Solicitors

Solicitor (or also known as Licensed Conveyancer) is those whom transfer a legal title of property from one person to another. Conveyancing is compulsory and normally required at the later stages of a mortgage application.

Under English and Welsh law, an agreement is not legally binding until 'exchange of contracts'. This can pose advantages and disadvantages to purchasers and sellers. In some instances an 'exchange of contract' and completion can occur on the same day. In other instances, an 'exchange of contract' is days/weeks prior to completion day due to individual circumstances. Most applicants prefer to see contracts exchanged as its most likely a confirmation of the sale. If a party decides to abort after contracts have exchanged, legal action is likely.

It takes on average 4-6 weeks to complete a conveyancing transaction but sometimes are quicker given the circumstances.

For remortgage applicants, solicitors are required as one lender will register a charge over another. In some instances the lender will instruct their own solicitor from a panel and the costs are free for basic conveyancing. Removing or adding applicants can occur extra costs.

We advise all clients regarding solicitors to attain a full approximation of costs. Our mortgage advisers are able to recommend solicitors based in the Manchester region.

A mortgage is a loan secured against your home or property. Your home may be repossessed if you do not keep up repayments on your mortgage.

Legal services are not regulated by the Financial Conduct Authority.