Transfer costs of transactions can go smoothly and quickly, or it may be long and costly.
There is varies in Conveyancing firms and conveyancing solicitors as they charges differently. Many buyers have learned the lesson again, and select their conveyancing solicitor carefully, but first time buyers who are unaware of the obstacles, encounter to proceed to find the cheapest transfer sector.
Here is an overview of the process described by a leading conveyancing solicitor from the perspective of a buyer.
1. Pre-exchange of contracts:
When ordered to go on your account, your conveyancing solicitors will write to the estate agent and financial adviser (if any) to confirm our predictions on your behalf. Then he will write to the other side's conveyancing Solicitor regarding list of studies of pre-contract to confirm our instructions and ask them to send the draft contract for us. Pre-contract surveys are a series of standard questions to obtain more information on the property, as what furniture had been left, the boundaries of the property, who is the owner and manager of hedges or fences. If it is a leasehold property, we obtain information on the agents, and to discover if the current owner is up to date with things such as service charge bills and rent.
The next step for your house solicitor is to carry out searches regarding the property, you are interested in which includes a local authority search and an environmental search.There may be other searches like coal mining search, search from local railway, which are required.
When your remortgage solicitors receive draft contracts, he will check the documentation and will raise queries if there is any.
Once your house solicitor is satisfied with all documents and replies to inquiries regarding the property, the contract will be approved and will be sent to both ends for signature.
2. Exchange of contracts:
On exchange of contracts , next step is to pay deposit of up to 10% of the purchase price to the seller’s remortgage solicitors , Sometimes deposit can be up to 5 % if possible.
Once we have your deposit in immediately available funds, signed contract and authorization, your conveyancing solicitors in London can make the exchange of contracts with seller's remortgage solicitors and arrange a completion date. The deposit will be forwarded to the remortgage solicitors of the seller on exchange for contracts, such as security in case if you do not go further with the purchase.
Until the exchange agreements there isn’t any legal responsibility for either buyer or seller to move forward and either party may terminate the transaction at any time.
Stamp Duty Land Tax
Completion of the SDLT form is your responsibility and you can complete this form yourself or ask your conveyancing solicitor to fill in your name. But when conveyancing solicitors act as your agent in completing the SDLT form, they can reach a reasonable amount for overtime. In this case, their costs can be result in estimated costs available.
When the seller will sign the transfer document your conveyancing solicitor with the land Registry to prove the existing owner agrees to transfer the ownership of the commercial property to you.
Your house solicitor will send you a financial statement which includes detail of all expenses incurred on your behalf, our fees and the stamp duty payable.
On the day of completion,Buy your house: your house solicitor will send transfer money to seller's via telegraphic transfer. The transfer company owned by the seller will then confirm receipt after receiving the money, and then allow the seller to release the keys to you.
When the property is registered in your name, we will send you the titles of your mortgage lender will hold these as collateral until the mortgage is repaid. You will receive a confirmation letter listing the property in your name with a certified copy of registration documents showing your ownership of property.