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'Conveyancing' is the name of the process
of transferring the ownership of the property. This process
is in place to ensure, amongst other things, that:
- The Seller actually has the right to sell the land.
- That any benefits that come with the property (e.g. rights
of way) are transferred to the Buyer.
- That the Buyer also knows of all the obligations that
come with the property (e.g. usage restrictions and right
of way on the land).
A typical conveyancing transaction, sale or a purchase contains
two major points; 'exchange of contracts' and 'completion'.
The buyer can legally pull out, losing their deposit, at any
stage up until the contracts are exchanged. This protects
the Seller as well as the Buyer. There are also three stages
in the process; before contracts, before completion, and after
completion. Although the process is slightly different for
sale and purchase, the general format is the same for both.
The pre-contract stage is the longest part and can take up
to six weeks. In this part the mortgage offer must be arranged
and the deposit collected, usually at least 10% of the purchase
price, to exchange the contracts. The overall length of a
conveyancing transaction usually roughly 2 - 3 months in total.
| :: stage 1 |
Buyer's Solicitor
- Collects money for disbursements (expenses)
- Receives the contract and other papers from sellers
solicitor and asks additional enquiries if necessary
- Carries out local authority search and others if
they are needed
- Receives mortgage offer
- Sends you the contract to sign and requests the
deposit
Seller's Solicitor
- Sends for your title deeds and asks you to fill
in a property questionnaire
- Prepares a contract and sends this out with a legal
information pack
- Answers any additional enquiries buyers solicitor
may have
- Negotiates the moving (completion) date
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| :: stage 2 |
Buyer's Solicitor
- Sends contract and deposit to seller's solicitor
- Prepares transfer and mortgage deed and sends them
to you to sign
- Arranges final searches
- Prepares final accounts and requests any monies
required from you
Seller's Solicitor
- Receives the buyer's deposit
- Obtains a settlement figure for your mortgage
- Approves the transfer deed and arranges for you
to sign it
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| :: stage 3 |
Buyer's Solicitor
- Transfer total purchase amount to sellers solicitor
and collects deeds
- Pays the Stamp Duty (if any is due)
- Registers purchase at Land Registry
- Sends deeds to Bank or Building Society (if a mortgage
is used)
Seller's Solicitor
- Receives balance of purchase price
- Pays off the mortgage
- Hands over the deeds
- Sends you the balance or uses this towards purchase
(if any)
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:: useful links
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