Briefly defined as the process of transferring a property from one owner to another, conveyancing is often daunting for Wakefield-based homeowners simply wanting to move into their new house or apartment.
As understanding what it involves lessens the likelihood of any surprises cropping up along the way, today the residential conveyancer team here at Jordans Solicitors are outlining the key steps.
We touch on three of these below:
The conveyancing begins upon acceptance of the offer. After this stage, the buyer’s solicitor will obtain and negotiate on the draft contract. Once the standard and other searches are carried out and everything is checked over and agreed, a completion date is set.
To ensure that the contracts are identical, both solicitors/conveyancers will read them out during a recorded telephone call. They then immediately send theirs to each other in the post. It must be noted that these are legally binding contracts and there are consequences for the two parties if the purchase is not completed.
On the completion date the buyer’s solicitor will hand over the balance of the payment to the corresponding seller’s solicitor. This is where you get the keys to your new Wakefield home and any final administration issues are tied up. It is worth remembering to collect together and store all of the paperwork from the purchase so that you know it is safe for whenever it may be needed again.
If you are either buying or selling a home in the Wakefield or West Yorkshire area and want any more information on our residential property services, please do feel free to contact Keira Rawden, Head of Property and Commercial at Jordans Solicitors, today.