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The legal process

The legal work to transfer a property is called conveyancing.  Conveyancing is the process of legally transferring ownership of a property from the seller to the buyer.  We have teamed up with local experts Flint Bishop Solicitors to offer competitive conveyancing for our members. 

1. Starting the legal process

• Ensure that you are happy with the contract and understand it before you exchange, so keep track of what your conveyancer is doing.
• Make sure you understand what charges you will incur.

2. Arranging your mortgage

• It’s a good idea to research this as early as possible.
• If you haven't got a decision in principle from The Loughborough which outlines the amount you can borrow, you should contact us now.

3. Get a survey

• Check the building is sound.  We will arrange  a basic valuation, there may be charges involved.
• Unless you are buying a new home, it makes good sense to pay a little extra for a more detailed survey.
• If you want work done before the sale goes through, or you want to negotiate a reduction in price, ask your conveyancer to negotiate this with the seller’s conveyancer and estate agent.

4. After acceptance of the offer

• The seller’s estate agent will write to confirm this.
• On receipt, give the estate agent your conveyancer's name and contact details.
• Give your conveyancer details of the property, the estate agent, the price and your mortgage lender.
• If you don’t already have a conveyancer or a mortgage lender, you need to do this now.
• If you haven’t already, you will need to get a formal mortgage offer sorted out quickly. If you already have a decision in principle, getting a formal offer should be straightforward, subject to a satisfactory valuation of the property and status checks.
• Once you have accepted, the property might still be advertised as ‘sold subject to contract’ or ‘under offer’.  However, either you or the seller could pull out without penalty up to the point of exchanging contracts.
• When you exchange contracts, you make a financial and legal commitment.