Property Transaction Guide
Hand Morgan & Owen Property Transaction Guide
This guide is designed to explain the work that we carry out on your behalf in the conveyancing process. This firm prides itself for its personal service for which it is renowned and with our experience and working together with you as a team, we aim to take the stress out of your property transaction. Our fees are sensibly priced at a level where we can deliver the service you deserve.
Conveyancing
Conveyancing is the legal transfer of ownership of land from one person or body to another and involves checking that the Seller has the legal right to sell.
When the sale/purchase is completed, the title deeds to the property are handed over in exchange for the purchase monies and the property is then transferred from the Seller to the Buyer.
YOUR SALE GUIDE
STAGE 1
You agree the terms of your sale with the Sales Negotiator or your buyer if it is a private sale. If an Estate Agent is used you sign the Sales Memorandum with the Sales negotiator and contact us immediately by which ever way preferred to instruct us of your intention to sell.
We formally confirm to you your instructions, providing you with a Sales Information Form for you to complete and return to us. Contained within the Information Form is a request for you to provide us with your Mortgage Account Number and details of your bank/building society (if applicable) in order that we may obtain your Title Deeds and request a redemption statement detailing the current amount required to discharge your Mortgage.
STAGE 2
We will then prepare a draft Contract which is forwarded to the Buyers Conveyancers/Solicitors who will raise any additional enquiries they consider necessary on the Contract documentation supplied. We will contact you in order to obtain your replies to those enquiries.
We will ask you to call into our offices to sign the contract and transfer deed requesting a proposed date for completion of your sale (and associated purchase if applicable) to be agreed between all parties.
STAGE 3 – EXCHANGE OF CONTRACTS
We will formally exchange contracts with the Purchasers solicitors.
AT THIS STAGE YOU ARE LEGALLY BOUND TO PROCEED AND NEITHER PARTY MAY WITHDRAW FROM THE TRANSACTION.
NB: It is usual for contracts to be simultaneously exchanged on the house you are purchasing if applicable.
We will obtain the final figure from your bank/building society for the exact amount required to discharge your Mortgage on the day of completion. We will provide you with a draft bill together with a copy of our completion statement for your approval. We will also take your instructions as to how you wish for any monies due to be paid to you.
STAGE 4 – COMPLETION
You will need to make arrangements to “drop off” your keys at either the Estate Agents or with the new owners, but only in the later case with our specific approval.
We will deal with the legal formalities of transferring ownership of the property to the Buyer. We will also deal with the discharge of your Mortgage (if applicable), payment of the Estate Agents commission (if applicable) and account to you with any balance due to you or utilise the balance in connection with the purchase of your new property (if applicable).
YOUR PURCHASE GUIDE
STAGE 1
You agree the terms of your Purchase with the Sales Negotiator or the seller if it is a private sale. If an Estate Agent is used you sign the Sales Memorandum with the Sales negotiator and contact us immediately by which ever way preferred to instruct us of your intention to purchase.
We formally confirm to you your instructions in writing, providing you with a Purchase Information form for you to complete and return to us..
STAGE 2
We agree the terms of the contract with the house Seller’s solicitors and submit searches.
We receive a copy of your Mortgage offer from your new lender (if applicable).
We then ask that you call into our office to sign the contract, mortgage deed and all relevant documentation.
STAGE 3 – EXCHANGE OF CONTRACTS
We request you let us have a remittance for your deposit and confirm you are satisfied to proceed to exchange of contracts.
We will formally exchange contracts with the sellers solicitors.
AT THIS STAGE YOU ARE LEGALLY BOUND TO PROCEED AND NEITHER PARTY MAY WITHDRAW FROM THE TRANSACTION.
NB: It is usual for contracts to be simultaneously exchanged on the house you are selling if applicable.
STAGE 4 – COMPLETION
“ON NOTICE” Where the home is in the course of construction you and we will be notified by the builder once the construction works are complete and the property is ready for occupation. There will then be a period of time in which to complete.
“FIXED DATE” Where the property is ready for occupation we will liaise with you prior to exchange of contracts to agree a completion date.
We will report to your new mortgage lender and request the loan monies in readiness for completion. We will forward to you our draft bill together with a copy of our completion statement requesting any outstanding balance due from you together with any final completion formalities.
Immediately following completion (i.e. receipt of cleared funds by the Seller’s solicitors) you will then be able to collect the keys to your new home from the Sales Negotiator or Estate Agent.
The purchase of your new home is now complete.
20 October 2010
Disclaimer
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances. (50587)