Many buyers do not acknowledge the importance of having a competent and professional solicitor when dealing with convincing. This is especially the case in residential transactions.
A solicitor’s role in residential convincing is first and foremost to ensure that it runs smoothly and efficiently. In complex residential convincing deals, as with commercial convincing, the role of an advocate in Essex is varied – they are responsible for drawing up drafts of contracts specifically designed for the deal, as well as spotting any problems that might arise and any factors that could affect the value of the purchase.
An efficient solicitor should work to the following schedule:
- The lawyer draws up a sale contract and fulfills all the relevant local searches. They should also anticipate any relevant additional searches, which may be relevant to the individual property.
- Once in receipt of the seller’s questionnaire and fixtures and fittings form, he/she should raise any appropriate inquiries in relation to your personal requirements.
- Any potential problems raised by the local search results should be reported back to you, the client.
- The draft contract will be sent to the seller’s solicitor via DX (document exchange). If this is approved then it will be checked by you and signed.
- If everything is in order then the solicitor will request the deposit money from you and authorization from your lender that you have access to the appropriate funds.
- If all questions have been satisfied, exchange and completion can take place concurrently.
- Lastly, if there are any outstanding issues the solicitor should be able to draft watertight conditions precedent into the contract for sale.
How a bad solicitor can affect your conveyancing:
A poor solicitor will follow the above schedule, but may work in a much less efficient way, which will severely delay the timescale of your conveyance:
- He/she will wait for the local searches before preparing the draft contract; they will also file away the title deeds received from the seller’s solicitor.
- Once they receive the generic local searches they may raise a few more alternative searches for clarity. This is done later on, rather than trying to anticipate the searches that will be needed on location/type – these can be obtained at the same time.
- Upon receipt of the seller’s replies and the results of the further searches, he/she will then produce a draft contract and send this off to the seller’s solicitor for approval using the postal service rather than DX.
- When the contract is returned he will post it to you for checking and signing. You will then sign this and return with the deposit monies.
- He/she will then contact the lender for approval of the mortgage; this can take anything up to 4 weeks before coming through.
- Eventually, you are ready to exchange and hopefully complete without any further delays.
Working in such a traditional and slow manner, the above solicitor could slow your convincing process from weeks to months. In delaying the purchase you also run the risk that the seller becomes impatient, loses confidence in your intentions and thus pulls out prior to exchange.