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Buying and selling a house

By House and Home Co. / Published on Monday, 15 Jan 2018 18:17 PM / Comments Off on Buying and selling a house / 82 views

Miniature house and a keyBuying or selling a house is a complex process. While it may seem like a simple transaction on the face of it, there are some intricate legal documents and searches that back it all up. These are best completed by qualified professionals such as conveyancing solicitors in Portsmouth.

Engaging a conveyancing solicitors in Portsmouth, like Andrew & Andrew, is done after an offer has been tendered and accepted for a property. Up until this point, communication between the buyer and the seller takes place through the estate agents. There are some special circumstances where it might be appropriate to consult conveyancing solicitors in Portsmouth before an offer is made, such as when the property is listed, or when buying a house at auction.

Fees

Most conveyancing solicitors will quote a price for the standard purchase process from start to finish. They may ask for a fee upfront to cover the cost of searches. The remainder of the fee is usually taken from the funds exchanged during the final stages of a house purchase. Occasionally, interim monies might be requested, if appropriate.

Next steps

A solicitor will proceed with the various searches involved and there will be communication between the buyer’s and seller’s solicitors. They will exchange information about the property and make enquiries into anything unusual. There is a lot of exchange of paperwork at this point. It helps the process to run smoothly if both the buyer and the seller promptly return any required information as soon as possible.

The buyer will normally have a survey conducted at this point. Their conveyancing solicitor may be able to recommend a surveyor or they can find someone thorough the Royal Institute of Charted Surveyors (RICS). A solicitor would not normally get involved in this process, although they can assist with negotiations, where applicable, based on the results of a survey.

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Exchange and completion

Exchange and completion are the final stages of a house purchase. A deposit is normally required before exchange. Once contracts have been exchanged, the sale is considered to be legal binding and there are ramifications if either party pulls out. Completion requires the seller to vacate the property as soon as possible – normally the same day.