The conveyancing process can be a long and complicated one, full of paperwork, legal jargon and confusing intricacies. And although you can rely on your solicitor to guide you through each stage, you will probably want to know how it all works before you begin your property transaction. That is why we have put together a guide to conveyancing, helping you to understand what to expect from the conveyancing process.
10 step guide to conveyancing
Every property transaction is different, meaning there is no one set formula to follow each time. Generally speaking, however, the process will involve the following 10 steps:-
1. Draft contract – Once an offer has been accepted, the seller’s solicitor will draw up a draft contract outlining the particulars of the sale and the condition of sale.
2. Preliminary enquiries – The buyer’s solicitor will then begin a series of checks regarding the property and its current owner. The first of these is a set of pre-contract enquiries which will be sent to the seller’s solicitor regarding issues such as boundary disputes and rights of way.
3. Land charge and registry searches – The buyer’s solicitor will then obtain the title deed and Land Registry certificate. This will ensure the buyer knows exactly what he or she is buying, and also proves the seller is the legitimate owner. Checks will also be carried out on the owner to guarantee he or she is not bankrupt.
4. Survey and local authority checks – In the meantime, the buyer’s solicitor will arrange a survey for the property. Checks will also be made with the local authority to establish the state of the water drainage systems, whether there will be any building developments nearby, and whether there are any building restrictions upon the property.
5. Approval of draft contract – During the course of these checks, the legal representatives of both buyer and seller will continue to negotiate the contract. Once each solicitor is happy, the draft contract can be made official, and each party must sign a copy.
6. Formal mortgage offer – If the buyer is taking out a mortgage, a formal mortgage offer will be required at this stage, and the buyer will have to sign a mortgage deed.
7. Exchange of contracts – Once both parties have signed the contract, the paperwork is ready to be exchanged. The buyer must pay their deposit and a date for completion arranged. This date will be arranged with more than two parties if there is a chain, and so may require the assistance of estate agents. The date will be included within the contract.
8. Outstanding payments – Any outstanding payments should then be satisfied before the date of completion. This will involve stamp duty, legal fees and Land Registry fees.
9. Completion – On the specified date, the buyer’s mortgage company will transfer the money to the individual’s solicitor, who will then send it to the seller’s solicitor. The buyer will be given the keys to the property and is permitted to move in.
10. Registration of property transfer – The buyer’s solicitor will finally register the title deed with the Land Registry, finalising a transfer of ownership.
If you need a specialist conveyancing solictor, contact us today at Roskell Davies for friendly advice.
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