About Mortgages | About...Solicitors and Online Conveyancing

About...Solicitors

Whenever you take out a mortgage to buy or remortgage a home, you will need to instruct a solicitor to deal with the legal aspects of the transaction. Even if you are buying a home for cash, you will need to instruct a solicitor.

The solicitor will also act on the lender's behalf in carrying out certain checks that ensure all conditions of their mortgage offer to you are met before the funds are released. With some re-mortgage deals the lender will instruct and pay for the solicitor, but in most mortgage transactions you will need to find, instruct and pay for your own solicitor.

Below is a Guide to conveyancing. We also have a Glossary that explains the meaning of a number of terms you are likely to come across.

What solicitors do in connection with a sale and purchase

What solicitors do in connection with a remortgage

From June 2007, the government plans to introduce Home Information Packs. Find out what they are and what they mean to you by clicking HIPs.

The information in this guide is a general overview and is for educational purposes only. There may be aspects of your transaction that are not covered here and you should consult your solicitor if there is any part of the legal process you are unsure about or require further advice on.

Rather than trawling the high street or advertising and making numerous phone calls to get quotes and find a solicitor, we offer all of our clients access to the e-Conveyancer nationwide panel of solicitors. The firms on the panel are all qualified solicitors and because they deal with the entire transaction via the post and the Internet you will benefit from high levels of service at extremely competitive rates. The process of finding and instructing your solicitor online is as simple as:

First you will be asked to enter a few basic property details

After which you will be able to:

	Compare prices from all of the different solicitor firms on the e-Conveyancer panel nationwide
	View the solicitor's satisfaction rating based upon feedback from previous users
	View testimonials from previous users
	Find local solicitors if you prefer
	View and print a fully comprehensive illustration showing all costs including supplements and disbursements

Finally if you are happy with your illustration you can instruct the solicitor straight away

What the solicitors do in connection with a sale and purchase:

Between the sale being agreed and Exchange of Contracts...

Buyer's Solicitor

	Asks you for a payment to cover the searches
	Requests a draft contract from seller’s solicitors and asks for any additional enquiries necessary
	Carry out local authority searches (Land, environmental, etc)
	Asks you to agree the property information form
	Receives mortgage offer from lender if applicable
	Reports to you with contract for signature and requests deposit

Seller's Solicitor

	Applies for your title deeds and land registry copies
	Asks you to complete a property information and fixture, fittings and contents forms
	Prepares a contract and sends it to the buyers solicitor and answers any further questions the buyers solicitor may have
	Negotiates the move date (completion)

At Exchange of contracts – the point at which the sale becomes legally binding

Buyer's Solicitor

	Sends contract and deposit (if applicable) to seller’s solicitor
	Prepares transfer and mortgage deed before sending them to you to sign
	Arranges final searches
	Prepares final searches and requests any fees due

Seller's Solicitor

	Confirms completion date
	Receives the buyers deposit
	Obtains a settlement figure from mortgage lender
	Approves the transfer deeds and arranges for you to sign it

Completion - the point at which the house becomes yours!!

Buyer's Solicitor

	Receives the money from your mortgage lender.
	Sends the amount required to the seller's solicitor and receives the deeds in return
	Pays any stamp duty required
	Registers the transfer of the ownership of the property with the land registry
	Sends the title deeds to the lender

Seller's Solicitor

	Receives the balance of the purchase price
	Pays off the balance of the mortgage
	Hands the deeds to the buyers solicitor
	Sends you the balance or uses it towards any purchase of another property

Obviously, at some point you will be both the buyer of one property and the seller of another; in that case, your solicitor will carry out all of the tasks above, but could be dealing with two other firms rather than just one.

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What the solicitors do in connection with a remortgage:

Re-mortgaging is different to buying or selling because there are fewer parties involved and you will already own your home.

Before your mortgage offer is received

Your Solicitor will:

	Request the title deeds and the amount required to repay your mortgage from your existing lender
	Check the title documentation

Once your mortgage offer is received

Your Solicitor will:

	Check and carry out any special instructions from the lender.
	Send you the mortgage deed to sign
	Send you the redemption statement
	Agree a completion date with you (Often a weeks notice is needed to request the money from your new lender)

When your remortgage goes through (completion)

Your Solicitor will:

	Pay off your existing mortgage lender
	Collect any legal fees and disbursements or deduct them from the money received.
	Forward any remaining money to you
	Register the new mortgage at Land Registry
	Supply original deeds to new lender and copy to you

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Your home may be repossessed if you do not keep up repayments on your mortgage.

You can choose how we are paid: pay a fee, usually 0.5% of the loan amount; or we can accept commission from the lender.

The FSA do not regulate some forms of mortgage.

The FSA do not regulate Legal Services.