What does exchange of contracts mean?
This is the point when the sale becomes legally binding and the completion date is fixed. The property lawyers make the exchange by telephone and send the signed contracts to each other by post. Once exchanged neither buyer nor seller can pull out of the transaction without legal and financial consequences.
What is conveyancing?
Conveyancing is the legal process of transferring ownership of a property from one party to another and releasing any mortgages secured on that property.
Can you recommend a property lawyer?
We recommend Countrywide conveyancing services. They are the experts in property law and are passionate about helping you. They only do conveyancing and are not distracted by other types of legal work. Click here to find out how to contact them.
Why do I need to tell you I have exchanged? What is in it for me?
Informing us that you have exchanged on your property will mean we can tie up all loose ends and carry out necessary administrative tasks - for example, making sure all documentation is complete, the ‘For Sale’ board is removed, all records are updated, and your property is marked as sold and removed from our marketing websites. We would also like to send you out a thank you for using our services and congratulate you on your sale or purchase
What is completion?
Completion is when funds have been transferred in to the seller's account. This is the point at which you are instructed to release the keys to the new owner.
How do I pass the keys to the new owner?
If you have a High Street Service package then the distribution of keys will be handled directly by the branch.
If you have a Online Service package you will receive a call from your property lawyer to confirm the funds have been received from your buyer’s property lawyer. Then you can make mutually convenient arrangements with your buyer to handover the keys.
Please note: Once monies are transferred the property ownership passes over to the buyer and you are legally required at this point to vacate the property.