Q&A with Claire Gallacher – Paralegal, Residential Property
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Another informative Q&A this week from our brilliant Paralegal, Claire:
- Describe a typical day in the office.
Our day usually begins with lots of coffee! It’s a very pleasant environment, there’s a real sense of family in our Cumbria branch. We tend to bounce ideas off one another and it’s often useful to have another set of eyes look over something that perhaps we are struggling to get our head around. We normally eat our lunch together and then (weather permitting) go for a walk around the block to get some fresh air and have a break away from our screens. Our typical work day involves many things, from being on the phone to estate agents, preparing title reports, attending clients and reviewing documentation.
- What is the difference between exchange and completion?
Exchange is the part of the process where the transaction becomes legally binding and in most cases takes place over the phone using a special solicitors formula. This is the point where neither party can withdraw without there being financial implications (i.e. the buyer would lose their deposit, which is normally 10% of the purchase price). Completion is the day that all the monies change hands and keys can be collected. All legal documents are then dated with the date of completion.
- What is the most important component of a conveyancing transaction?
In my opinion, I’d say good communication is key. This needs to apply to every aspect of the transaction, whether it be between clients/solicitors/estate agents or brokers/lenders. In my experience I’ve found that lack of communication tends to lead to delays in getting matters completed.
- What is checked during conveyancing?
A lot! Title to a property is examined if we are buying and deduced if we are selling. We need to ensure there are no potential risks that would affect our clients (or their mortgage lender, if this applies).
- Any other conveyancing tips you would like to share?
As a client, always read everything your conveyancer sends you – even if you think it’s long and boring! Following instructions correctly and being aware of procedures/formalities will make your whole transaction run smoother.
Berlad Graham are proudly supporting National Conveyancing Week – an initiative designed to raise the profile of conveyancers amongst those associated with the home moving process.