The fast-paced London property market means there is increased pressure on estate agents when it comes to getting clients to completion as quickly as possible.
Conveyancing is the part of the process that can take the longest amount of time, so it’s important for London estate agents in particular to align themselves with a reputable conveyancer who will keep clients updated every step of the way.
It’s during conveyancing that clients can become frustrated and if the solicitor is unwilling or slow to communicate, clients often end up leaning on their estate agent for updates throughout.
For this reason estate agents should have a good understanding of conveyancing and what’s involved in order to reassure and manage the expectations of clients. We’ve broken down the process into five simple points, so hop aboard and join us on this guided conveyancing bus tour!
Stop 1: Before the Exchange of Contracts
A draft of the contract is received by the solicitor containing details of the price, information on the buyer and seller, along with any further information such as deposits and the seller’s title deeds. The solicitor will then make pre-contract enquiries and check the details of the draft before negotiating it with the seller’s solicitor.
Stop 2: Searches
The conveyancer applies to the local council for local searches and checks the title, contract and papers.
Stop 3: Enquiries
The solicitor sends a standard set of enquiries to the seller’s solicitor which will include:
– Planning constraints and permissions
– Rights of way
– Restrictive covenants
– Guarantees or insurance policies.
Stop 4: Exchange of Contracts
The contract is signed and the deposit is handed over. The solicitor then draws up a transfer document and sends it to the seller’s solicitor before arranging finalisation and signing of the mortgage documents.
Final Stop: Completion
The buyer obtains the keys to their new home along with the transfer document and title deeds. The client pays any extra costs such as stamp duty, Land Registry fees and solicitor’s fees. There is still some work for the solicitor at this stage including:
– Informing mortgage lender and life insurance company that the sale is complete
– Registering the transfer of ownership at the Land Registry
– Paying the stamp duty
– Sending a statement of completion, including a summary of the financial transactions.
If you have any queries about conveyancing you can get in touch with the team who would be happy to speak to you, check out our website – www.avrillo.co.uk
Alternatively, you can tweet us a question at @av_rillo on Twitter.