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Compare Sale And Purchase Conveyancers

If you are buying and selling a property you will need to instruct a conveyancing company to carry out the work on your behalf. The prices are different that these company charge, even though they are doing the same job. This is why you should compare sale and purchase conveyance fees to enable you to save money. There is no point paying more than you should do for companies which are doing exactly the same thing. Our comparison website is designed to help you compare prices that conveyancing firms charge.

Sales and Purchase Conveyancing Process

Buying a house if the most expensive and important acquisition you will make in your life. This is why you should take the time to understand the process of this transaction. Below we have created an easy to understand guide to explain the procedure of buying and selling a property.

Step 1: Making an Offer

Once you have located your dream house you will need to negotiate a price. This is done through the estate agents who are selling the property. You will tell them a price of how much you are willing to pay and they will speak with the vendor and try to get them to accept it. Once your offer has been accepted this is when the legal process starts for the property to be transfer from one party to the other.

The seller’s conveyancer will request the title deeds for the property from the mortgage lender. A draft contact will be prepared and it will be sent for approval to the buyer’s conveyancer.

A property information form will be completed by the seller. This will provide information on what fixtures and fittings along with contents are included in the sale. Once complete it will be sent to the buyer’s conveyancer.

A local authority search will be undertaken by the buyer’s conveyancer. They will send off for any other searches needed for the type of property been bought.

Enquirers will be raised by the buyers conveyancer on the draft contact. It is then the job of the seller’s side to answer these and provide clarification and information on the questions raised. Once both sides are happy with the answers the draft contact will be altered if any changes are needed.

Once the searches are back and show no problems a mortgage offer will be sent for. If any problems arise with the searches this will need to be resolved before the lender will issue the loan. Even if you are not taking out a mortgage you should not purchase a property if problems are showing on the searches.

Step 2: Documentation Requests and Approving Contacts

When all paperwork is in order the buyer will be asked to send the deposit agreed to their solicitors escrow account. They will then sign the contact which will then be sent to the seller’s site. This will allow for exchange of contacts to take place and a date for completion will be set.

A transfer deed will be prepared by the buyer’s conveyancer. This is then sent to the seller conveyance which will examine it and approve it if satisfied. A signature is required from the seller and is then sent back to the buyer’s side.

If any final searches are needed the buyers solicitor will send off for these. Once the buyer’s conveyancer is happy that everything is in order they will request the funds for the mortgage. If any additional money is needed for the completion from the buyer this is also requested.

The seller’s conveyance will find out from the existing mortgage lender how much is outstanding on the loan. They will ask the estate agents dealing with the sale for an invoice of their charges.

Step 3: Completion House Conveyancing Process

When the day of completion arrives the balance of the money for the purchase is sent from the buyers to seller’s solicitor. This money is then used to pay off the mortgage on the property and estate agent fees. The deeds for the transfer and title are sent to the buyer’s conveyancer. Once this is complete the buyer is then able to move into property and take full ownership.

The Inland Revenue will be contacted by the buyer’s conveyancer in order to pay the stamp duty if applicable. They will also complete the stamp duty land tax return.

The transfer deed will be sent to the Land Registry by the buyer’s solicitor in order to register ownership of the new owner. The deeds of the property are sent to the mortgage lender if finance has been taken out. This is to act as security for the loan on the property.