Conveyancing, Easier Than Ever
Conveyancing can be expensive and costs vary widely between solicitors. We want to make this process as easy, cost-effective and efficient as is possible, instantly providing you with the most affordable price we are able to offer right away. In case you’re looking to sell, buy or remortgage a house in Conveyancing Cardiff We can offer you the No Move No Fee guarantee.
Cardiff Conveyancing Quotes – No Move No Fee Policy
It’s possible to only buy a house only once in your life, but at My Conveyancing Cardiff we have decades of experience. Get a quick online conveyancing estimate directly from an UK legal professional or conveyancer in or near Cardiff. Simply enter a few details about your house move and let our team guide you through the process by making it quick, easy and simple to comprehend.
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What is Conveyancing
If you’re still confused that’s fine as it’s an extremely complex process, Conveyancing means the legally binding transfer real estate property between owners. It is the process of a conveyancing solicitor or licensed conveyancer, who acts on behalf of the buyer who ensure that they receive the title deeds to the property and the land it sits on. Conveyancing outlines the formal and administrative requirements to make sure that a purchase of a house is legally valid.
1. Initial Agreement
The first step is to find a solicitor/conveyancer and instruct them to carry out the process of transferring ownership of the property from seller to buyer.
The appointed conveyancer will then draw up the draft contract, which will include the agreed price, as well as the transaction details. The Estate Agent/seller will organise and issue an Energy Performance certificate.
The Seller then has to complete these forms “Property Information” and “Fittings and Contents” forms and forward them to the solicitor of the buyer in conjunction with the contract.
Now the Seller’s solicitor has to create and submit the contract to the Buyer’s solicitor along with the particulars of the title to the property as well as any other important documents that are comprised in the document. The solicitor for the Buyer can raise inquiries about the received documents.
An application to the Mortgage Company will be needed in the event that the Buyer has agreed to receive a mortgage that must be approved prior to the buyer being able to exchange contracts. The Buyer must have their financial agreement in place prior the exchange.
When the Buyer takes the property, he must obtain an inspection of the property prior to trading contracts. The survey is usually conducted by the Mortgage Company.
The Buyer’s solicitors will execute the proper Searches (Local and Water Searches …). They are dependent on the type of property they purchased, its current state and its situation.
If there’s more than one deal (what’s known as”a “chain of transactions”) and the same process is carried out for every one of them. Contracts cannot be exchanged until all parties have coordinated their finances, and everyone in the chain is prepared to make the exchange.
2. Exchange of Contracts
Once the steps mentioned above have been completed and everyone involved in the transaction or chain of transactions have set a date of completion then the solicitors will swap contracts.
The buyer now has to make a payment (usually 10 percent of the value). If the buyer is selling their own property, this deposit will be used for the purchase.
After 2 to four weeks following the exchange of contracts and the date of agreement between them and their lawyers, is the time to complete. It must be a working day and, most importantly it is the day on which both parts are moved.
The solicitors of the Buyer will draft the transfer of the property, in the interval between the exchange process and the signing of contracts. This Transfer needs to be approved by the Seller’s solicitors , and agreed to by both parties.
If the Buyer is obtaining an loan, their solicitor will submit a report of the title of your property Mortgage Company in line with the detailed instructions supplied by them. They then apply to the Mortgage Advance, normally received the day prior to completion.
The solicitor representing the Buyer will do an end-to-end survey of land Registry and Charges checks and obtain the money required from the buyer to finish.
The solicitors for the Buyer send the remainder of the purchase cash via Telegraphic Transfer to the Seller’s solicitors. Both parties must wait for the money to be received by the solicitor’s bank in case there is a chain of transactions.
When the Seller’s solicitor has received the purchase funds when he has received the purchase money, he will release the key, which is kept in the hands of an estate agent.
The solicitors of the Seller will forward their transfer documents to the solicitors for the Buyer and then to the Buyer in addition to any other documents relating to the property.
The solicitors for the Seller will redeem any mortgage/s they have to the Seller.
The Buyer’s solicitors will send the stamp duty and Land Transaction Returns of the property to Inland Revenue.
After that, the solicitors for the Buyer will be issued the official certificate by the Inland Revenue and register the title of the buyer with the Land Registry.