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When you contact conveyancing solicitors, they send you a client care letter. This explains the service they provide and the costs. You agree to use a particular solicitor only when you sign the letter and send it back.
Completion date
There are two definitions of a completion date, depending on whether you’re buying a property or selling it.
If you’re buying, the completion date is the date you pay for the property in full. On this day, you can request the property’s keys.
If you’re selling, the completion date is the date the buyer pays you for the property in full. You must leave the property and pass the keys to the buyer.
Completion statement
This is a financial statement from your firm of conveyancing solicitors. It shows how much you are paying for a property, including the associated fees and costs.
At the end of the statement, there’s a total figure you must pay to complete the purchase of the property.
Exchange of contracts
When you exchange contracts, the selling and buying of a property becomes a legally binding transaction. At the exchange of contracts, the buyer pays a deposit for the property.
Fixtures and fittings form
When you sell a property, conveyancing solicitors ask you to complete a fixtures and fittings form. The form clarifies to the buyer what you are including with the property when you sell.
Local authority searches
If you’re buying a property, your solicitor will contact the local council and ask a series of questions. These relate to issues such as compulsory purchase orders, environmental health matters and tree preservation orders within the property’s boundary.
The council will reply to these questions after it has searched its records.
The searches do not apply to any other property.
Redemption settlement
A redemption settlement is the amount of money you must pay your mortgage lender if you’re settling the mortgage before it reaches the end of its term. A redemption settlement may include an early payment penalty.
Title deeds
These are proof of a property’s ownership. If you have a mortgage, your lender keeps the deeds.
Transfer deed
The transfer deed is a document that transfers your property’s ownership to a buyer. You must have a witness when you sign the deed. This witness does not have to be a member of your firm of conveyancing solicitors.
Article Source: http://www.articlemotron.com
When you contact conveyancing solicitors, they send you a client care letter. This explains the service they provide and the costs. You agree to use a particular solicitor only when you sign the letter and send it back.
NBM Law is a leading firm of conveyancing solicitors based in the UK.
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