Key stages of moving home
Step 1 - Offer and acceptance
Step 2 - Exchange of contract
Step 3 - Completion of transfer
The above outlines the very basic steps involved when you’re looking to buy or sell a property. In reality there is a lot more involved in the process, particularly before an offer of sale can be made and after a property is transferred to its new owner. However, moving home need not be stressful if you have the right solicitor to help make the transfer of a property as smooth and quick as possible.
The conveyancing process
Conveyancing is a diverse process that rests on the foundations of land law, contract law and in some cases equity and trusts law. It involves the transferring of ownership and/or a right to a property from one party to another. It also involves any preparatory work for the sale, property investigations and searches, drawing up the contract and negotiations, and scrutinising all documents, including the all-important contract for sale. Whether you are buying or selling your home, our property solicitors will act on your behalf to complete the conveyancing transaction and make sure everything is as stated, there are no unfair terms in the contract and that you’re getting the best deal.
Ensuring a smooth transaction
At the heart of any conveyancing transaction is the contract for sale, but what makes it so important? In a nutshell, without a valid contract there is no deal. The contract outlines the terms of the agreement and is legally binding. As soon as there has been an exchange of a valid contract, as a buyer you gain ownership of the property (in equity), but as the seller you retain legal ownership as a trustee until the full purchase price is paid. What this means is that as a:
- Seller – you have a duty to look after the property until completion
- Buyer – you usually bear the risk of any loss or damage in the interim
Protecting your interests
As the buyer you are entitled to any increase in the property value and can get insurance to cover you for any risk. But who is responsible for the insurance? Your solicitor will advise you of the risks involved and should include in the contract that the risk remains with the seller until completion, along with a special condition that the seller insures the property for its full reinstatement value during that period. Needless to say, if you are the seller, your solicitor will negotiate against this on your behalf and should request an indemnity covenant from the buyer to protect you from any future liability once the property has been transferred.
Finding the right property solicitor
Choosing the right solicitor to help you with buying or selling can be difficult, particularly if you have not been given a recommendation from a friend or relative or you’re new to the property market. To help you make the right choice we recommend you look for:
- Quality assurance
- Value for money
- Customer service
If you are looking for a conveyancing expert to help you with the sale or purchase of your home, contact us for advice. We are local to Walthamstow, London and know the following areas well:
- East London
- Highams Park
- South Woodford
- Waltham Forest
We can also provide conveyancing services on a national basis. QualitySolicitors Mirza is also a part of the Law Society’s Conveyancing Quality Scheme, giving you peace of mind you are getting the best advice. We will take care of the legal aspects of moving house within clear timescales, clear costs and ensure you have direct contact to the lawyer managing your conveyancing.
Get in touch with our housing and property team by calling 020 8520 4416.