Most people employ a solicitor when buying a property because of the amount of money being spent and the complexity of contracts entered into. Solicitors are central to much of the property transaction, because they often market the property on behalf of the seller, their key task being to negotiate and check the contracts before handling the transfer of the Title and cash
It is useful to employ a solicitor early on in the process of buying a property, as they will have good experience of the process. Most work on a fixed fee basis, so timing rarely affects the cost. There several things to do when purchasing a property, which can take a few weeks:
Setting up a mortgage: this gives buyers a budget to work towards for the purchase. Solicitors, brokers or lenders are usually involved in this process.
Noting your interest: once you have found a property for which you are keen to make an offer your solicitor will 'note interest' on your behalf.
Conditional offer: you may make a conditional offer with a proposed date of entry. Subject to certain conditions being acceptable to the seller.
Surveying: some buyers consider having a new property surveyed prior to offering but often nowadays offers are submitted and the survey is only instructed if the offer is to be accepted.
Formalising the agreement: after receiving a full formal conditional offer in writing, the seller's solicitor sends your solicitor the title deeds and search report plus any other documents agreed in the contract. The seller signs the transfer of the title deed, known as the 'disposition'.
Mortgage: as the buyer you will need to arrange your mortgage and the seller's solicitor will prepare the Land Transaction Return for you to sign.
Request of funds: the seller's solicitor will request the funds from your lender and any other associated fees in preparation for the date of entry.
Stamp Duty Land Tax: your solicitor will complete the transaction by paying the stamp duty land tax and arrange for the signed title deed to be registered with the land register.
Start to finish: Edinburgh solicitors Blair Cadell look
after your complete purchase transaction including mortgage
matters, contract and conveyancing, up to the day you receive the
keys to your new property, all at single fixed cost. If you are
looking for solicitors in Edinburgh look no further.