The process of conveyancing varies whether you are selling a property or buying. Regardless of which side of the transaction you sit, you will need good conveyancing solicitors in Liverpool. The conveyancing team will handle all legal formalities in transferring ownership of the property from the selling party to the new owner(s).
By its very nature, buying a property is more complex than selling. Complexities also vary depending on whether it is cash purchase or one involving a mortgage.
The type and location of property can also impact the process.
Conveyancing Solicitors in Liverpool – The Process of Buying
The first step in the buying process is for your conveyancer to send some client forms to complete. You will need to supply information about yourself and any other buyers, your source of funds for the property and proof of identity. Once all of these are collated, your conveyancer will carry out a series of identity and anti-money laundering checks.
Next your conveyancer will request draft contract documents from the seller’s solicitor. Once received, property searches, if being carried out, will be requested at this stage.
All of the contract documents will be reviewed at length by your conveyancer along with any supporting documents and your solicitor will then raise enquiries on these. They will also raise enquiries on any search results received. Enquiries can be of a legal or technical nature or can be more observational. As your conveyancer will not physically visit the property, you can raise any observational enquiries you have also with your conveyancer who will in turn refer them to the seller’s conveyancer. An example of this might be any remedial works noted when viewing the property, whether or not certain items will be left at the property on completion etc.
Enquiries and search results can take time to be received and deemed satisfactory by your conveyancer. It may also be that some negotiation over certain points is required.
During this time, if you are purchasing with a mortgage or another source of finance, your conveyancer will receive your mortgage offer and complete any formalities required of them by your proposed lender.
Once all of the above is complete, your conveyancer will produce your Report on Title, Mortgage Report and Search Report, and include any supporting documents with this. This forms the basis of what you are purchasing and any obligations or restrictions you may be entering into.
The report and supporting documents will include the contract and other documents requiring your signature. You will need to sign these, some of which with a witness, and return these to your conveyancer in preparation for exchange. It is at this point that you will send your deposit funds to your conveyancer.
Dates and arrangements for exchange and completion will be agreed between conveyancers and clients on both side of the transaction and in any chain. Once everyone has confirmed they wish to proceed, exchange will take back between both conveyancers.
In preparation for completion, your conveyancer will request completion funds from you and any mortgage lender.
On the day of completion, your conveyancer will send completion funds to the seller’s conveyancer who will in turn confirm completion. Keys will then be released, and you can move into your new home.