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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.
What Conveyancing Involves..
Your conveyancer will perform the following tasks and checks:
Examinine the title deeds for potential problems;
Conduct local searches for planning conditions or other conditions of ownership. These will involve checking that the street, pavement and drains are maintained by the local authority.
Create a draft contract of sale.
Arranging for any stamp duty to be paid and registering or recording the change of title to the property, and the mortgage deed, with the Land Registry.
Assist in co-ordinating the sale. If a property chain exists delays or breaks in the chain can result in delays to the intended complation date or even cause a sale or purchase to fall through.
Some lower gornal Solicitors
Important Note: Some of these lower gornal solicitors may not offer legal services for property. Please use our quotation request form to compare quotations from solicitors that offer legal services for property, and with coverage for the lower gornal area. Because of our special agreement we are always cheaper than going to a panel solicitor direct.
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