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Morecrofts Matters… Each week one of Morecrofts Solicitors’ property experts will discuss issues facing home owners, landlords and property developers. This week, Peter Pownall, explains explains what a conveyancer does on the purchase of a residential property. With over 40 years experience in both Commercial and Residential conveyancing Peter is a great addition to the already excellent conveyancing team. We hope you enjoy reading our regular column and if you wish to contact Peter for further information then please call 0151 236 8871 or email him directly on pjp@morecrofts.co.uk.
What is the role of a conveyancer in the purchase of a residential property? Buying a home can be a complex and time consuming business and probably the biggest investment you will ever make. This article shows the general process of a purchase but please remember that it may not cover every point which could arise. If you have any questions contact a member of our conveyancing team who will be happy to help.
Stage 1. Events leading to exchange You have found the property you like, the sellers have accepted your offer and you know how much you can borrow. Confirm your offer to the sellers estate agents and let them have our name and address. The seller's conveyancer prepares the Contract documents and submits them to us for approval. We will send you copies of the relevant papers/documents for you to look at and will explain what the documents mean. The appropriate searches are made with the Local and Water Authorities and any other necessary searches including environmental and chancel searches. Should you require any specific search to be made don’t be afraid to discuss this with your conveyancer. Your conveyancer should explain what each search will tell you about the property.
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We obtain replies to a number of enquiries from the seller’s conveyancer and obtain a list of fittings and contents and we then advise you of the information obtained. Wherever possible, we will send you a plan showing the boundaries of the property. You should check the physical boundaries against the plan and inform us of any discrepancies of any shared facilities If you are purchasing the property in joint names, you need to choose the most appropriate way of owning the property after discussing carefully with your conveyancer. If you decide to hold the property as 'tenants in common' you must make sure that each of you has made Wills. 'Caveat Emptor'- let the buyer beware! This applies when you buy anything including a property. Obviously, you will need to know whether the house is structurally sound and, as neither the sellers nor their estate agents are obliged to point out any defects you should have an independent survey before exchange of contracts. Basically there are three survey options open to you which you should discuss with your conveyancer. Your conveyancer will be able to advise which type of survey will help you most sometimes to negotiate a reduction in the purchase price.
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When we have carried out all our pre-exchange investigations and a satisfactory mortgage offer has been received you will sign the Contract. At this stage you should discuss a completion date with the sellers. Completion usually takes place 2 to 4 weeks after exchange. This can be varied if all parties agree and provided sufficient time is allowed for the legal work to be completed. If you have a related sale then the completion date will also have to be agreed with your buyer. The Contract having been signed does not mean that it is legally enforceable. The Contract only becomes binding when formally exchanged between us and the sellers solicitors. Once contracts are exchanged you cannot change your mind without incurring financial penalties! On exchange of Contracts you are required to pay a deposit equivalent to 10% of the purchase price. If you are selling a house, we will try and arrange that the seller will accept the deposit we receive on the sale as the deposit on your purchase although you are still liable to pay the full 10% deposit should you fail to complete your purchase after exchange of contracts. If you are taking responsibility for insuring the house you must ensure cover is in force on exchange of Contracts and your should provide us with full details of the policy. You need to ensure that the locks and other security measures at your property meet the requirements of your Insurance Company. As soon as you have been advised that Contracts have been exchanged you should arrange your removals, inform the Gas, Electricity, Water companies and find out from the sellers where you can collect the keys on the completion date. This may be directly from them or from their estate agent.
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We use the time between exchange of Contracts and completion to finalise the paperwork. The document which transfers legal ownership is the Transfer Deed and is prepared by us. This will only come into effect when we pay the balance of the purchase price to the seller’s solicitors. Before completion, we will send you a completion statement detailing the finances of the transaction. If the statement shows monies are due from you these must be in cleared funds at least one working day before completion. Failure to complete the purchase on time (for whatever reason) could render you liable to pay 'penalty' interest and damages to the sellers and a persistent delay could result in you losing your deposit on the property, and worse!
Stage 3. Completion On the completion date we pay to the seller’s solicitors the balance of the purchase monies and at this point the house becomes legally yours.
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45 Allerton Road, Woolton, Liverpool, L25 7RE Tel: 0151 909 3747 e:info@goodmoves.uk.com
After submitting the Stamp Duty Land Tax Return we register your ownership at the Land Registry. You and any Lender will be notified when registration has been completed and we provide you with a copy of the updated register showing you as the owner of the property and details of any mortgage registered against the property.
Call Peter Pownall on:
0151 236 8871
or email: pjp@morecrofts.co.uk | www.morecrofts.co.uk Liverpool
No 1 Tithebarn, 1-5 Tithebarn Street, Liverpool L2 2NZ
0151 236 8871
Crosby
2 Crown Buildings, Liverpool Road, Crosby, Liverpool L23 5SR
0151 924 9234
Woolton
7 Church Road, Woolton Liverpool L25 5JE
0151 428 1911
Wirral
30 Hamilton Square, Birkenhead Wirral CH41 6AZ
0151 666 2210
Morecrofts LLP offers legal advice on a broad range of services for individuals and businesses LLP No. OC333433