pre-contract general enquiries, a fittings and contents form, copies of planning consents, guarantees and any other relevant documentation. This helps prevent delays and enquiries being raised unnecessarily.
The legal document by which title to the property is transferred from the seller to the buyer. This is usually prepared by the buyer’s Solicitor.
Searches made before exchange of contracts with the relevant local authorities to inspect the local land charges register in respect of the property and to raise a standard set of enquiries about the property. This should give details of the planning history of the property and reveal such things as whether the building is listed or in a conservation area.
Other standard searches include an environmental search and other drainage and water search.
Enquiries made by the buyer’s Solicitors before exchange of contracts. These are generally based on the title to the property and raise anything from planning, proof of guarantee/certificates, water/drainage etc
The Solicitors pack containing the legal document securing a lender’s (mortgagee’s) rights over a borrower’s (mortgagor’s) property. If the mortgagor fails to keep up the payments due under the loan agreement secured by the mortgage or legal charge the mortgagee has power to repossess and sell the property.
The down payment made by the buyer to the seller on exchange of contracts. It is generally held by the seller’s solicitors as stakeholder, which means it cannot leave the solicitor’s hands until completion, unless it is used to finance a deposit on a related transaction in England and Wales.
The point at which the seller’s and buyer’s solicitors date the sale contract and therefore the point at which the transaction becomes legally binding. Solicitors generally exchange contracts by telephone according to a code of practice set out by the Law Society.
The point at which the buyer pays the balance of the purchase price and the seller hands over the property to the buyer. The date of completion is generally fixed at the time of exchange of contracts.
So the time has come for you to buy your first house, hooray! But since it’s your first, you have no idea where to begin,
As announced at Budget 2018, the relief for a first time buyer purchasing a qualifying shared ownership property has been extended. Prior to the announcement,
We are absolutely delighted to announce that we have been shortlisted for the Small Conveyancing Firm of the year category in this year’s Law Firm