Once an offer has been accepted, you will need to select a legal representative - they play a key role in the purchase of your property.
- Appropriate legal checks on the property
- Legal work for property purchase
- Ensuring the property meets your lender’s requirements
- Identify title or planning issues
- Advise on searches required
- Transfer of ownership
It is recommended to get a number of different quotes before selecting a legal professional.
- Price – hidden extras, referral fee, no-move no-fee service
- Quality – online reviews and specialist skills for complex sales
- Service – communication, opening hours, experience in your area
Once you have an agreement with a legal professional, they should provide a letter of engagement which sets out the terms of your agreement:
- Instructions you have given them
- Their fee
- Agreement timescales
- Other relevant information
Living Spaces work closely with a number of local solicitors whom we have good relationships with and have great knowledge of the local market, area and properties. Living Spaces can recommend our preferred solicitors if you wish to obtain a quote. Please note, commission payments of £120 inclusive of VAT, are received by the Agent when Sellers and Buyers are referred to a selected conveyancer, when the sale concludes.
Your legal representative will organise relevant searches on the property and/or land, which will inform you about any restrictions relating to the land or property and any external factors. If you have any concerns about the neighbour’s land, your legal representative can request a specialist search for you.
To prevent delays, you should ask your legal representative to order searches as soon as possible. Your legal representative will advise on any additional searches that should be undertaken.
During the buying process your legal representative will raise enquiries based on the information received. Enquiries are wide-ranging and raised at different points through the process. You should think about anything you would like your legal representative to ask on your behalf.
Your legal representative will advise on the possibility of taking out indemnity insurance to protect against issues uncovered by property searches.
When the buyer and seller exchange their signed agreements they are legally bound to the transaction. Your legal representative will advise when you are ready to exchange.
Checklist before exchanging:
- You are happy with searches, survey and contract details
- Your lender has confirmed the mortgage
- You are able to pay the deposit
- You are able to pay associated costs
- Building insurance has been arranged
Exchanging contracts is a legal commitment; if you withdraw after exchange you may lose your deposit and have to pay compensation to the seller, and if the seller withdraws they may be liable for your costs and compensation.