Buying a home is an exciting time but it can be confusing, especially if you’re a first-time buyer.
Conveyancing describes the legal transfer of property (from seller to buyer). How long it takes depends on several things, such as how many buyers and sellers are involved in the process. This is called “the chain”
Usually Jordans aim to complete your transaction within 6-8 weeks but if the process will take longer, you will be fully informed about the reasons for any delay.
Jordans’ conveyancing team can help you buy your home by explaining the steps involved and helping you to resolve any legal issues that come up.
Once you have agreed a sale and purchase of a property you should tell the estate agent Jordans Solicitors details and this will ensure that we are notified about the sale and purchase. It will be helpful if you can also notify your mortgage company of Jordans’ details so that the mortgage offer can be issued to us without delay.
Jordans will take be with you every step of the way to ensure your sale or purchase progresses as smoothly as possible. You will have a personal conveyancer who will be available to you on the telephone or by e-mail and this person will deal with your sale or purchase from start to finish; you will not be passed from person to person.
Jordans’ conveyancing team pride itself on a personal, reliable and efficient service.
Frequently Asked Questions
- Draws up and assesses contracts
- Replies to any queries raised by the buyer
- Checks the title deeds and other documents
- Acts on behalf of the mortgage company to ensure the property is suitable as security for their lending
- Conducts searches e.g. local authority, water and drainage, environmental
- Provides legal advice and recommendations
- Handles the exchange of cash
- Pays the stamp duty charges on your behalf
- Deals with the Land Registry
Searches will provide details about issues that could affect your new home including legal disputes, flooding, planning constraints and permissions. Jordans solicitors are able to obtain the search results usually within 48-72 hours, which will ensure there is no delay to your purchase.
Exchange of contracts confirms the seller and buyer’s agreement to sell and purchase the property. After exchange has taken place, you cannot your change your mind about selling or buying.
Exchange usually takes place by a simple telephone call between the seller’s and the buyer’s solicitor and the date for completion is then set. A deposit of 10% of the purchase price is paid by the buyer to the seller’s solicitors and this deposit is held by the seller’s solicitor until completion takes place.
It is important that the buyer puts in place its building insurance from the date of exchange as this is the date when the buyer will be liable for the property.
Completion takes place when the balance of the purchase money is transferred to the seller and other fees are paid. Jordans will inform your mortgage company that the property is suitable as security for their loan in a document called the “Certificate of Title”. Lenders usually require 5-7 working days from receipt of the Certificate of Title to the release of mortgage money to Jordans for the purchase.
On completion, Jordans will transfer the purchase price to the seller and pay other fees on your behalf.
Once the seller’s solicitor has received the purchase money, they will release the keys and the property is yours. Congratulations!
Jordans will then prepare the tax return and make arrangements to pay the Stamp Duty Land Tax to HMRC on your behalf.
Finally, Jordans will register your name as the owner and your mortgage lender as the lender, at Land Registry and send a copy of the registration to you.
There are a number of legal problems that can happen when buying or selling a property so it's risky to proceed without help from an experienced and skilled Jordans conveyancer.
Not only is it a very complicated and time-consuming process, but there are a number of legal documents that need to be completed.
Mortgage lenders will require a conveyancing professional to carry out the process and here at Jordans solicitors we have good relationships with mortgage companies and are proud to be on panels of approved solicitor partners.