Explore the steps involved in the selling process for Legal with airSlate SignNow

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hello I'm Justine Sims and I'm a solicitor in the property department at Osborne solicitors moving home can be a straw expensive time today I'd like to explain a little bit about how the conveyancing process works when buying a property usually by the time a buyer approaches the solicitor they would have found a property to buy had an offer accepted and have a mortgage offer in place if a mortgage offer isn't in place then this is the time when the buyer should apply for a mortgage as exchange of contracts cannot take place until the mortgage offer has been received unchecked by the buyers solicitors it is also at this point in the transaction when the buyer should consider having a survey undertaken against the property the buyer can rely on the valuation report undertaken by the mortgage lender but this is just a valuation and not a full survey there are two types of survey a homebuyer survey and a structural survey for most buyers a homebuyer survey will be sufficient this highlights any major or significant problems with the property that require urgent attention these problems can include timber infestation damp or repairs to the roof is this important for the buyer and the buyer solicitors to be aware of these problems before exchange of contracts as it may result in a reduction in the purchase price or requiring the seller to undertake the works prior to completion once the buyer has instructed a solicitor the buyer solicitors will receive from the sellers solicitors a pack of documents this will include a draft contract a copy of the title for the property a property information form a leasehold information form if the properties are flat and of fittings and contents form there may also be planning documents and guarantees once the buyers solicitors have received these documents they will undertake searches these will almost certainly always include a local search and a drainage search in addition the buy solicitors may undertake an environmental search and a chance of repair liability search there may also be searches that the buy solicitors will do which are relevant to the location of the property such as a coal mining search and a brine search when the buyers solicitors have received all search results back they will look through all the papers including the papers received from the Solicitors raising queries and approved the draft contract once the contract is approved and the buyers Lister's have received replies to all inquiries from the sellers solicitors the buyers solicitors can then prepare the report to the client setting out all the information about the property the buyers solicitor will now be ready to exchange contracts and will send the contract out to the client to sign and request the deposit monies the deposit payable on exchange of contracts is usually 10% of the purchase price for example if you're buying a property for 200,000 pounds your deposit would be 20,000 pounds the buyer will also need to agree the completion date with the seller this is usually once two weeks after exchange of contracts once the buyer solicitors have received the signed contract and deposit from the buyer they will telephone the son of solicitors to exchange contracts once contracts have been exchanged the buyer will be contractually bound to complete on the completion date if you're buying a property and looking for a solicitor please contact me Justine Sims at Osborne solicitors on Oh 207 485 double a double 1 and I'll be able to answer any of your questions