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A Guide To The Conveyancing Process

Even at its most basic level, conveyancing is a complicated and drawn-out process. There are many different stages that must be completed with the utmost care and attention, often making it a stressful and exhausting experience. That is why below we have set out the various phases involved in the conveyancing process, helping to clarify the steps you will need to undertake to ensure your property transaction is a success.

10 Step Guide To Conveyancing

There are 10 steps to the typical conveyancing process:-

• When an offer is accepted on a property, your solicitor will receive confirmation on this from the estate agent before contacting the seller’s solicitor asking for the draft contract.
• Once your solicitor has received the draft contract, it will be thoroughly checked for mistakes and unusual clauses. This includes revising the deeds and verifying factors such as boundaries, rights of way and fixtures to be included in the sale.
• Meanwhile your solicitor will also contact the local authority to research whether there are any proposed developments in the nearby area, as well as organise a survey to be carried out on the property.
• Once you are happy with the survey results and the contract has been approved, you can prepare for an exchange of contracts. To do this you must sign your part of the contract and (usually) pay a deposit to the seller of around 5-10%.
• When the necessary documents have been signed the money received, each party’s solicitor will agree an exchange of contracts has taken place. They will then arrange a date for completion which will be written on the contract. The two copies of the contract, along with the deposit, are then physically exchanged.
• Your solicitor will then often carry out more research, ensuring the seller is not bankrupt and the details of the property are correct.
• Should you be taking a mortgage out for your new property, your solicitor will by now have the Mortgage Deed for you to sign. This will allow you to request your mortgage in time for completion.
• It will then be necessary for you to provide all outstanding payments. Your solicitor will calculate this sum for you, which amongst other things will include stamp duty, solicitor’s fees and Land Registry fees. This must be settled before completion.
• When the date of completion arrives, your solicitor will give the balance of the purchase price to the seller’s solicitor. Once this has been received, the deeds can be sent to your solicitor, and you may pick up the keys to the property.
• Finally, your solicitor will pay the necessary stamp duty and register the property transfer with the Land Registry. Then the process is over, and you can begin to make use of your new purchase.

Conveyancing – Ask A Solicitor For Help

DIY conveyancing is becoming increasingly popular, as many see it as a way to save time and money. However, the process of buying and/or selling a property is full of intricate technicalities and legal jargon, making it a difficult subject to tackle on your own.

Therefore it is in fact financially prudent to seek expert legal advice before you embark on your property transaction. A solicitor specialising in conveyancing will be able to guide you through each step, professionally preparing all the necessary documents and negotiating any problems that may arise.

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