After what is often a long and winding journey to find a house that ticks all the boxes, the final few stages before exchanging contracts are crucial to sealing the deal. There is a mountain of paperwork and lots of details to pay close attention to. Going it alone on this journey, without professional assistance, can result a house purchase falling through.
That’s why it helps to have the services of an experienced conveyancing solicitors in Portsmouth, such as Andrew & Andrew Solicitors. They’ll be able to keep a close eye on the purchase process to ensure each stage is completed properly.
Here is a list of a few of the things a Portsmouth conveyancing solicitors will do before the exchange of contracts:
- Carry out standard searches on the property, including checks with the local authority regarding the property and surrounding area, checks with the water company regarding sewers, drainage and piping, and environmental checks addressing the likelihood of landslips, flooding and subsidence
- Carry out additional searches on the property, dependent on the local area and/or condition of the property
- Check the particulars of the contract, including any terms or conditions that were negotiated and ensure the buyer is well aware of all of these
- Check that any fixtures and fittings that are included as part of the purchase are what the buyer expected
- Go through the mortgage offer and if there is any uncertainty, explain the conditions to the buyer
- Advise on whether it is prudent to take out indemnity insurance
- Manage all dealings with the land registry, including payment of the land registry fees, which ensures that the register is updated with the buyer’s details upon completion of the purchase.
With all the boxes ticked, a Portsmouth conveyancing solicitors will transfer the funds from the buyer to the seller.
The Exchange
Solicitors also handle the actual exchange of contracts. The buyer’s solicitor and the seller’s solicitor will do this over the phone at first. They will each read the contract out loud to ensure they are identical during a recorded phone conversation. They will then post their contracts to each other. This completes the house buying process.