search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
ALL THE LATEST NEWS, VIEWS AND STORIES FROM AROUND YOUR LOCAL AREA:FEBRUARY/MARCH Nearing the finish line…


You have found that dream home or sold your current property, Legal representation has been instructed and the selling or buying process is reaching a conclusion and you start to discuss ‘exchange’ and ‘completion’. But what exactly is exchange and completion? What is the difference between the two?


Exchange of contracts creates a legally binding contract which neither the seller nor the buyer can withdraw from without financial consequence. Exchange of contracts will also set the completion date.


As exchange makes the transaction legally binding it can only take place once the buyer and their mortgage company (if applicable) are satisfied with all matters affecting the property. This usually means all enquiries must be fully answered, satisfactory search results have been received, a mortgage offer (if necessary) has been received and completion monies are in place. Exchange can also only occur once all parties in a chain have agreed on a completion date.


As it can be difficult to judge when all the parties will be in a position to exchange it is not advisable to discuss completion dates too early. The dates agreed may not be achievable and this can cause unnecessary stress.


Completion is the finalising of the sale or purchase. The completion monies are sent from the purchaser’s solicitor bank account to the seller’s solicitor’s bank account, once received, the buyer should be able to collect the keys from either the seller directly or from the estate agents. The ownership of the property passes on completion.


Exchange and completion can happen on the same day, or exchange can take place a few days, weeks or even months prior to completion. It just depends on the transaction!


Following completion of a sale your legal advisor will arrange for any mortgage to be redeemed and any estate agent fees to be paid. Following completion of a purchase your legal advisor will attend to the Land Registry application to register the property in your name(s). This may take a number of weeks to complete.


If you require any


assistance with a sale or purchase, please do not hesitate to contact us!


Emma Williams Solicitor


WWW.THECOCKERMOUTHPOST.CO.UK


The Local Solution on Main Street


3Lasting Powers of Attorney 3Wills and Probate 3Residential Conveyancing 3Commercial Property and Leases 3Personal Injury 3Employment Law 3Divorce, Family and Children Law 3Disputes


Free Will and Trust Reviews Available


STEP fully qualified member of staff available to offer specialist advice on trusts and estates


Milburns Solicitors


3-5 Main Street, Cockermouth CA13 9LE 01900 898010


cockermouth@milburnssolicitors.co.uk Other local offices:


Workington, Whitehaven and Maryport


www.milburnssolicitors.co.uk ISSUE 423 | 22 FEBRUARY 2018 | 37


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60