If you are buying or selling you will need the services of a good solicitor/conveyancer.
It is prudent to find out solicitors' charges in advance if you are considering buying or selling a property. You don't necessarily need to instruct their services immediately. However if you are definitely selling it can make sense to have paperwork prepared in advance to make sure there are no issues that might delay a sale.
You also need to be aware that if you instruct a Solicitor and your sale does not go ahead, you may still incur charges.
Your solicitor or conveyancer will draw up a draft contract and the contract will include the eventual agreed sale price and whatever fixtures and fittings are being left in the property. The draft contract will then be sent to the buyer's solicitor.
Your solicitor should obtain any appropriate paperwork from the seller's solicitor such as electrical and gas certificates, damp proof documentation (if appropriate) and anything that pertains to the condition of the property e.g. guarantees or proof of works completed.
Your solicitor will also carry out a number of searches including a local authority search, land registry search and an environmental search.
These searches are undertaken to make sure the title of the property is in order and that there are no schemes and existing or future plans that could negatively impact the property concerned. It is also the solicitor's job to update the title deeds with the name of the new owner and register the sale with the land registry at the appropriate time.
If all goes well with the survey and searches, the final contract will be drawn up and a date set for the exchange of contracts. The exchange of contracts is typically a few weeks before the completion date but this period of time can be shorter or longer depending on the circumstances of the parties involved. It is worth remembering that once exchange has taken place the buyer becomes the legal owner and is responsible for the property, so it is imperative that building insurance is in place when exchange of contracts takes place if you are the buyer.
If you require a mortgage, the bank or building society who are providing your funds will want a survey conducting. If the survey should reveal any issues with the property, your solicitor can negotiate a potential price reduction on your behalf. However, if the issues that arise are serious e.g. structural, your mortgage provider may refuse to lend on the property and your sale could fall through. This eventuality is quite rare but it is best to be aware of this possible but unlikely outcome.
If you are purchasing, you will not be able to move into the property or take physical possession of it until the completion date. If you are selling, you will have until the completion date to move out. You should try and agree a completion date direct with the seller (vendor).
The buyer's solicitor will organise for funds to be paid over to the seller's solicitor and the keys will be made available to the buyer.
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