Whether you are buying or selling your home, it is useful to understand the conveyancing process to ensure a smooth and successful move.
Here, we take you through every step of the conveyancing process when buying or selling a property, offering invaluable insights and answering all your questions along the way. Should you have any further questions or you would like to discuss your move, you can contact one of our Residential Property Conveyancers in our office local to you, or for an estimate visit our Conveyancing Calculator.
Conveyancing process when selling a property
One of the most important steps is to engage a reputable Residential Conveyancing solicitor who will act on your behalf throughout the selling process. Your Conveyancer will handle all of the legal requirements such as the relevant documentation, liaising with the buyer’s Conveyancer, conducting property searches, and offering expert advice on any legal matters that may arise.
Once your conveyancing solicitor has been instructed, the following process can commence:
- Your Conveyancer will confirm all of the instructions by letter, at which point you will also receive the terms of business and details on any associated fees.
- We will carry out our proof of identity checks as well as the required Anti Money Laundering checks.
- We will then send you our Fixtures and Fittings form and Property Information Form for you to complete. These should be considered carefully as they will form the basis of the sale.
- While you are completing the necessary forms, we will obtain the title deeds or official copies of the title register to meet with Land Registry requirements. At this stage, we will obtain information about any outstanding mortgage from your provider and will carry out additional searches relating to land charges, planning permissions, environmental concerns etc.
- The next step will be for us to draft the contract and other documentation to send to your buyer’s Conveyancer, who will review the contract and raise any enquiries with us. This contract outlines the terms and conditions of the property sale and covers vital details such as the sale price, completion date, and any other agreements made between you and the buyer.
- We will liaise with you to answer these enquiries and relay the necessary information back to the buyer’s Conveyancer.
- In the meantime, the buyer’s Conveyancer will have been undertaking their own necessary searches, including local authority searches, environmental searches, and water and drainage searches. Once the results have been returned and they are satisfied with the results, as well as with the answers to their previous enquiries, and they are in receipt of the mortgage offer, we can move on to exchange the contracts. At this point both parties are legally committed to the transaction and cannot pull out.
- A date of completion is agreed upon and we will obtain a settlement figure from your mortgage provider to repay any outstanding amount on your mortgage.
- The buyer’s Conveyancer will draft the transfer deed, which is sent to us for signature in readiness of completion.
- Completion day is a busy one for all parties and will involve:
- You vacating the property at an agreed upon time, handing the keys to the estate agent.
- Your buyer’s Conveyancer will send the proceeds of the sale to us and, once received, will inform the estate agent that the keys can be released.
- We will send the title deeds and transfer deed to the buyer’s Conveyancer.
- We then make any outstanding payments, for example to the estate agent, to the mortgage lender to make any outstanding payments, as well as our fees. Any remaining funds will then be transferred to you.
The above explanation is the general process that is involved in selling your home. Should there be any additional complexities, for example you are selling a leasehold property, we will of course discuss that with you at the time.
You can view our further tips regarding selling your home by visiting our Selling Your Home page where we explain additional activities to take when putting your home on the market, the costs involved and steps to take once you have sold your home.
Conveyancing process when buying a property
As with selling a property, engaging a Conveyancer is the first step when buying a property. After that, the process is as follows:
- Once you have made an offer which has been accepted and we have completed the necessary identity, Money Laundering and source of funds checks, it will be your responsibility to arrange for a survey to be completed on the property you are purchasing. There are a variety of surveys that you can carry out, which we will explain to you in detail, or you can find a summary on our Buying a Property page.
- In the meantime, we will have confirmed your instructions to us by letter with details on our terms of business and the fees involved.
- We will contact the seller’s Conveyancer to receive the contract pack from them so we can review this and send it to you to ensure you also agree with the arrangement. There are other investigations we will carry out, for example verifying the seller’s title to the property, examining the property’s boundaries, and assessing any potential planning or zoning restrictions. This process ensures that you have a clear understanding of the property’s legal status and any associated risks.
- We will carry out the relevant searches on the property to ensure it is free from any legal issues or potential complications. These searches typically include local authority searches, environmental searches, water and drainage searches, and more. These checks will uncover any potential concerns and help you make an informed decision.
- At this stage, there may be questions about the contract and the terms set out within, which we can raise with the seller’s Conveyancer to negotiate on and rectify.
- Once you are happy to proceed with the terms set out in the contract, we prepare for the exchange of contracts. We would agree with the seller’s Conveyancer a date for completion and exchange based on this, which means both parties are legally committed to transaction. We will also explain the items that need to be in place prior to completing, such as property insurance.
- We prepare the necessary documentation needed in readiness for completion, including the completion statement and an application for the mortgage loan.
- On completion day, we will transfer the funds to the seller’s Conveyancer and once payment is received, you can collect the keys at an agreed time with your estate agent and move in to start enjoying your new home!
- While you are settling in, we will send the Stamp Duty Land Tax (SDLT) to HMRC on your behalf and receive the relevant paperwork relating to the deeds of the property. We will register the property in your name at the Land Registry and you will receive the registered title from them in due course.
You can view our further tips regarding buying a home by visiting our Buying a Property page where we provide our useful checklist, review the possible costs in buying a home and explain more about the surveys required. In addition, we have a specific section for First Time Buyers.
We understand that buying or selling a property can be a complex and time-consuming process. Our team of experienced Residential Conveyancing Solicitors is dedicated to providing you with exceptional service, guiding you through every step of the conveyancing process. With our expertise and attention to detail, we ensure that your property purchase or sale is handled efficiently.
Contact our Residential Property Solicitors
Contact us today to speak with one of our Conveyancing experts and take the first step towards a hassle-free property move. Our offices are located in Andover, Romsey, Salisbury or Witney call your local office, use the Contact Form or email moc.n1709420744ellub1709420744rekra1709420744p@ofn1709420744i1709420744.