The Conveyancing Process
Conveyancing is the legal process for transferring ownership of property from one person to another. The exact process depends on whether you are buying, selling, buying and selling or simply remortgaging.
Stage One: Your Offer Has Been Accepted
Once your offer has been accepted and you have formally instructed a solicitor to act on your behalf, the solicitor will check the legal title of the property and report to you. When you are happy to proceed, your solicitor will then organise local authority and any other relevant searches, reporting their findings to you. Your solicitor will liaise with the seller’s solicitor an if necessary the estate agent, to answer any questions you may have regarding the property, for example if any changes to the property were granted planning permission. Your solicitor will then check to ensure that your funds are in place. At this stage, your solicitor will normally report to you again, before preparing your contract in readiness for exchange.
Stage Two: Exchange of Contracts
Up to this point, neither party is contractually obliged to either buy or sell the property. Once contracts are exchanged, neither party can pull out of the transaction without incurring significant penalties. Some buyers will exchange contracts and complete the transaction on the same day, whereas others prefer the peace of mind that exchanging contracts before completion provides. Your solicitor will transfer your deposit (usually 10% of the purchase price) to the seller’s solicitors and arrange a date for completion. Final searches will be undertaken, and the transfer and mortgage deeds will be prepared.
Stage Three: Completion
The big day has arrived, your boxes are packed, the cat’s gone missing and you are ready to move into your new home. Your solicitor will send the balance of purchase monies to the seller’s solicitor. Once the monies have been received, your solicitor will be notified and the keys will be released for collection. The house is now yours (almost). Finally, your solicitor will register your ownership of the property at HM Land Registry. All that remains is for your to unpack your boxes, find the cat and enjoy your new home!
