Page 8 - AvRillo_A4ConvGuideBook July2017

8 Your move fast guide to conveyancing by AVRillo.

8 STEP GUIDE TO CONVEYANCING

UNDERSTANDING THE PROCESS.

For any questions arising from this guide call: 0208 370 3877.
Alternatively, see our free information videos and guides on www.avrillo.co.uk.

Step 1. The Beginning Bit. The faster your solicitors, the Step 5. In between the Exchange & Completion date.
more chance of you actually moving. If selling ask them to issue The Law Society contract states 20 working days between
contract papers on day one, rather than the normal 2-3 weeks exchange and completion for all legal work to be completed
delay. If buying ask your solicitor to order your searches on day in time. If you are buying, leave 5 working days for your lender
one, rather than waiting 2-3 weeks. If you have lender, appoint to send their mortgage funds; and for you to send your balance
a specialist as up-to 40% of claims are made for lender mistakes. to complete. If you are selling with a mortgage, you either pay
You lose financially, including your mortgage. As a benchmark, this off in cash or ask your solicitor to give a personal promise
we have 0% negligence so ask around. to the buyer solicitors to pay this off on completion (called an
‘undertaking’). It’s a big risk for your solicitor, but if you ask, they
Step 2. The bit between the beginning and the middle. will do it. What if you want to expedite (i.e. leave less than 20
The buyer’s solicitor checks the seller solicitors contract papers, working days)? Ask your solicitor if they have the time; most
searches and deeds to check for defects and legal restrictions charge an additional fee but at least you get to move on your
(called ‘investigating legal title’). If your solicitor gets it wrong, chosen, earlier, expedited date.
the buyer takes the risk of financial loss because of the principle Step 6. On the day of Completion for purchase.
of ‘buyer beware’. The buyer’s solicitors send a bank transfer to the seller’s solicitors
Step 3. The Middle Bit (where delays often occur). on the morning of completion. Slower solicitors delay, risking
This is where solicitors deal with ‘additional enquiries. It can cause you not only sitting on the doorstep of your new home with your
months of delay if your solicitors are confrontational or slow. removal van but also incurring financial penalty (running into
The better they work together, the more chance of you actually thousands). Don’t forget to complete your stamp duty tax form
moving. As buyer, ensure your solicitor only asks relevant questions, yourself (or ask your solicitor to take this responsibility); also to
register you ask owner on the same day. Some solicitors delay for
as seller, answer quickly, and find your documents prior to putting weeks, risking you being registered late and a fraudulent buyer
your property on the market. Some solicitors even provide a ‘seller selling your home.
ready pack’. This saves you time and risk.
Step 7. On the day of Completion for a sale.
Step 4. The Bit before the End. Your solicitors agree they Ensure your solicitor pays off your lender, otherwise the buyer
are ready to exchange. You agree a completion date (via your will not complete and you incur a financial penalty. Ask them to
estate agents), and notify your solicitors to formally exchange. chase the buyer’s funds. If they release the keys too early, you are
The buyer sends their deposit (normally 10%). On exchange, the out of the property, without your full purchase price.
solicitors enter the fixed completion date on the contract. Your 8. Post Completion work. Solicitors can get this wrong and
move is now safe, no one can change their mind without paying are known to delay. Ask for their negligence record as mistakes
a penalty. Only book your removals after exchange. here risk fraudsters taking your property.