A-Z Of Conveyancing
Conveyancing within the UK encompasses the legal procedures associated with the transfer of property ownership from one party to another. The following are common terms used in this process, presented in the order in which they typically occur.
1. Choose a Conveyancer or Solicitor
Start by selecting a qualified conveyancer or solicitor to handle the legal aspects of the property transaction. You can find one through recommendations or online searches.
2. Instruction and Quote
Instruct your chosen conveyancer, who will provide you with a quote and a list of services they'll offer.
3. Title Check
Your conveyancer will carry out a thorough check of the property's title deeds, ensuring the seller has legal ownership and there are no outstanding issues like disputes or restrictions.
4. Searches
Local authority searches are conducted to check for any planning or environmental issues that might affect the property.
5. Property Survey
You may want to conduct a property survey to identify any structural or other issues. This is typically arranged by the buyer.
6. Review Contracts
The seller's solicitor will send the draft contract to the buyer's solicitor for review. This contract outlines the terms and conditions of the sale.
7. Mortgage Arrangements
If you're getting a mortgage, your conveyancer will work with your lender to ensure all financial arrangements are in place.
8. Pre-Contract Enquiries
The buyer's solicitor will raise pre-contract enquiries with the seller's solicitor to clarify any concerns or questions.
9. Exchange of Contracts
Once both parties are satisfied with the contract and all conditions are met, both parties sign the contract, and it's exchanged. At this point, the transaction becomes legally binding.
10. Deposit Payment
The buyer pays a deposit (usually 5-10% of the property price) to the seller's solicitor's account upon exchange of contracts.
11. Completion Date Set
The completion date is agreed upon by both parties. This is when the property changes ownership.
12. Final Searches
Your conveyancer will perform final searches to ensure no new issues have arisen since the initial searches.
13. Completion
On the agreed completion date, the remaining funds are transferred to the seller's solicitor, and ownership of the property is transferred.
14. Stamp Duty
Your conveyancer will ensure that the Stamp Duty Land Tax (SDLT) is paid to the HMRC, if applicable.
15. Register Property
Your conveyancer will handle the necessary paperwork to register the property in your name with the Land Registry.
16. Post-Completion Matters
Your conveyancer will also ensure any remaining fees and taxes are settled and provide you with the title deeds and a copy of the Land Registry certificate.
The conveyancing process can take several weeks to complete. It's essential to stay in regular contact with Edgerow, your conveyancer and estate agent, who will guide you through each step and keep you informed of progress.