Monday, October 14, 2019

Conveyancing Explained

March 27, 2010  

You’ve finally found a buyer for your house and you’re ready to move onto pastures new-but then what? Well first the solicitor who is doing your conveyancing will obtain the title deeds for the property and the documents relating to Land Registry. They will then provide you with two forms which you will need to complete: ‘Property Information Form’ and a ‘Fixtures, Fittings and Contents Form.’ You will also need to provide any other documentation relating to the property but are not held with the deeds, such as timber reports.

After your solicitor has all the relevant documentation they will prepare a draft contract, which is then sent to the buyer’s solicitor, who will then carry out the appropriate searches relating to the property, and raise any queries they have.

You may need to assist your solicitor in answering these queries, and once the other party are satisfied, you and the buyer will need to sign and exchange contracts. Upon exchange of contracts the sale becomes legally binding, a completion date will be agreed, and the buyer will pay the deposit.

Then on the completion date your solicitor will receive the sale price balance and hand over the deeds to the Buyer’s Solicitors. They will then payoff any outstanding mortgage, take their legal fees and then forward the balance on to you- sale completed.

If you’re on the other side of the fence and have found your dream home and are ready to buy then the process starts once your solicitor receives the pr-contract package from the seller’s legal team. After this has been received they will carry out several searches, including the Local Authority search.

Should there be any queries relating to this or any of the documentation, then your solicitor will raise these with the other party and gain answers/resolution, and once all queries are satisfied they will construct a property report for you.

If you are happy with this then a contract will be drawn up, which will be signed by yourself and the seller, and upon exchange of these the sale becomes legally binding and a completion date is agreed upon. The completion statement is then drawn up, the property is put into the buyers name and the balance is paid to your solicitor.

Upon completion, the balance of the funds is transferred to the seller’s solicitor and they pass on the deeds.

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