Steps Involved in Property Conveyancing Leading to the Exchange of Contracts
It can be difficult to find good conveyancing lawyers. There are a number of conveyancing solicitors who are worth their weight in gold. You should invest in solicitors only after you have carefully examined their credentials. You can browse the Internet in order to look for reliable conveyancers. You can call them up to check out their price quotes. Before choosing conveyancing lawyers, it is necessary that you go through the available customer testimonials.
Solicitors Regulation Authority is the regulating body for conveyancing solicitors while the Council for Licensed Conveyancers is the governing body for licensed conveyancers. You should also enquire about the way they go about their client contact procedures, the duration for which they have been in business and the partners who are actively involved with them.
The conveyancing fee charged includes the basic fee of the provider along with the itemised expenses. It has been observed that UK homeowners can pay something around £250 to £1300 for a complete conveyancing service. When it comes to online conveyancers, people do find it difficult to judge the credibility of the business.
Online conveyancing providers can imply a couple of things. It can either be conveyancing providers with brick and mortar stores taking their services online or it can be specialised online conveyancing services where the means of communication are confined to telephone, post and of course the Internet. If you feel that the conveyancing firm is not to be trusted with the deal, then you can always step out of the process at any point of time before the exchange of contracts. However, you need to pay them for the services that they have offered so far. There are some law firms that provide a “no sale, no fee” option.
As a homeowner there are certain tasks lined up for you during the different stages of the conveyancing process. The whole process can take about eight to twelve weeks of your time. The process takes place in different stages right from the initial stages to the final exchange of contracts.
During the first stage the conveyancing provider will offer the contact details of the solicitor acting on behalf of the seller for the contract. You will then have to accept the offer, have the mortgage approved and even make arrangements for a survey.
In the following stage the conveyancing professional makes a request for a copy of the mortgage offer and then goes ahead with the local search procedures. As a buyer, you can then opt for the buildings insurance. If you are a seller, then you should fill up the Fixtures, Fittings & Contents document along with a seller’s Property Information Form.
During the third stage of the conveyancing process, the contract is analysed by the property solicitors, along with the local search reports and the mortgage offer. The conveyancer informs the buyer about the tentative completion dates. The buyer has to review the information, sign up the final contract and then return the papers to the solicitor.
Your lawyer will then inform the seller’s solicitor about whether you wish to proceed with the exchange of contracts. If both parties agree, the contracts are exchanged.
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