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Conveyancing Quotation - For the sale of your property
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SALE of
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ingham
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What does Commonhold mean?
Commonhold is the term given to the circumstance where you can buy the freehold and own common parts of the building jointly with other persons. This mostly applies to flat occupation/ownership.
No ground rent or service charge would be payable payable but it’s likely that you would have to contribute towards general maintenance and insurance for the common parts of the building. (Stairwell lighting, lift maintenance, gardening etc).
The Conveyancing aspect of Buying property
The buyers solicitor/conveyancer will apply for searches from a variety of sources including the local authority, and they will appraise the contract for sale they have received.
The buyers solicitor/conveyancer must be satisfied that the buyer has sufficient funds available to complete the transaction. In order to do this they will request proof of available savings or other funding and if the buyer is borrowing money through a mortgage, the solicitor will need to receive a copy of the formal mortgage offer.
If there are items in the contract for sale that the buyers solicitor/conveyancer is not happy with, they will raise queries with the other seller's solicitor/conveyancer on the buyers behalf.
Once any queries have been resolved, the searches have been received and approved of and proof of funds are verified, both parties will be in a position to exchange contracts.