What Is The Conveyancing Process?

Saturday 15 April 2017  / 

Knowing how the conveyancing process works, and unraveling what to many is confusing, is always a good idea, and helps buyers and sellers feel at ease with the process. These are the various steps in the conveyancing process involving a regular purchase transaction and property sale:

The Conveyancing Procedure For Selling Your Property

Step No 1

If you are selling your property you need to instruct a conveyancer from the get-go. This can easily be done by email, and you should receive a reply extremely quickly.

Step No 2

The conveyancer will confirm your selling instructions via email, and will also provide you with their fixed fee charge, along with their terms of business.

Step No 3

Due to money laundering regulations, the conveyancer will ask you for

ID checks which they need to verify. They will also email you an easy to fill out form which has various questions relating to the property, such as the fixtures and fittings you are including in the sale.

Step No 4

Your conveyancer will obtain the title deed for your property as well as the outstanding sum on your mortgage (if you have one).

Step No 5

The conveyancer’s next job is to prepare various documents and the draft contract to send to the purchaser’s conveyancer.

Step No 6

On receipt of these, the purchaser’s conveyancer checks everything in detail, and if necessary, raises various queries with your conveyancer before the exchange of contracts.

Step No 7

The pre-draft contract enquiries are answered by both yourself and your conveyancer.

Step No 8

The purchaser’s conveyancer then acknowledges satisfactory results from the searches and pre-contract enquiries, as well as if they have received a mortgage offer (if this applies).

Step No 9

A completion date is agreed by both parties, and the contracts are exchanged, legally committing both yourself and the purchaser. If applicable, at this time your conveyancer will request a mortgage redemption figure. The conveyancer acting for the purchaser will draw up a transfer deed which they send to your conveyancer.

Step No 10

Once your conveyancer has checked this transfer deed, they send it to you to sign, so it is ready for completion.

Step No 11

On the completion date the buyer’s conveyancer will transfer the sale proceeds to your conveyancer, who will organise the release of the property keys. Your conveyancer will also send the transfer and the title deeds to the purchaser’s conveyancer. The funds that remain after the necessary deductions will then be transferred to your bank by your conveyancer right away.

The Conveyancing Procedure For Buying a Property

 

Step No 1

If you have decided to purchase a property, instructing a reputable conveyancer prior to making an offer is the best course of action. This can easily be done online.

Step No 2

Once you have found a property you like, and your offer has been accepted, you need to instruct your conveyancer.

Step No 3

The conveyancer will confirm your purchasing instructions via email. They will also provide you with their fixed fee charge and their terms of business.

Step No 4

Your conveyancer obtains a contract pack from the seller’s conveyancer and raises any pre-draft contract queries. They also undertake any essential searches and read through your mortgage offer.

Step No 5

The seller and their conveyancer reply to any pre-draft contract queries.

Step No 6

Your conveyancer examines these and then informs you about the search, mortgage offer and various other aspects of the process.

Step No 7

Once you are ready to proceed, you will need to pay 10% of the property’s purchase price to your conveyancer.

Step No 8

A completion date is agreed by both parties, and the contracts are exchanged, legally committing both yourself and the seller.

Step No 9

Your conveyancer sends the seller’s conveyancer a form regarding completion information and a draft transfer deed.

Step No 10

Once the draft transfer deed is approved by the seller’s conveyancer, the final copy is sent to you to be signed before it is sent to the seller’s conveyancer, ready for completion.

Step No 11

Your conveyancer prepares a statement of completion, carries out pre-completion searches, and requests the mortgage loan from your lender.

Step No 12

Once completion day arrives, your conveyancer transfers the sale proceeds to the seller’s conveyancer. Once received, the seller’s conveyancer gives the estate agent permission to release the keys to you, and sends the transfer and title deeds to your conveyancer.

Step No 13

Your conveyancer then receives confirmation that the seller has settled their outstanding mortgage, and that their conveyancer has sent the transfer and title deeds. Any necessary stamp duty is submitted to HMRC by your conveyancer, who also contacts the Land Registy to register the new property in your name. Once they confirm your name is on the register, the deeds are sent out to you.