You’ve put an offer in on your dream home. What happens next?
The conveyancing solicitor will actually usually get involved even before a purchaser has been identified. So that there are no delays once the “Sold” sign goes up on your property, your title deeds will usually have been ordered from your mortgage lender as soon as the property goes on the market and some of the pre-sale searches will be ordered early on in the process so that if, for example, there is a boundary glitch or the like, it is identified so that action can be taken.
Once an acceptable legal contractual offer has been received, your solicitor will, in conjunction with you, make any amendments to the offer that are required – for example, if you know that there is a small area of damp somewhere, you would want to delete any warranty in the offer that the property is entirely damp-free. Once any such amendments (done by means of what is known as a “qualified acceptance” in the “missives”) have been debated and accepted (or rejected!), a binding contract will be concluded.
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Your conveyancing solicitor will then approve the purchaser’s new title deed, arrange the paying-off of your existing mortgage loan and the discharge of your mortgage deed, obtain various pre-settlement searches and generally tee-up the sale. On the completion date (“the date of entry”), the title deed will be exchanged for the price and the keys handed over, with the sale proceeds, after paying-off of the existing mortgage, being paid over to you, or very often rolled into a same-day purchase of your new home.
For more advice on conveyancing and property in Argyll and Lochaber visit the website for MacPhee & Partners
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