Buying or selling a property will probably be one of the most important legal transactions you will be involved in, so it’s important to understand how the process works.
This guide to conveyancing covers the main steps involved if you’re buying or selling a property.
Need help with finding a conveyancer? Speak to your local branch.
Step one: Establish ownership
It may seem obvious but ownership of the property must be legally confirmed before the sale can progress any further.
Depending on the property’s registration status, solicitors may apply to the Land Registry for necessary documentation, proving the seller’s ownership.
Step two: Contract formation
The seller’s solicitor will create a draft contract using a standard template. If there’s an existing mortgage, a redemption statement will be requested.
Once complete, documentation will be sent to the buyer’s side, including the contract, proof of ownership, and fixtures and fittings forms.
Step three: Thorough area checks
Buyer’s solicitors will submit inquiries to the local council regarding planning decisions, roadworks, or other factors affecting the property’s surroundings.
While electronic searches have significantly expedited the process, things may still take a while and so patience is important.
Step four: Respond to buyer enquiries
Buyer’s solicitors will present a list of property-related inquiries to the seller. Timely and complete responses are crucial to maintaining momentum in the process.
Step five: Exchange and completion
As soon as the contracts are fully drafted, the buyer’s and seller’s conveyancer will agree exchange and completion dates.
This happens over the phone and makes your purchase or sale legally binding. The seller’s conveyancer will request a deposit from the buyer’s conveyancer.
Once completion has taken place, both conveyancers will handle the transfer of funds from the buyer to the seller. The keys to the property will only be released once the funds have cleared.
For help with finding a conveyancer for your home, get in touch with us today.
