Conveyancing is the legal process of transferring ownership of property from one party to another. It can be a complex procedure but below we provide a step-by-step guide.
Instructing a conveyancer
The Law Society has created a conveyancing protocol for use by solicitors and licensed conveyancers. In it they point out that the procedure is only as fast or as slow as the last person in it. It is important, therefore, that you instruct your professional as soon as possible.
Enquiries and searches
Once the vendor’s conveyancer has prepared a contract, having acquired ownership details they will forward it to the other party’s representative, along with other details such as any contents included in the sale, and specifics relating to boundaries, planning and rights of way.
The purchaser’s conveyancer will raise queries on these matters where necessary and carry out other searches with the local authority, and additional matters relating to the environment, drains and mining activity where appropriate.
Mortgage and survey
A purchaser may apply for a mortgage at any time and get their eligibility established. The sooner you have an offer, the quicker you can move when you are preparing to buy a property. Once you have decided on a property and wish to make an offer, it is time to get either a Home Buyers’ Survey or a full structural survey.
Signing the contract
Once both sides representatives are satisfied, they will move forward to signing contracts. At this point the buyer’s conveyancer will raise issues such as building insurance, ownership options if you are buying with another party and the deposit.
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Exchanging contracts
The next stage in the process is exchanging contracts and the paying of a deposit. A date will be set for this and for the completion of the sale. In the time between these two events, both sides representatives will be busy making sure everything is in place, including monies and deeds for the completion date.
Completion
The buyer will receive a completion statement and must have funds in place to pay outstanding monies. On the completion day the buyer’s conveyancer will pay the outstanding amount on the purchase price and will be given the relevant documents relating to the property including the title deeds. The agents involved in the sale will be instructed to release the keys once all monies have been received.
Post completion
The buyer’s conveyancer needs to complete some matters after completion, such as paying Stamp Duty, and registering ownership. You can find further information on the conveyancing process online at sites such as this.
We hope you find this helpful, but remember each property purchase is unique and timetables cannot be fixed in stone.
