Buying a home is an exciting prospect, but without the help from the right professional it can also be a legal minefield. We are qualified in all areas of property law and we are there to help you avoid potential problems and to protect your interests at every step, from making an offer to getting the keys to the door. Selling a property also requires professional advice and assistance. Whether your sale is linked to a purchase of another property or not, we can help you complete all the necessary forms and procedures to ensure that the transaction goes through smoothly.
The Conveyancing Process
If you require any advice or seek a quotation, please note we are only a phone call or email away and we are happy to discuss the details of any transaction free of charge and provide a no obligation fixed quotation for your conveyancing requirements.
Here is a brief outline of the conveyancing process for a purchaser. We will guide you every step of the way.
Initial information from you
We will need the following information from you from the outset:
- Some personal identification (passport, UK driver’s licence and recent utility bill);
- The price of the property;
- Any factors that may influence the exact time you want to buy the property;
- How you are planning to pay for the property.
- Money on account for the searches required before a binding contract is entered into. These will be included and set out in your Lovedays Solicitors Quotation.
- Whether or not your purchase is a second home as this will have an effect on your Stamp Duty Law Tax.
We will also need to know whether:
- You have applied for a mortgage;
- You plan to carry out work on the property;
- You are buying with someone else;
- The seller is buying another property;
- You have a property to sell.
Once we have the information set out above we can provide you with a fixed price for your conveyancing needs.
When buying a home - what does a Solicitor do?
We will need to apply for searches against the property to satisfy your lender (if applicable), and you that all is in order. The searches can help to reveal any planning issues affecting the property, such as road improvements and details of any planning permissions affecting the property. We may also carry out flooding, mining and contaminated land searches if necessary. We will let you know if the searches reveal any matters of concern.
The seller’s solicitor will send us a draft contract, which we will check and amend as necessary. They should also send us a fittings and contents form and a property information form containing various details about the property.
We will carefully inspect the title of the property. The title will take the form of copies of the title deeds if the property is unregistered, or copies of the Land Registry entries if the property is registered. Over 90% of properties in England and Wales are now registered at the Land Registry, however, in the Matlock area we do see a lot of unregistered properties. We look out for anything which could affect you at the property, for example, any easements (rights of way) or restrictive covenants. If the property is leasehold, then we will inspect the lease and any arrangements for maintenance of services at the property. We will report anything of concern to you.
We will then raise any enquiries that we have regarding the results of our searches and the contents of the forms.
If you are having a mortgage we will inspect the terms of the mortgage offer and the mortgage deed and explain them to you.
Exchange of Contracts
Once we are happy with the results of our searches and the enquiries of the seller’s solicitor, we will ask you to visit our offices to sign the contract. We will report to you on any findings at this stage. If you are still happy to go ahead with the purchase, then you will be asked to pay a deposit which is usually 10% of the purchase price. We will then exchange contracts with the seller’s solicitor. If you wish to withdraw after contracts are exchanged, you may have to pay the financial penalties and could lose your entire deposit. On exchange of contracts we will set the date for completion which is the day when keys are handed over and the balance of the purchase price is to be paid.
Between Exchange and Completion
On the completion date we will need to have received cleared funds for the final balance from you, together with funds to pay for our fees and any disbursements and Stamp Duty Land Tax. You will be provided with this figure on a completion statement before exchange of contracts. At this stage, we will also request any mortgage monies from your lender.
On the completion date we will send the completion monies to the seller’s solicitor. Once they have received the money the keys will be released to you. We will then arrange for any Stamp Duty Land Tax to be paid and will register you as the new proprietor with the Land Registry.