The Different Stages of Conveyancing
Find property you like and make an offer to seller
Usually done through an estate agent.
Once offer is accepted by seller you can proceed to instruct a conveyancer and inform them that paperwork will be arrivng soon.
They will receive formal notification of pre-sale details from the estate agent. These will be notification of the property to be purchased, the sale price and the sellers details and their solicitors details.
(It is at this point that you would usually also instruct a surveyor to inspect the condition of the property and assess it’s suitability for mortgaging to the level of funding you require.)
It is the sellers solicitor who has to draw up the draft contract of sale so they will do this and in turn forward a copy to the buyers solicitor/conveyancer.
The sellers title deeds are also included with the draft contract as these must pass to the buying party upon completion.
The buyers solicitor will scan the contract to ensure all the terms are usual and will not lead to anything problematic with regard to obtaining borrowing or anything else. Searches will be requested and an enquiries form which is usually standard will be sent to the sellers to complete.
The estate agent will usually have prepared a fixtures and fittings inventory that will usually be appended into the sale contract. These are to cover items that are to be contracted to pass with the title to the property to the new owner. Items such as cooker, fiited dishwashers etc.
The buyers solicitor must confirm that the buyer has sufficient funds to proceed with the purchase and will request proof of mortgage offers, or any other funding.
The buyers solicitor would eventually be in possession of the draft contract and returned enquiries form and the results of the requested searches. They will usually scutinise everything and write to the buyer identifying anything that is contentuous or problematic.
Subject to the above being satisfactory contracts are signed and a deposit is payable for exchange purposes.
A completion and exchange date is agreed between both parties. This usually requires extended consideration of other parties who may be in a chain with the properties being bought and sold by both the seller and the buyer.
Contracts are exchanged and the deposit collected is paid.
On the completion date the solicitor will request the mortgage company or other funds are drwan down and a transfer of the sale price will be made electronically.
The purchase of your property is now complete.
Your solicitor will then go about registering the change of title with the Land Registry office and ensure that any appropriate Stamp Duty is also paid over to the Land Registry.