Residential conveyancing describes the process whereby a property is transferred from one legal owner to another. Whether you are buying or selling there is a basic, three stage process to go through – agreeing the sale, the exchange of contracts and completion of the sale. An experienced house sales solicitor will be able to oversee and advise you on each of these stages.
Residential conveyancing solicitor
Buying or selling a property can be stressful and it's important to have a highly skilled, knowledgeable lawyer to advise you and help make sure that your interests are protected. Oratto residential conveyancing solicitors are experienced in handling each stage of this process. You can select a lawyer from the list on this page, or send your details directly to Oratto and we will the find the right lawyer to match your needs.
Exchanging of contracts
Before this happens, the buyer will send the deposit to the solicitor. If there is a mortgage on a current property, a settlement figure (the amount owed to the mortgage lender) will be requested from the mortgage company. Signed contracts are then exchanged and this represents commitment by both parties to the house sale. If you wish to withdraw after this stage, then there will be a large financial penalty incurred. The exchange will also confirm the completion date and trigger the Transfer Deed which the buyer needs to sign in order to register their name on the property deeds.
The completion date for taking ownership of the property will have been previously agreed and on this date the balance of the payment for the property will be transferred. This will be used to pay:
- any estate agent fees
- the remaining balance of the mortgage
- any solicitor's fees
- any other costs that have arisen
The property deeds will then be sent to the buyer's solicitor and the new owner will be registered. Many purchasers also choose to collect the keys and move in on this date.
Get the house sales legal advice you need
If you require any advice or assistance on exchanging contracts and completion, or any aspect of residential conveyancing, contact Oratto today and we can put you in touch with one of our member house sale solicitors who will be delighted to help you.