When Do You Pay Conveyancing Solicitors?
The conveyancing process refers to the exchange of home ownership from the seller to the buyer. The whole process can be incredibly confusing, especially when you do not know the order in which things happen and when you need to pay your conveyancing solicitor. Below, we explain this confusing process for you.
Instructing your conveyancing solicitors
Once you have instructed a conveyancing solicitor to work on your behalf, they will work together with you on drawing up a contract that sets out all deposits and charges that you need to make to them. This will also detail when these charges need to be made. In most cases, this is when you are near to your completion date. They will then contact your seller’s solicitor.
What they do
They communicate with your seller’s solicitor and will work through any forms that the seller has completed. They can also communicate to the seller any concerns or questions that you may have. They will conduct a proper search and a local authority search.
You will firstly receive a draft contract from your seller’s solicitor. Before you sign, it is important that you check all details are correct, that the fixtures and fittings are as expected, and that you and the seller are in agreement on the completion date. What is important is that your agreed deposit (which is usually 10% of the property’s value) is paid into your conveyancing solicitor’s account before the completion date.
When it comes to exchanging contracts, your conveyancing solicitor will do this for you. Once contracts have been exchanged, then your contract will be legally binding and you’ll have a set moving in date. Once contracts are exchanged, you’ll receive a letter from your conveyancing solicitor stating the final figure that you will need to pay. This will need to be paid before your agreed completion date. In most cases, no later than 24 hours prior to completion.
To learn more about conveyancing fees and to work out the amount of stamp duty you will need to pay on your chosen properly, then please do browse our Conveyancing Supermarket website.