Conveyancing solicitors are responsible for the transfer of the title of a certain property from one person to another. Mortgage firms usually prefer to deal only with these competent lawyers instead of licensed conveyancers. The truth is selling or acquiring real estate is complicated and thus requires the expertise of these legal experts. The savvy lawyer can help a seller in different ways.
Responsibilities of Conveyancing Solicitors
- Solicitors take care of title deduction or the process of acquiring a copy of the entries on the records of the title kept at the Land Registry. The title deed can be secured from your mortgage lending facility if the document is not in your possession. This specialist can compose a Home Information Pack and arrange a schedule to accommodate the buyer. The purchase price will include all additional accessories.
- The lawyer will draft the contract or sale which indicates the terms and conditions regarding the purchase. Once the legal document is finished, it will be sent to the buyer’s solicitor in London. The buyer is obliged to provide you with a pre-contract request for information that need to be answered. The enquiry can be in standard form which is done for every purchase or specific to the property. The prevailing legal standard in real estate sales is to respond to all questions truthfully.
- When both parties agree to the provisions of the draft contract or once amendments have been incorporated, the solicitor will review the contract one more time and check the mortgage redemption amount before deciding on an expected completion date. Make preparations for the turnover of the property upon this completion.
- The conveyancing solicitors of both parties will make sure that the contract of sale will be facilitated legally. The buyer is required to make the deposit to your solicitor. It is the responsibility of the buyer’s lawyer to draft a deed of purchase or transfer from which will be forwarded to your solicitor. Your solicitor must review all the details and send the corrected copy to the other party. Otherwise, it will be submitted to you for signature. The deed will be carried out appropriately in the presence of independent witnesses.
- Another obligation of the solicitor in London is to send you a completion statement which points out the amount of money that you are supposed to pay prior to the completion of the sale. Financial statements should contain the legal costs, disbursements, deduction for the deposit, and money for redemption of the present mortgage. You will be given a fixed period to settle outstanding costs to facilitate the completion.
- When the completion is executed between the two property solicitors, the keys to the house are turned over to the new owner. The buyer’s attorney will make sure that money is sent to finalize the acquisition while your own solicitor takes care of the unsettled loan with the completion funds.
- Finally, the solicitor whom you contracted is bound to get back the remaining mortgage funds and discharge form. The document will be forwarded to the lawyer of the buyer while the remainder of the money will be given back to you.