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So, your Conveyancer keeps twittering on about ‘exchanging’ and ‘completing’ but, what is exchange? What happens on completion?  Let’s face it all you want to know is when you get your keys right?  So what are we actually talking about?

Exchange

When your Conveyancer talks about exchange they are referring to the legal ‘exchange of contracts’. In simple terms this procedure legally secures the purchase or sale. It is called an exchange because each Conveyancer has one signed copy of the contract which they exchange with each other. Both Conveyancers agree to the terms in the contract verbally over the phone and confirm the date of legal completion. Your Conveyancer is legally obliged to send to the sellers Conveyancer your 10% deposit at this stage, although in practice this rarely happens and is just held by your Conveyancers on a promise it will be sent with the rest of the purchase monies on completion. Your Conveyancer may call you to get your verbal authority to exchange for you on the day and afterwards you will need to make sure that your buildings insurance for your new property is in place from the date you move in. Make sure that you are absolutely sure before you exchange contracts as if you fail to ‘complete’ after you have exchanged contracts you will lose your 10% deposit.

Completion

This is the day you have been waiting for. It’s the day you get your keys. On the day of completion (or generally the day before) your Conveyancer will have received the money from your lender if you are having a mortgage and will send this money plus any other money due from you to your seller’s Conveyancers by way of a telegraphic bank transfer. This transfer can take anything from a few minutes to a few hours to reach the seller’s Conveyancers bank account. Once they have received the money then completion is deemed to have taken place and usually keys can be released to you at your estate agent, or from the seller directly, soon after. However the contract will often state that the sellers can take until 2pm to move out and arrange for a key hand over if they need more time.

The final part…

While you’re unpacking we carry on working on your file and will pay stamp duty and then apply to the Land Registry to transfer the property in your name. It might be a few weeks until you hear from us again when we send you the deeds to your new home.

Need help with your conveyancing?

If you would like a conveyancing quote, more information or to see our frequently asked questions then please visit our website or call 01623 45 11 11 and speak to one of our experienced team.

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Beginners Guides, Case Tracker, Contract, conveyancer, Conveyancing, Conveyancing Quote, DIY Conveyancing, Do your own conveyancing, drainage search, environmental search, First Time Buyers, full structural survey, Property Market, property searches, Quicker conveyancing    No Comments

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Solicitors like Latin. Conveyancing Solicitors like one Latin phrase in particular, CAVEAT EMPTORThis means “Let the Buyer Beware!”

In English Law it is the responsibility of a purchaser to ascertain whether the property is structurally sound, whether there are any physical defects and also whether there are any legal issues. This means your seller is not necessarily legally obligated to reveal defects in the property.

Searches on the property you are buying

Searches are investigations that your Conveyancer carries out as part of their Conveyancing work.  They send a standard list of questions to certain authorities in order to obtain information about the property. The searches most commonly undertaken are:

Local Authority Search which gives information such as whether there have been any planning applications or building regulations applied for the property.  This can indicate whether the works done to the property were undertaken in accordance with statutory regulation.

A Water & Drainage Search shows whether the property is connected to proper drainage and a water supply.

Environmental Reports indicate whether the property is at risk of contamination, flooding, subsidence and other environmental factors.

A Mining Search may be required depending on the property’s location. You may need to have a coal, tin or some other kind of mining report undertaken to check that the property has not been adversely affected by past mining activities.

Surveys

A Survey must be carried out by a surveyor.  It is not generally a legal requirement but is very much recommended.  A surveyor can check that the property is structurally sound, whether there are any defects and even give your Conveyancer some hints as to whether they need to look into a legal matter further. A surveyor will visit the property and see it physically, in person. Remember although a Survey is not a legal requirement, because of the Buyer Beware rule if you find something wrong with the property after completion, you’re stuck with fixing it yourself.

At Fidler & Pepper Solicitors we have our own search company so we can run the searches quickly alongside our conveyancing which makes the process much easier.

Get in touch – we can help or provide you with a quote

Take a look at our website if you would like a conveyancing quote, need more information or want to see our  frequently asked questions. If you would like to speak to one of our experienced team please call 01623 45 11 11.

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