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Conveyancing & Property Solicitors Leeds, Wakefield & Pontefract
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The JWP Solicitors Leeds, Wakefield & Pontefract conveyancing department deals with a wide range of
property transactions including sales, purchases, re-mortgages
and transfers of equity in respect of freehold and leasehold
commercial and residental properties. |
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Conveyancing & Property Solicitors, Leeds, Wakefield & Pontefract
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How
long will it take to complete the sale or purchase?
When will exchange of contracts take place?
We are unable to exchange contracts until such time as
we are in receipt of satisfactory replies to our enquires,
search results and mortgage offer (if applicable) in respect
of a purchase together with a signed contract and cleared
deposit funds. With regards to a sale we cannot proceed
until such time as the Buyer’s solicitors have confirmed
that they are ready.
When can I book my removals?
When contracts are formally exchanged the transaction
becomes legally binding on all parties and the completion
date is set. We would strongly recommend not to make any
firm bookings until exchange of contracts have taken place
as many companies have cancellation charges in the event
that the completion date changes prior to exchange of
contracts.
When do I have to pay the deposit in respect of a purchase?
Once we have completed all of our enquires we will contact
you to arrange to sign the contract and associated documents.
We will usually prepare our invoice and completion statement
in readiness to proceed and request that you transfer
the balance to complete to our account. If completion
is not imminent we may only request the deposit funds
at this time.
How much deposit do I have to pay?
Usually on exchange of contracts a deposit of 10% of the
purchase price is payable. Sometimes a full 10% deposit
is not always available and we would ask that you advise
us what deposit funds you have available in order that
we can advise the Seller’s solicitors to ensure
that a lesser deposit is acceptable. In any event the
contract provides that even if less than 10% deposit is
paid on exchange a full 10% remains due under the contract.
In the event of breach of contract the Seller is entitled
to retain the deposit and claim the remainder of the deposit
funds up to the full 10%. |
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What happens on the day of completion?
On the day of completion the buyer’s solicitor
will pay over the balance of the purchase money. The
seller’s solicitor will collect the balance of
the sale price of the seller’s existing home.
Legal completion then takes place. If a related purchase
is to coincide with the sale, the money needed to complete
the payment due on such a related purchase will be transferred
to the seller’s solicitor.
When can I get my keys on the day of completion?
Once the relevant parties’ solicitor has received
the proceeds of sale they will authorise the estate
agent to release the keys. You will be contacted usually
by the estate agent to advise that the keys are available.
As the completion monies are transferred through the
banking system by telegraphic transfer there is no control
over what time the funds will arrive in the relevant
account other than before the close of business. Where
there is a chain involved it may take longer for the
keys to be released, as the money may have to pass through
various accounts. Be prepared to be patient.
When must I vacate my property?
On completion day vacant possession must be given and
as soon as we have received the proceeds of sale legal
completion has taken place and you must vacate the property
as quickly as possible.
When will my first mortgage payment be?
We are unable to advise when the first mortgage payment
will be taken following completion and you will need
to contact the mortgage company directly concerning
this and to arrange a convenient date for the direct
debit to be taken. Please note depending on the date
of completion the first mortgage payment may be greater.
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Conveyancing & Property Solicitors Leeds, Wakefield & Pontefract
Andrea Dodd
JWP Legal Executive, Leeds, Wakefield & Pontefract. Andrea qualified as a Fellow of the Institute of Legal Executives in 2004. She has over 15 years experience in the legal profession specialising in residential conveyancing. Andrea gained an MBA from Huddersfield University in 2005 and is a Member of the Chartered Management Institute. She joined the John Wood Partnership in 2009 to develop and expand the property and conveyancing department. |
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