Glanvilles

Exchange & completion – making it legal & getting your keys

The legal process to buy and sell a house can be a daunting task with confusing legal jargon thrown in for good measure.

What is “exchange of contracts”?

This is the point when you are legally committed. This is usually done over the telephone by the solicitors once everything is signed and ready and everyone has provisionally agreed a moving date. You should not make any firm removal arrangements or make any other commitments until contracts are“exchanged”.

What is the “completion date”?

The completion date is the moving date when a buyer can collects the keys and the seller has to moveout. The completion date will not be definite until contracts have been exchanged.

How long will it take to get to exchange?

An average timescale tends to be a few weeks but it can vary depending on particular circumstances.

What needs to be done to get to exchange?

As a seller, you need to provide certain information to your solicitor and they will need to send contract papers to the buyer’s solicitor.

As a buyer, you will need to sort financial arrangements and any survey. Specific searches and other checks need to made on the property which your solicitor should discuss with you before you proceed to exchange of contracts.

Thinking about moving but not yet underway – what can be done now?

Even if you are not yet on the market or have not found a property to buy, it is worth making early enquiries with a solicitor to check likely costs and discuss your particular circumstances in more detail. Your solicitor can help you with the forms for the legal process so it is often worth having the paperwork sorted in advance to help minimise any delay.

by Dawn Patterson Associate Solicitor at Glanvilles and PPA committee member.Tel. 023 9249 2300 email. d.patterson@glanvilles.co.uk December 2010

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Fareham

West Wing Cams Hall, Fareham, Hampshire PO16 8AB

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Gareth Maddern

Gareth deals with all aspects of both residential and commercial property transactions, including negotiating leases on behalf of landlords and tenants, and acquiring and disposing of commercial property for owner occupiers and investor clients.

Gareth also deals with secured lending work, representing financial institutions to protect their interests in commercial property transactions. Gareth also works with various land developers on acquiring sites for development and preparing for the subsequent plot sales.

Gareth can be contacted by email: gareth.maddern@glanvilles.co.uk or telephone: 01243 550074.

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Glanvilles

Glanvilles was established in the local area in 1884. We provide legal services to both individuals and businesses. People are our core asset and we invest in ongoing training to ensure we are at the forefront of legal developments.

We are Lexcel, Conveyancing Quality Scheme and Wills and Inheritance Quality Scheme accredited.

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Havant

Langstone Gate Solent Road, Havant, Hampshire PO9 1TR

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

How can you help your Conveyancer on your sale

How can you help your Conveyancer on your sale?

Once you have taken the important
decision to put your property on the market you will want to ensure that as
soon as a buyer appears that you move as soon as possible. Mentally you have
already moved, physically you need to catch up!

Make sure that you appoint your
lawyer as soon as you start marketing the property, and that you supply all the
information that they will need, which will include any guarantees, planning
consents, building regulation approval, and completion certificates for any
work that may have been carried out, even by a previous owner. These are all
questions that will be raised, so if we can supply them with the draft contract
package, that saves valuable time.  This should ensure that exchange of contracts
will not be held up by you.

How can you help your Conveyancer on your purchase?

How are you funding your
purchase? Normally most people need a mortgage to assist them, but it is the
difference between that and the purchase price that can cause unforeseen
difficulties if not dealt with immediately. Sometimes it will be the net sale
proceeds of the related sale, in which case no problem. However if savings are
being used, then full details including copies of UK bank accounts are required
to satisfy the Money Laundering Regulations. If a relative is either gifting or
loaning funds, again full details are required, and in those instances your
Mortgage lender will need to be informed by us so that we can obtain their
authority to proceed. This should ensure that exchange of contracts will not be
held up by you. If in doubt, speak to your Conveyancer as soon as possible.

Happy Moving.

Expert
view by Barry King,  Vice-Chairman  PPA and Legal Executive 
with Glanvilles ,  Solicitors

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

LOCAL LAWYER VOTED CHAIRMAN

Barry King, Chartered Legal Executive at Glanvilles has become the first non Surveyor or Estate Agent to become the Chairman of the Portsmouth Property Association.

Formerly known as the Portsmouth & District Estate Agents Association it was formed in the 1930’s by the then principals for the major estate agents and surveyors throughout the city as a way of networking and promoting local knowledge and assistance amongst like minded people. In 2005 the committee decide to allow other professionals in to the association, including lawyers, mortgage advisors, bankers, and insurance brokers

Barry says of his achievement “In all the years that I attended PPA events as a guest of various estate agents and surveyors did I ever think that one day I would become Chairman.  However, and after some persuasion from friends and colleagues, I decided to offer myself for the post of Vice-Chairman in 2011 and automatically became Chairman this year as the Committee were kind enough to endorse me.

I feel it is a great privilege to be leading the area’s local and premier Property Association which has such a history and tradition. I see this year as building on those foundations but also trying to increase, not only our membership, but also our profile amongst the general public so that they can be assured that using a PPA member of each profession is the best way forward to enable them to move house as efficiently as possible.

For further information please visit their website, www.portsmouthproperty.co.uk

Barry can be contacted at Glanvilles Fareham office at Cams Hall, Fareham, Hampshire PO16 8AB by telephone ON 01329 282841 or by email b.king@glanvilles.co.uk. Visit Glanvilles online at www.glanvilles.co.uk

Glanvilles are Lexcel and Conveyancing Quality accredited by the Law Society.

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Lorna Newnham

Lorna is a licensed conveyancer who joined the firm in August 2004 and specialises in all aspects of residential conveyancing within England and Wales. She’s recently been promoted to an Associate. Lorna sits on the committee for the PPA and specialises in all areas of residential property transactions. She has a young family and weekends are spent spending quality time together.

Contact Lorna: Email: lorna.newnham@glanvilles.co.uk – Telephone: 02392 449124

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Mark Watson

Mark is a partner and Head of Residential Property Services at Glanvilles. Mark specialises in all aspects of property work and maintains his interest in the subject of land law and lectures extensively, outside the office, to local businesses, estate agents and the Armed Forces on land law and conveyancing practice.

Mark can be contacted by email:mark.watson@glanvilles.co.uk or telephone: 01329 227915.

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh

Moving during bad weather

During the recent spell of artic weather it became quickly apparent that normal rules do not apply in any walk of life, including house moving.

Picture this scenario. You have everything packed bar the clothes you stand up in, the bed and very importantly the teapot and kettle. You go to bed exhausted, thinking in 24 hours we will be in our new house, and all the effort will have been worthwhile. Then it snows, heavily and the world comes to a halt.

Normally here in the south, snow rarely lasts too long on the roads and everybody carefully carries on. Not this year.

However what if your removal firm cannot physically get their lorry to you because of the amount of snow and ice? What if your lawyer cannot get to the office to carry out the legal work? What do you do then? Whom can you sue if you cannot move?

This happened to me in early January.

Dealing with PPA lawyers however makes matters a lot easier in these difficult situations because we all know and trust each other and can assist our clients. Every one in the chain had to compromise as to how and when they could actually move, and certain latitudes had to be given concerning vacant possession. PPA lawyers are able to co-operate with each other and it certainly helps if we know the lawyers we deal with. It eventually took three days to complete the move.   In circumstances such as these it seems unreasonable to expect anyone in the chain to have to pay interest for delayed completion through “force majeure”. When contracts were exchanged four weeks earlier snow was the last thing on anyone’s mind!

Now we all keep a “weather eye” on the forecasts each day when they suggest snow is on the way.

Barry King Senior Legal Executive with Glanvilles solicitors Fareham and PPA member

Branches in: Fareham, Havant
Members: Gareth Maddern, Lorna Newnham, Mark Watson, Samantha Marsh