Selling or buying a property doesn’t technically require the assistance of a mortgage solicitor in London, but with the complexities of UK law and the sheer number of ways a house purchase can fall through, there are many benefits to using the services of mortgage solicitor.
A reputable mortgage solicitor in London will take care of the mountains of paperwork that are part and parcel of conveyancing. Saracens Solicitors is one such mortgage solicitor. Their main remit is to provide the following key services:
Deal with the contracts
This is where all the complexity of conveyancing is laid out in black and white. Understanding exactly what is said is vital to ensuring both parties know what they’ve signed up for and have met their legal obligations. A mortgage solicitor can clearly explain any legal jargon to ensure this is the case.
Provide legal advice
For complex conveyancing cases, the advice of a mortgage solicitor in London can save both parties time and money.
Carry out searches
A mortgage solicitor will carry out a variety of searches to check if there are planned developments near the property, to check sewage and water drainage, as well as any environmental issues, such as flooding.
Update the Land Registry
The Land Registry needs to be kept abreast of changes in ownership of a property. A mortgage solicitor in London will register the purchase of the property with the Land Registry.
Exchange of contracts
Before signing the contracts, a mortgage solicitor in London will ensure their client fully understands the terms. The mortgage solicitors representing the buyer and seller will then read out the signed contracts they hold to each other verbatim, ensuring both parties have signed identical contracts.
Deal with the funds transfer
After the exchange of contracts is complete, any remaining funds need to be transferred. The chain of transfers starts with funds going from the buyer to the buyer’s solicitor, then from the buyer’s solicitor to the seller’s solicitor and finally to the seller.