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What is conveyancing?
In legal terms, conveyancing refers to transferring the ownership of a property from one person to another. The legal world can be a minefield to navigate around, which is we are here to explain the conveyancing process and help you finalise your move in the most efficient time frame possible.
Selling a property requires a range of legal paperwork, and it all starts with a conveyance. When a person accepts a housing offer, the seller’s solicitors can begin to draft the contract of purchase. This contract will include any terms and conditions of the sale, the asking price and additional information that are relevant to the property. Getting the legal jargon right is crucial, as incorrect wording or typing errors can lead to long delays in the transfer of the deed.
Once the seller’s solicitor sends over the contract, the conveyancing solicitor (us) will check the contract on behalf of the buyer to ensure a smooth transaction. If there are any concerns about the wording, the contract will return to the seller’s solicitor for clarification.
It is highly recommended for a buyer’s solicitor to convey a survey on behalf of the client. It’s crucial to check the state of the property and the surrounding land as it can help you avoid potential pitfalls when purchasing a new property.
If anything arises, the buying solicitor has the power to renegotiate the terms on the draft contract for the benefit of the buyer. Once both parties are happy with the terms and conditions of the sale the solicitors will prepare a copy in readiness for the official exchange.
Unless you are able to cover the costs of the property upfront you will be required to bring a finalised mortgage offer from the accredited lender. The buyer’s will then check the terms of the mortgage and arrange for the mortgage deed to be signed by the respective properties (either a buyer or buyers in an event of a joint mortgage).
The next step is the official exchange of contracts that legally bind the seller and the buyer to the transaction. At this point the buyer transfers the mortgage deposit and both parties agree on a fixed date to allow both parties to prepare for the move. If the buyer completes the purchase through a mortgage, a request will be sent to the lender to transfer the money to the buyer’s solicitor to complete the purchase. On the other side, the seller’s solicitor will check for any outstanding debts and loans on the property.
Finally, the conveyancing process is coming to completion. On the previously set date, the buyer’s solicitor will transfer the funds to the seller’s solicitor along with all the legal paperwork. The moment the money is sent and received, the completion is finalised. At this point the keys are released from the sellers into the buyers allowing the new property owners to move in.
Although it may seem like the conveyancing process is finished there is still a bit more paperwork to do. The seller’s solicitor has to make sure that any repayments out outstanding mortgages are transferred to the right parties. Furthermore, they will have to pay the estate agents as well as transfer the payment over to the seller. On the other side, the buyer’s solicitor will have to double-check the paperwork, deeds and legal paperwork. All of this is is required to report the transaction to the HMRC, pay the Stamp Duty, register the mortgage and purchase with the Land Registry.
You could be forgiven for thinking this is the end of the process, but it is not. The seller’s solicitor then has to deal with repayments of any outstanding mortgage on the property and pay the estate agents and then pay the balance over to the seller. The buyer’s solicitor then needs to check the deeds and any paperwork they receive and report to the HMRC and pay any Stamp duty and register the purchase and mortgage with the Land Registry.