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LIVE24SEVEN // Business THOMSON & BANC K S - NI COLA PUR V EUR The importance of


Buying a new home should be an exciting experience, but at times it can be confusing and frustrating.


Five Reasons why you should not use a conveyancer to buy your new home:


• You don’t really need a Water and Drainage Search – you saw a pretty decorative well in the garden which you are sure would work quite well.


• Local search – what is this anyway? You are sure living on a motorway embankment could be fun.


• You don’t care if there is no legal access to the property, you were always good at long jump.


• You don’t mind if the garden does not belong to you. You have never fallen out with neighbours.


• Stamp duty – you don’t care if you pay the stamp duty on time – HMRC will never notice.


Of course we are being flippant, and like us you will not agree with any of these reasons.


Buying a new home should be an exciting experience, but at times it can be confusing and frustrating. At Thomson & Bancks we do all we can to streamline the legal process and make sure that your expectations of moving are met as quickly as possible.


What is Conveyancing? Put simply conveyancing is the process by which one person, the seller, sells a property and another person, the buyer, buys the property.


What happens? The sale and purchase of a property takes place in two stages: First leading to exchange of formal contracts; and second leading to completion.


Until contracts are exchanged, the agreement is not binding on any party; either party can withdraw at any time without paying compensation to the other.


Once contracts are exchanged however the agreement is then binding on both parties and if either attempted to withdraw from the contract, they would have to compensate the other for any loss that may be suffered. You would usually have to pay a deposit of 10% of the purchase price on a property you are buying when contracts are exchanged. If you withdrew from the contract you would lose this deposit and would have to pay compensation referred to above.


On exchange of contracts a completion date is set. This is the date when ownership of the property will pass; when you can move into the property you are buying. There can be a gap of anything between a few days and a few weeks between exchange of contracts and completion depending upon the circumstances. Occasionally exchange of contracts and completion can take place simultaneously; on the same day.


Every property transaction is unique, involving many elements, all of which may change. Your transaction may take longer, or shorter, and be more or less complex. But with a conveyancer’s help and guidance they will help you to make more sense of the house moving jigsaw.


For further information please contact, Nicola Purveur, Associate at Thomson & Bancks Solicitors on 01242 235250. www.tbsolicitors.co.uk


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Conveyancing


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