Conveyancing starts when the offer is accepted and ends when the keys are handed over. It sounds simple enough but the legal process that must be followed can be complex and stressful therefore the instruction of an experienced professional is highly advisable.
Initially draft contracts are drawn up and queries raised between both parties. Searches and enquiries are undertaken on behalf of the buyers to ensure:
- the seller actually owns the property
- to identify any historical and environmental issues such as contamination, flood predictions and old mine shafts
- establish if there are any local developments planned that may affect the property.
In short, searches and enquiries should be clear on anything the buyer needs to know before signing.
The buyer must have finance in place and will be required to arrange a mortgage valuation (if applicable) so the lender can be confident the property provides sufficient security for any loan. Further specific searches may be required at this stage, depending upon circumstances. This all takes time.
Once enquiries and searches are complete, dates for exchange and completion can be agreed. If there are any delays within a chain then the process could be held up for everyone involved.
Following exchange both parties are legally bound to complete the transactions, failure to do so has financial repercussions.
The Thornes Property Team understand the pressures of buying/selling your home and works with clients to minimise any anxiety. For an on-line quote and to find out more, visit our website or call us direct on 01902 313311.