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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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searches    No Comments

All we are hearing about at the moment is floods. Not only is this affecting residentialproperties but also lots of businesses properties. Flooding can cause serious damage to your business I would always advise that if you are buying a commercial property that you consider obtaining a search that provides you with flood information.
An environmental search will tell you a lot about the property but it will also tell you if the property is located in an area that has suffered from flooding in the past. If the property has a history of flooding this could stop you from obtaining insurance for the property and it could also damage your business, clients/customers not able to attend, staff not being able to get to the property, stock and the building itself being damaged.

I therefore cannot stress enough that if you have concerns about flooding please ensure that before you buy a property that you obtain the appropriate search

If you do decide to buy a commercial property please contact me for a fixed price commercial quote, I would always be happy to act for you. My contact is 01623 448302  or climb@fidler.co.uk

 

Christie Limb

Partner

Fidler and Pepper

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