A Guide to Conveyancing

19th July 2017

The legal conveyance of a property can sometimes be complex, here we explain the simple steps.   It can be an anxious time for sellers and buyers so it is important to have fully qualified legal representatives acting for each side.  Here is a summary of the 8 key stages in the transaction:

SELLING
The buyers offer has been accepted.  You are ready to instruct a solicitor
BUYING
The  seller has accepted your offer.  You are ready to instruct a solicitor.
Stage 1 Stage 1
If you have a mortgage the solicitor will need to apply for the Deeds from the lender.  If don’t have a mortgage, inform the solicitor where the Deeds are. If you require a mortgage you should make your formal application and arrange for a survey if you require one.  Your solicitor will also ask for payment of Search fees.
Stage 2 Stage 2
Your solicitor will require you to complete a Property Information Form and a fixtures and fittings form The draft contract and supporting documents are received from the sellers solicitors. Your solicitor will check the legal title and apply for searches.  Your solicitor will raise enquiries with the sellers solicitors.
Stage 3 Stage 3
Yours solicitor will prepare a draft Contract and submit this with relevant information to the buyers solicitors.  Your solicitor will also deal with any “pre-contract” enquiries raises by the buyers solicitors.  This can be a complex and protracted process. When your solicitor received your mortgage offer this will be checked and explained.  The mortgage deed will be sent to you for signing.
Stage 4 Stage 4
The contract is now ready for you to sign and return.  A completion date will be agreed with the buyer which will coincide with the sales of any other properties in the chain. Once your solicitor is satisfied with the searches and all the enquiries raised, you will be asked to sign the contract and pay a deposit, usually 10% of the purchase price.  A completion date will be agreed with the seller and all other parties in the chain
Stage 5

EXCHANGE CONTRACTS

You are now legally bound to the sale

Stage 5

EXCHANGE CONTRACTS

You are now legally bound to the purchase

Stage 6 Stage 6
If you have a mortgage your solicitor will ask your lender for a “redemption” figure from your lender.  Your solicitor will prepare a “completion statement” detailing the balance due and any other payments required. Your solicitor will apply for the mortgage funds.  The deposit will be forwarded to the sellers solicitor.  You should also arrange for the property to be put on buildings insurance cover, even though completion hasn’t taken place.  Your solicitor will request the balance of the funds from you, ready to complete.  A completion statement will be prepared.
Stage 7 Stage 7
Your solicitor will send you a transfer deed for signing Your solicitor will check that the seller has signed the transfer deed and is ready to move.
Stage 8

COMPLETION

The buyers solicitors send the completion money to your solicitor.  Arrangements are made with the Estate Agent for handing over keys.  Meter readings should be recorded.

Stage 8

COMPLETION

Your solicitor will send the completion money to the sellers solicitor.  Arrange collection of the keys.  Meter readings should be taken

Whilst we are an independent company we work closely with a local and regional solicitor offering a wide range of legal services and so are therefore able to put you in touch with the right team for more information – please just ask us!   Call Carlisle 01228 810799 Ext 1 or Penrith 0n 01768 864214