Compare quotes from conveyancing solicitors servicing Chevington
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What happens during the ‘Exchange of Contracts’ ?
Exchange of contracts (EoC) is the point of the legal process where a binding obligation on both parties is created - for the Seller to sell and the Buyer to buy the property.
At any time up until the EoC point, either party could withdraw from the process without any penalty other than monies they have spent on surveys, mortgage application fees and similar costs....
At EoC stage a completion date is normally mutually agreed when the transfer can and will be finalised.
On the day of completion the monies are transferred between the parties and, the keys to the purchased property are handed over to the buyer.
How Long?
How long does the conveyancing process take?
The average sale or purchase should take 4 to 6 weeks, but this can vary depending on a number of other factors.
The conveyance of leasehold property can takes longer than a freehold property because it's necessary to obtain additional information from the managing agent or owners of the property - especially if they're not UK resident.
To be on the safe side - allow up to 12 weeks for the process to complete, longer if complicated chains are involved.
Some chevington Solicitors
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