Residential Conveyancing
Purchase
The conveyancing process is the legal process of transferring ownership of a property from the seller to the buyer. The process typically involves the following steps:
Offer Accepted: Once a buyer has found a property they wish to purchase, they will make an offer to the seller. This is usually via an Estate Agent. If the offer is accepted, the parties will enter into an agreement for sale.
Searches and investigations: The buyer’s solicitor will examine the title deeds to the property together with the various searches and property certificates to ensure that the property is suitable for purchase. These investigations will include a local council certificate, regional property certificate, statutory charges search, bankruptcy and enforcement of judgment searches The purpose of these is to ensure there are no adverse entries registered against the property or the vendor.
Mortgage approval: If the buyer is obtaining a mortgage to finance the purchase, they will need to obtain mortgage approval from their lender.
Offer to Purchase and Acceptance: Once the searches and investigations have been completed, the parties will enter into contract. Typically, the purchaser will send an Offer to Purchase and the Vendor will accept the Offer to Purchase. This is commonly referred to as exchange of contracts. At this point, the transaction becomes legally binding, and a completion date will be agreed.
Completion: On the agreed completion date, the balance of the purchase price will be paid to the seller’s solicitor, and the buyer will receive the keys to the property.
Post-completion: After completion, The buyer’s solicitor will register the change of ownership and any mortgage with Land Registry.
It is important to note that the conveyancing process can be complex, and it is essential to engage a qualified and experienced solicitor to guide you through the process.
Sale
The residential sale process in Northern Ireland can be broken down into the following steps:
Instruct Solicitor: Our Solicitors will handle the legal aspects of the sale. They will take care of the conveyancing process, which involves transferring ownership of the property. We recommend that you instruct us as early as possible, either before or at least at the same time as you instruct an Estate Agent to market the property. This is because we will have an opportunity to obtain and thereafter examine the title deeds to your property and iron out any issues that could otherwise delay the sale transaction.
Market the property: You will need to instruct the services of a local estate agent. The estate agent will provide a valuation, arrange viewings and negotiate offers on your behalf.
Accept an offer: Once you receive an offer, you can choose to accept, reject or negotiate the price. Once you accept an offer, the buyer will usually arrange a survey of the property.
Complete the legal process: Our Solicitors will take care of the legal process, including preparing a contract, and entering into contract with the buyer’s solicitor. When both parties have entered into contract, the sale is legally binding.
Completion: On the completion date, the buyer will pay the balance of the purchase price and our Solicitors will transfer ownership of the property to the buyer. You will need to move out of the property on this day and hand over the keys to the buyer.
Re-mortgage
Your Solicitor plays an important role in the re-mortgage process. Here are the typical steps that our Solicitors will undertake during a re-mortgage:
Obtain the title deeds: Your solicitor will obtain the title deeds of your property from your current mortgage lender.
Review the title deeds: Your solicitor will review the title deeds to ensure that there are no legal issues that could affect the re-mortgage process.
Provide legal advice: Your solicitor will provide you with legal advice regarding the re-mortgage process, including any potential risks or benefits.
Conduct property searches: Your solicitor will conduct property searches to check for any outstanding charges or restrictions on the property.
Liaise with the new lender: Your solicitor will liaise with the new mortgage lender to ensure that they have all the necessary information and documentation to process the re-mortgage.
Mortgage Deeds: Your solicitor will prepare the mortgage deeds and will arrange for you to sign these.
Arrange for the new mortgage funds: Your solicitor will arrange for the new mortgage funds to be released to pay off the existing mortgage.
Register the new mortgage: Your solicitor will register the new mortgage with the Land Registry to ensure that the new lender has a legal charge over the property.
Overall, your solicitor will play a vital role in the re-mortgage process, ensuring that all legal requirements are met and that the transaction is completed smoothly and efficiently.
Contact one of our experienced solicitors today for all your conveyancing requirements.
