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Conveyancing

Buying and selling of a property is not a simple process. The presence of so many technical steps makes the whole process much more complicated. No doubt, there are things that you can handle on your own. But, when it comes to legalities, it becomes important to find a professional to stand by your side.

What is conveyancing?

Conveyancing is a legal process of transferring property rights from seller to buyer for sale/purchase), or switching a mortgage from one lender to another (remortgage).

Why do you need a Solicitor?

If you are buying or selling a property you will need to use a conveyancing solicitor to transfer property rights. Additionally most mortgage lenders insist that you use a solicitor.

What does a conveyancing solicitor do?

A conveyancing solicitor acts on behalf of you and your lender to ensure:

  • All Legal aspects of the property transfer are dealt with properly
  • Both you and your lender are informed of any legal issues relating to the property that may affect its value.

Three Key stages in Conveyancing Process:

  

Sales Process:

Buyers solcitors

Buyers solcitors

Ask buyer for deposit to cover third party costs (e.g local authority searches).

Applies for the sellers title deeds and land registry copies and sends these to buyer’s solicitor.

Receives the contract, title deeds and other papers from seller’s solcitors and asks any other necessary enquiries.

Asks seller to complete “property information” form.

Carries out local authority searches (land, water, etc).

Send the “property information” form to the buyer’s solicitor.

Asks buyer to agree the “property information” form provided by the sellers solicitor.

Prepares the contract and sends it to the buyer’s solicitors.

Receives the contract and other papers from seller’s solicitors and asks other necessary enquiries.

Answers any further questions the buyer’s solicitor may have.

Receive Mortgage offer from lender (if applicable)

Reports to buyer with the contract for signature and requests the deposit for property.

Negotiates the move date (completion date)

  

Exchange Process:

Buyers solcitors

Buyers solcitors

Sends contract and deposit to seller’s solicitor

Confirms completion date.

Prepares transfer and mortgage deed before sending them to seller to sign.

Receives the buyer’s deposit.

Arranges final searches.

Obtains settlement figure from the mortgage lender.

Prepares final searches and requests any fees due.

Approves the transfer deeds and arranges for the seller to sign it.

  

Completion process:

Buyers solcitors

Buyers solcitors

Sends the balance of the purchase price to seller’s solicitor

Receives balance of purchase price from buyer’s solicitor

Pays off the balance of the mortgage.

Hands the deeds of the buyer’s solicitor

Receives deeds from seller’s solicitor

Pay any stamp duty (link to section) required

Registers the transfer with land registry

  

Transaction is now complete

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