Our conveyancing solicitors specialise in the conveyancing of both houses and flats in Wimbledon and the South of London.
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Our aim is to provide you with an expert service and to keep you informed about the progress of your purchase as it progresses.
Call us or email us to discuss your requirements. You can also drop in and visit us for a chat (but please let us know you are coming.)
If you are a first time buyer or if you haven't bought a home for some time you might find this brief summary of the process helpful:
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Summary of the Conveyancing Purchase Process.
1. When the seller and the buyer agree the terms of the purchase and both should then immediately instruct solicitors to carry out the conveyancing.
2. The conveyancing solicitors usually receive confirmation of the purchase from the selling agent and both write to their clients to confirm the terms of the purchase. The buyer’s solicitor collects some money to carry out the property searches.
3. The contract papers are sent to the buyer’s solicitor.
4. The buyer’s solicitor reviews the contract papers and the HIP, and asks questions about them. This is known as raising additional enquiries. The searches are also carried out at this time.
5. Meanwhile, the buyer has the property surveyed and arranges the mortgage (if borrowing) and also organizes their exchange deposit (either 5% or 10% of the purchase price -as agreed with the seller).
6. When the seller has replied to the buyer’s solicitor’s questions, the search results received, and the mortgage and deposit is in place, the buyer’s solicitor prepares a report on the property for the buyer.
7. The buyer reads the report and makes sure that the property is suitable for them. They sign the purchase contract and give this and the exchange deposit to their solicitor. They also confirm the completion date.
8. When everything is in place and the buyer is ready to proceed, the contracts are “exchanged”. This is when a binding contract is formed. The deposit is paid to the seller’s solicitor, who holds it on account pending completion.
9. Following exchange, the buyer and seller and their solicitors prepare for completion. The completion money is ordered from the bank (if there is one) and statements are prepared for the buyer showing how much money is needed to complete. Some final checks are done by the buyer’s solicitor.
10. Provided everything is in order on the day of completion, the buyer’s solicitor pays the balance of the purchase price to the seller’s solicitor and when this is received formal “completion” takes place. The property now belongs to the buyer. Completion usually occurs at about 1-2pm on the day of completion.
11. Following completion the buyer’s solicitor completes several formalities including registering the buyer’s ownership of the property at the Land Registry and a copy of the completed title is given to the buyer.
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