Be sure to pick up your latest copy of Cardiff Life Magazine next Wednesday (28 August) to see our Head of the Commercial and Conveyancing Departments, Jeremy Davies, featured in the ‘Meet the Conveyancer’ section. Here’s a snapshot of Jeremy’s interview where he gives advice to people who are looking to buy or sell their homes.
Q. What is conveyancing?
The legal process of transferring ownership of property from one person to another.
Q. What does ‘exchanging contracts’ mean, and when does it happen?
It is the process by which a binding contract is formed between the seller and the buyer. It happens when the buyer’s solicitor has received proof of the seller’s title and satisfactory precontract searches and answers to enquiries and the mortgage finance is in place.
Q. What is the difference between ‘exchange’ and ‘completion’?
‘Exchange’ is the making of the binding contract, whereas ‘completion’ is the process of completion of the purchase following which the buyer takes possession of the property.
Q. What happens on completion?
The purchase price is paid to the seller’s solicitor and vacant possession of the property is given to the buyer.
Q. Can I pick my own firm of solicitors, or do I have to use the firm my estate agent recommends?
Yes, buyers and sellers are always free to choose their own solicitor.
You can read more about Jeremy and his legal experience here. If you would like to speak to Jeremy directly about your house move, call 02920 702449