Conveyancers London
Conveyancers London
London is the capital city of England the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its founding by the Romans. London’s ancient core, the City of London, largely retains its square-mile mediaeval boundaries. London is a leading global city, with strengths in the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism and transport all contributing to its prominence. It is the world’s leading financial centre alongside New York City and has the fifth-largest metropolitan area GDP in the world, and the largest in Europe. There are many Conveyancers London in the various districts of the capital.
Stages of the conveyancing process
If you need a mortgage (a loan from a bank, building society or other financial institution), you should obtain advice from your lender or mortgage broker as to the best mortgage for your circumstances. CMS can recommend an independent financial adviser in order to give you a no obligation comparison quote for your mortgage.
All Conveyancers London will usually receive from the seller’s solicitors the draft contract for sale, copies of any relevant Title Deeds and various completed questionnaires. All conveyancers will then send of for a local authority search against the property. This is a list of enquiries with the Local Authority and will cover such matters as whether the roads around the property are maintained at public expense, whether there are any planning permissions relating to the property and whether the London Local Authority has any plans for the property (i.e. Compulsory purchase).
An environmental search will reveal whether the land around the property is likely to be contaminated and whether the property is prone to flooding amongst other things. The Water and Drainage Search will reveal whether the property has mains water services, whether the property has a metered water supply and other matters relating to the water and draining at the property.
Once London Conveyancers are satisfied that there is nothing to prevent the sale of the property to you and that nothing has been revealed by the documentation and searches which would cause them to recommend that you do not proceed, and that your mortgage offer is in place, they will Exchange Contracts. On Exchange of Contracts a date will be fixed for the Completion of your purchase. You will usually be expected to pay a deposit of 10% of the purchase price on exchange.
Conveyancers in London will then prepare a Transfer Deed which we will send to the sellers solicitors for signature by the seller in readiness for completion together with Requisitions on Title (which is a final set of questions to establish that there have been no changes to information previously supplied).
The solicitor will carry out a Bankruptcy Search (a search against your name to make sure that there are no County Court Judgments or Bankruptcy’s registered against your name). They will need you to provide them with copy of the Buildings Insurance Policy which should be taken out in the name of yourself and your mortgage lender and which should insure the property to its full reinstatement value (a recommendation is usually to be found on the Valuation Report prepared on behalf of your mortgage lender and of which you will usually be provided with a copy).
London Conveyancers will prepare a Completion Statement which will set out the purchase price plus our costs and disbursements and account for any monies already paid (i.e. The deposit paid, any monies paid to ourselves on account of costs and disbursements) and advise you of the amount that we will need from you to complete your purchase. They must be in receipt of cleared funds no later than the day before the date agreed for completion. They will send a Certificate of Title and Request for Funds to your Lender so that it may remit its loan money to ourselves in time for completion.
On the agreed Completion Date, the date on which the sale is completed and you become the owner(s) of the property, they will send to the Seller’s Solicitors the balance of the purchase money and we will receive from them the Transfer, their undertaking to discharge any existing mortgage on the property, any Title Deeds, guarantees and/or indemnity policies. You may be liable to pay Stamp Duty Land Tax (SDLT tax payable on the sale of a property) on your purchase. In any event it will be necessary to complete an SDLT Form advising the Inland Revenue of the details of the purchase (to be accompanied by payment of Stamp Duty where applicable).
Once Conveyancers in London have received the Inland Revenue’s Certificate and have all relevant documentation to hand they will proceed to Registration of your Title and the Interest of your Mortgage Lender with HM Land Registry. In carrying out the Registration the Land Registry will amend its record to show that you now own the property and that you have a mortgage (if applicable) on the property and on completing its Registration the Land Registry will issue a Title Information Document showing the current details of the owner and mortgage lender and other general property information. Registration incurs a Land Registry Fee which varies in accordance with the purchase price of the property.