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Property Purchase
Williamsons Solicitors
have a team of lawyers and conveyancing specialists. We guarantee that
the transfer of property ownership between buyer and seller is dealt
with in a safe, speedy, efficient and cost effective manner.
Once you have located a
property to purchase and agreed the price to be paid you must notify us.
Williamsons Solicitors will begin the legal work immediately and guide
you through a three stage legal process.
Stage 1: Pre-contract stage
The initial part of the
conveyancing transaction is inevitably the longest stage of the whole
process, as the majority of the legal work is involved at this time.
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Firstly, you must instruct
us to begin work. You should do this as soon as you find a house to
buy to avoid any delay. Initial details will be obtained about your
purchase. You will need to supply us with original forms of identity
to meet with strict money laundering precautions.
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We will receive the
contract papers from your seller’s solicitor, which will include
evidence of the land being sold by the seller and a draft contract
for approval. We will check these documents for you.
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Searches will be done on the property being bought. The searches
will vary depending on the location of the property. An upfront payment will be required before any
searches are applied for. The cost will vary depending on the
searches needed.
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On behalf of you and your
mortgage lender we will check the content of the deeds and search
results. Any queries will be dealt with directly between us and the
seller’s solicitor.
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If you are obtaining a
mortgage, we will ensure that this meets with your needs.
The contract documents
will only be signed by you once all enquiries have been dealt with and
satisfactory search results received.
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Stage 2:
Post-contract (pre-completion stage)
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Only when the seller and buyer are ready to commit to the
transaction will contracts be exchanged. It is customary for a 10%
deposit to be paid by you. The deposit acts as a statement of
intent, i.e. proves that you are serious about the purchase and
intend to fulfil your contractual obligations. The deposit is
forfeitable if you decide to withdraw from the purchase after the
contracts have been exchanged. Exchange of contracts confirms what
the parties must do (for example how much is paid and when). It
marks the stage at which the contract becomes legally binding,
ensuring that neither party can withdraw without incurring
penalties.
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Buildings insurance for the property must be in place from the date
of exchange.
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We will then forward the draft transfer deed to the seller’s
solicitor for approval. Whilst the contract states what the parties
must do, the transfer deed carries it out, activating the contract
and bringing it to life.
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Stage 3: Post completion stage
This is the ‘tidying up of
loose ends stage’.
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Completion occurs when all the terms of the contract have been met.
Basically, Williamsons Solicitors will forward the money to the
seller’s solicitor and once this has been received by them, the keys
for the property will be released to you.
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The keys will be handed to you by the estate agents or directly
received from the seller of the property if you have made personal
arrangements in this regard.
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Williamsons Solicitors will then register the property and mortgage
deed in your name and deal with any stamp duty payments on your
behalf.
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