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.

We advise all clients regarding solicitors to attain a full approximation of costs. Our financial advisors are able to recommend solicitors. We Know Mortgages Ltd makes no fee from solicitors it recommends .We simply ask them to offer our clients a professional service.