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Do conveyancing solicitors liaise with mortgage providers?

 
The process of buying and selling property in the UK is also known as conveyancing. It is a complex and varied process, in which both sides must work to ensure that the property transaction is conducted in an appropriate fashion, to ensure that legal title passes from the buyer to the seller. Much of the legal work and legal advice is given by specialist conveyancing solicitors, who represent either the buyer or the seller on either side of the transaction.
 
The process begins with an offer which is accepted by the seller. This sets in motion a chain of events which begins with the seller’s solicitor preparing contracts, and the buyer’s solicitor establishing title and conducting searches. The purpose of the searches, the structural survey and the valuation survey commissioned by the lender is to ensure that the property is sound, that there are no hidden charges or faults, and that the property is worth the money that is being lent against it. 
 
It is common for the mortgage lender to instruct the buyer’s solicitor to act on their behalf. Much of the work conducted by the buyer’s solicitor is of relevance to the lender, and instructing the same solicitor can help save time and money in the transaction process. 
 
Once the searches are back, the structural survey is complete and the valuation survey and background checks have been carried out, the mortgage lender is in a position to approve the finance for the purchase. This event will usually coincide with the production of a contract by the seller’s solicitor. The contract will have been negotiated with the buyer’s solicitor and so should contain no surprises. 
 
Assuming both parties have organised their next move, the exchange of contracts can now take place. This marks the transfer of the legal interest in the property from seller to buyer. Although the buyer may not move in for several weeks, responsibility for the property is now legally with them, and the parties cannot now back out of the transaction. 
 
If you would like to obtain legal advice on conveyancing, Contact Law can put you in touch with a local specialist solicitor free of charge. So, if you have any questions or would like our help in finding local solicitors please call us on 0808 129 5758 or complete the web-form above.
 
 
 
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