The conveyancing process doesn’t have to be daunting. However, it is something that happens when the ownership of a home is legally transferred from a seller to a buyer. So it is important that you understand the steps that need to be taken, whichever side of the property conveyancing process you are on.
We have put together a handy guide to help you understand the steps that you need to take, as well as things to be aware of along the journey.
Initial stages of the property conveyancing process
The process of conveyancing begins when your offer on a house is accepted, and concludes when you have the keys in your hands. This can be performed by either a solicitor or a conveyancer, but using a specialist property conveyancer has several added benefits. The main one being that conveyancers are specialists in property law (both residential and commercial) and have detailed knowledge of this specific area.
When looking into choosing a conveyancer, a good one will:
- Speed up your transaction.
- Reduce the chance of the deal falling through.
- Make sure the conveyancing process is as stress-free as possible.
Once you have appointed your conveyancer, they will then draw up terms of engagement with you. This will detail the charges and deposits required throughout the property conveyancing process too.
Your conveyancer will then write to your seller’s conveyancer to confirm that they have been appointed, and to request a copy of the draft contract and other standard forms. After this initial stage, the conveyancing process varies for whether you are buying or selling a property.
Conveying process for buying a property
- The contract pack is obtained from the seller’s conveyancer.
- The buyer’s conveyancer checks the contract pack, raises any queries and obtains a copy of the mortgage offer.
- Any pre-contract questions raised are answered by the seller, before being returned to the buyer’s conveyancer.
- The conveyancer reports to the buyer on the contents of the contract, pre-contract enquiries, results of the searches and mortgage offer.
- When the buyer is content, the deposit is paid to the buyer’s conveyancer, in preparation for the exchange of contracts.
- Seller and buyer agree on a completion date, and contracts are officially ‘exchanged’.
- The buyer’s conveyancer prepares a draft transfer deed & this is sent to the seller’s conveyancer for completion.
- The seller’s conveyancer approves the draft transfer deed, and a final copy is produced.
- Then, back to the buyer’s conveyancer who prepares a completion statement, and applies to the mortgage lender for a loan.
- Upon completion, the buyer’s conveyancer sends the proceeds of the sale to the seller’s conveyancer.
- The keys are then released to the estate agent, along with the title and transfer deed to the buyer’s conveyancer.
- Then, the final bits are carried out by the buyer’s conveyancer – sending stamp duty, and registering the property in the name of the buyer.
Conveying process for selling a property
- The seller’s conveyancer carries out proof of identity checks and sends property information forms out.
- The seller’s conveyancer obtains title deeds and any other documents required by the land registry, as well as preparing the draft contract.
- The contract is checked over by the buyer’s conveyancer, and any questions are resolved by the seller’s conveyancer.
- An exchange date is decided upon, and the seller’s conveyancer will obtain a settlement figure to pay off any outstanding mortgage.
- A transfer deed is drafted by the buyer’s conveyancer, which is then sent to the seller’s conveyancer for checking.
- Upon completion, the seller vacates the property and hands over the keys through an estate agent. The proceeds of the sale are then sent to the seller’s conveyancer.
- The seller’s conveyancer then sends the title deeds and transfer deeds to the buyer’s conveyancer, and pays the estate agent and mortgage lender (if applicable).
- Once the conveyancer takes payment for their services, the remaining money is transferred to the seller.
As with all property conveyancing, no matter how proactive and efficient one firm is they need to rely on the other conveyancers involved in the conveyancing process. It is also vitally important you keep in contact with the seller of the property you wish to buy or vice versa as you may need their assistance later in to the transaction to help push things along.
We really hope that you have found this article useful. If you require any more information about the conveyancing process, please do not hesitate to contact our team of experts today.