Cruickshanks has specialised in property and property related matters since 1992 and have developed considerable expertise in leasehold enfranchisement and lease extensions. Leasehold properties are more common in London’s West End where we are located.
Whether you are a first time buyer or a serious property developer with a portfolio of properties, we aim to help make the process as smooth and seamless as possible. We have regularly attended exchanges and completion on short notice when speed has been necessary and have a reputation for the high quality of our service at reasonable cost.
We are regularly instructed by overseas residents unfamiliar with the UK conveyancing process which has important differences from most other English speaking and EU jurisdictions. The two most important stages and concepts unique to UK law are explained below
Exchange
The offer you accept and agree with the vendor is not legally binding. Either the buyer or seller can walk away from the transaction without any financial or legal penalties prior to exchange. There need be no reason given and there may simply be a change of mind.
Only upon exchange does a legally binding contract come into existence with obligations and penalties if either side fails to perform. Performance is backed up with a deposit (normally 10%) paid upon exchange.
After exchange of contracts you will be secure in the transaction. If either buyer or seller wants to pull out of the sale, he would breach the contract and would have to pay financial damages suffered by the other party, including losing the deposit to the vendor.
Once a contract has been exchanged we will send you an invaluable check list of matters of a practical nature, which you will need to attend to.
Completion
On the date of a completion the purchase money will be sent to the vendor solicitors and on receiving the purchase sum the keys will be released to the purchaser. If you are a seller on this day you will need to move out to give vacant possession, and if you are a buyer you will then become the legal owner. We will have completed further searches between exchange and completion. After completion our role still continues by processing any tax payment through the revenue and registering title at Her Majesty’s Land Registry.
