The Role Of The Seller's Solicitor
Who prepares the draft contract?
The draft contract is prepared by the seller's solicitor. The draft contract is then sent to the buyer's solicitor for them to approve.
How long will negotiation between solicitors take?
Negotiations between solicitors can take as long as the negotiations take; there is no simple answer to that. The negotiation takes the time until it's settled.
What information does my solicitor need to draw up the draft contract?
The seller's solicitor uses the title documents to draw up the contract. The seller's solicitor may also require details of the transaction, the price, and so on from you. But most of the information the seller's solicitor needs will come from the title documents.
How does my solicitor deal with my mortgage lender?
A seller's solicitor deals with the mortgage lender by first of all inquiring as to whether or not the mortgage lender holds any type of deeds. The seller's solicitor also asks the mortgage lender for details of the mortgage balance: how much is outstanding on the loan, and then when the transaction is about to complete the seller's solicitor will again ask for up to date redemption statements: the amount payable on the loan, and that amount will get paid. Completion problems proceed the same.
As the seller, what will I have to sign?
A seller will sign a contract just before contracts are exchanged, in readiness for the exchange. A seller will also sign a transfer deed just before completion, to enable completion to take place.
How is the money from the sale transferred to me?
The money from the sale can be transferred from the solicitor to you in several different ways but the two common ways that money is transferred from the solicitor to their client is either by a check or more likely a bank transfer from the solicitor's bank to your bank.
