Restrictive Covenants are rules that are imposed on land when the vendor wishes to retain an element of control over that land after they have sold it. For example, a property developer selling a new housing estate may require a covenant that allows only a certain number of cars to park outside them, or a covenant restricting the colours that the houses can be painted in.

Exchange of Contracts is when the transaction becomes binding. Up until this point there is no legal contract in place, but once you reach this stage - the buyer must pay the deposit (usually around 10% depending on the mortgage amount). Upon the exchange of contracts, the completion date will be decided and once fixed this cannot be changed. This process happens between the solicitors representing the purchaser and vendor, so you do not need to be present.

Once you have chosen your mortgage lender and have applied for the loan then Ralph & Co Solicitors will take over the process for you. We liaise with the solicitor that represents the vendor requesting the contract package, and once this arrives we carry out a number of different searches. If these searches should result in any issues then we will question the vendor’s solicitors. Once we receive the results of the searches and responses to enquiries, we will prepare a report for you which will include all of the important documentation affecting the property. We will then accompany you to sign all of your papers, including the mortgage deed. When all paperwork has been signed, we will hold it on file until the vendor’s solicitors are ready to exchange contracts. After contracts have been exchanged we will arrange the completion and payment of the deposit.

Upon completion, we will send the vendor’s solicitors the money needed to complete the purchase and arrange for the loan to be paid to us by your mortgage lender on the completion date. When all money has changed hands we will inform the estate agent so that you can collect the keys. Our job does not stop at completion, as after you have moved in we still need to take care of the stamp duty (if any) and arrange the payment on your behalf. We will then register your ownership of the property as well as details of the mortgage with the Land Registry. Once this is completed both you and your mortgage provider will receive a copy of your title deeds from us.

Conveyancing is the legal process involved when buying and selling houses, flats and other property. Conveyancing is where the title (ownership) is transferred from the vendor to the purchaser. If you are re-mortgaging or letting a property then Conveyancing may also be needed. Contact us today to see how Ralph & Co Solicitors can help you