The Conveyancing Process Explained
The conveyancing process may appear complex but can in fact be broken down into 3 distinct stages.
- Pre-exchange of contracts
- Exchange of contracts
- Completion
Below is a simplified outline of what happens during the whole process. If you have questions about the process please contact us.
1. Pre-exchange of contracts
- A Sale price is agreed between the seller and the buyer either directly or through an estate agent. If applicable the estate agent informs both parties including the solicitors of the agreed sale.
- The sellers solicitor drafts the contract package which consists of the sale agreement, title deed information, property information and fixtures and fittings forms which is then sent to the buyers solicitor.
- The buyers solicitor and examines the contract package and title deeds on a number of issues on behalf of the buyer for rights of way, restrictions on use, alterations to the property etc and raise enquiries with the sellers solicitor. The buyers solicitor will also apply for the searches such as the local, water and drainage
- The buyer will apply for a mortgage and commission a survey/valuation report if required.
- The buyers solicitor may make additional enquiries about the property in response to questions raised during this process with the sellers solicitor.
- This stage is important to the buyer as the onus is upon the buyer to make the necessary enquiries, inspections and searches against the property prior to entering into the legal commitment to purchase at exchange of contracts.
2. Exchange of contracts
When both parties are happy with the details of the transaction signed contracts are exchanged. It is at this stage that the transaction becomes legally binding upon both parties. The buyer will pay a 10% non refundable deposit to the sellers via the solicitors.
A completion date is set whereby the property will be handed over to the buyers.
3. Completion
Final searches are carried out by the buyers solicitor.
The balance funds are transferred to the sellers solicitor.
Sellers leave the property and hand over keys to the buyer (usually through the estate agent).
Sellers solicitor repays their mortgage (if they have one), lets the seller have the balance sale proceeds and sends the title deeds to the buyers solicitor.
Stamp duty is paid if applicable by the buyers solicitor.
The buyers solicitor registers the change of title with the Land Registry.
