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What is the Conveyancing Process?

Stages of the conveyancing procedure, whether you are a buyer or a seller, or both, can include many stages and can feel quite overwhelming when you are in the depths of the process, but overall, it is a relatively simple journey and if you know what to expect it will appear to pass far more quickly - so in this article we have set out a roadmap for both buyers and sellers.

Firstly though, for buyers,before you even make an offer on a house that you have seen, get your mortgage approved in principle and select a conveyancing solicitor - your lending institution will have strict rules in place when it comes to conveyancers they choose to work with and selecting a solicitor not in their panel, may cause unnecessary issues and delays. So, it is advisable to get your ducks in a row when the home of your dreams comes on the market.

The Buyers Process

Instructing a conveyancing solicitor:

Once you have decided on your conveyancing solicitor, they will send some initial paperwork to you to complete. This will usually be their terms of business, a personal information questionnaire, information regarding your proof of funds and your stamp duty obligations.

Conveyancing Searches:

These will include but are not limited to, local authority searches, a water and drainage search, an environmental search, and possibly a coal mining search should this be required. These searches come with associated fees and your conveyancing solicitor will usually charge you for these early in the process - there is usually no way to minimise these costs.

Surveys:

There are three main types of surveys: homebuyer's report, full structural survey and snagging survey each of which is vital to the process and the purchase can not go ahead without them.

Negotiate a completion date:

Your conveyancing solicitor will update you on the results of the searches. If all is good, the next step is to come to an agreement on a completion date with the seller. The completion date is the date the keys get handed over and should be acceptable to both you and the seller. Be flexible here, many sellers will want to time it for the start or end of a month to tie in with their mortgage payments.

Deposit money should be paid to your solicitor:

You are almost ready to exchange contracts, which means you need to get your deposit to your solicitor. Your solicitor will also get you to sign the contract at this point – this is the point where you commit to buying the seller's house.

Exchange contracts:

When your conveyancing solicitor and the solicitor acting for the seller swap signed copies of the contract this is known as the exchange of contracts. There is now a legally binding contract between you and the seller. Once this has happened, you cannot pull out from the sale. If you do, you will forfeit your deposit money. But, on the plus side, the seller can't back out either.

Completion

This is the day you can collect your keys to your new home. Money will be sent from the buyers’ lawyers to the vendors’ lawyers. Once they receive the funds, they will release the keys to you and they can be collected from your estate agent! Congratulations!

Get a completion statement:

Your solicitor will give you a completion statement with a clear breakdown of the money you need to give the solicitor. This will include any outstanding deposit, stamp duty land tax, solicitors' fees etc. You will usually have to pay these on or before your completion date.

The Sellers Process

Sale Agreement:

When you instruct a conveyancing solicitor for your sale, they will request your title deeds as well as ask you to complete a set of questions.

You will certainly need to provide:

  • All property information
  • Fixtures and fittings.
  • If the property is under leasehold, all details will be required.

Make certain to talk about a completion date with your conveyancer to be negotiated with the customer's solicitor. Your home loan lender will certainly request your conveyancing solicitor provide a statement for the overall sum that requires to be settled on conclusion of your sale.

Exchange

As soon as the contracts are traded, your solicitor will obtain the buyer's deposit-- this is normally 10% of the building price. At this point your buyer is unable to back out and you will remain in a legally binding contract to offer the property to them -- you can no longer approve or accept another alternative offer on the property.

Completion

Your conveyancing lawyer will need settlement for provision of their services upon completion on your property sale and they will then oversee the finalising of all accounts. A final settlement will certainly be drafted for your approval and then your conveyancing solicitor can confirm that all actions and monies have arrived at their destinations and the sale is final. They will also liaise with the purchases conveyancer to concur the same.

This concludes the process for both the buyers and the sellers, all that is left to do now is for the relevant solicitors to report to statutory authorities such as the Land Registry and HMRC.

Having a professional and experienced conveyancing solicitor on your team to take prompt action wherever and whenever necessary is key to the success of any property transaction and we have a wide database of just such parties - At Compare Conveyancing Quotes, we allow anyone who needs the assistance of a conveyancing professional to compare quotes instantly, get your conveyancing quote here. Last year we helped over 33,000 people find a conveyancer to help them on their property journey.

What your conveyancing solicitor will do, stage by stage...

Planning on buying a new home this year? Then you will need to know about conveyancing. This is the legal side of a property purchase, you don’t need to carry this out yourself but you will need to instruct a solicitor to take care of it for you.

Here are the conveyancing and procedures your conveyancing solicitor will carry out when assisting you to buy a property:

Initial stages:

As soon as you have advised a conveyancing solicitor that you wish to instruct them to go ahead with their services in relation to your property purchase you will need to deposit funds to allow them to carry out all relevant searches required as part of the conveyancing process.

At this stage if you are buying the building jointly, you must likewise let your solicitor recognise exactly how you desire to hold the residential property, it is common placeto purchase a house in joint names so there are important decisions to be made in connection with joint possession. There are two ways in which you can jointly have a property;

  • Joint Tenantsis where both parties have an equivalent rate of interest in the home and if one of the parties passes away, the survivor immediately possesses the property.
  • Tenants in Commonis where you each hold a detailed share of the building as well as having the ability to leave that share to somebody else in your Will in the event of your death.

You will need to advise the Estate Agent which solicitor you intend to use to make sure that they can send out a "Memorandum of Sale" as well as "Residential or commercial property Particulars" to all parties.

Your solicitor will then contact the seller's lawyer to validate that they are instructed and to request the draft agreement. This must also be accompanied by a pack that consists of all information relevant to the property and any surveys and a questionnaire completed by the sellers. If the property is leasehold a duplicate of the Lease will certainly additionally be included.

You will most certainly need to inform your solicitor if you have a related sale and instruct them in connection with that if needed.

Pre-Contract Stage

Once the draft contract pack has been received, your conveyancing solicitor will examine the contract, the title deeds and the forms completed by the seller, and if necessary, raise any enquiries with their solicitor.

Your conveyancing solicitor will additionally after that carry out all relevant searches which can take 2/3 weeks to get, as you will be relying on the Local Authority with their existing workload.

If the building you are buying is leasehold, your conveyancing solicitor will require to send out a standard Managing Agents Questionnaire to the seller's solicitors which will subsequently be sent to the relevant Landlord/Managing Agents/Residents Organisation for completion as well as return.

If you are taking out a home loan or mortgage, your conveyancing solicitor will get a copy of the deal as well as verify the conditions and will normally take on legal services required by your lender as well.

Once all searches are complete and enquiries answered, your conveyancing solicitor will ask you to sign the contract papers including your mortgage deed.

Exchange of contracts

Before exchange of contracts your lender will require you to have your buildings insurance in place.

All parties involved need to agree on a completion date.

Once contracts are exchanged between the respective solicitors (usually over the telephone) you are legally bound to buy, and the seller bound to sell the property. Should either party pull out, the other will be entitled to claim compensation for breach of contract.

At the point contracts are exchanged, your solicitor will send your deposit monies to the seller’s solicitor. This acts as security for the seller in the event that you change your mind or for some reason are unable to pay the balance on completion. If this does happen the seller will be entitled to keep your deposit monies and may take you to court if the deposit is not enough compensation for breaching the contract. In the same way, if the seller’ breaches the contract and refuses to complete for whatever reason, you could apply to the court for an order to force the seller to complete or else get your deposit back and sue the seller for compensation. It is therefore very rare that a sale does not complete once contracts have been exchanged.

Between Exchange and Completion

Your solicitor will draw up the Transfer Deed so that the property can be registered in your name after completion. Your solicitor will also carry out some final searches on behalf of your lender at the Land Registry.

During this period you should, if you have not done so already, receive a final statement from your solicitor showing all expenses and giving you a final figure which you will need to make sure is cleared in their bank account before the day of completion. If you are buying with the assistance of a mortgage, your solicitor will order the mortgage monies in time for completion however in most cases a minimum of 5 working days’ notice is required for this by most lenders.

Completion (or Moving Day!)

Completion takes place when the seller’ solicitor confirms that they have received the balance of the money that is due. Once this has happened the keys ought to be released to you either directly by the seller themselves or via the Estate Agents.

Post Completion

Your lawyer will after that pay any kind of Stamp Duty Land Tax due, and also upon payment of the title deeds and also papers as well as Transfer authorised by the seller', register your ownership with the Land Registry.

Once the registration has been received back from the Land Registry, if you purchased with the assistance of a mortgage, your solicitor will send a copy of the registered title to your lending institution as evidence that their charge has been registered, which will continue to be until such time as you settle the loan in full.

To ensure you are getting a conveyancing solicitor who is offering you the most competitive rate and who will be acceptable to your lender, get a quote here.

Do I have to use a conveyancing solicitor near me?

There are a lot of questions you may be asking yourself when it comes to choosing your conveyancing solicitor. One of those will likely be “Do I Need To Use A Local Solicitor To Buy Or Sell My House?” This article will hopefully help you come to a decision about this. When it comes to conveyancing, the local knowledge of a solicitor could be useful, especially if there are peculiarities about your purchase or the particular area you are buying in. However, on the whole, conveyancing is quite a standard process wherever you are in the country. Personal knowledge of the area is not necessarily needed.

Whether you are the purchaser, the vendor or both, your conveyancing solicitor will obtain evidence of titles from the central land registry website. This is the device that lawyers use to check and show title actions. This has no bearing on whether or not they are based in your local region.

There are times throughout the conveyancing process where you could be called upon to review and authorise documents. This does not need to be an issue in this day and age. If you are not local to your lawyer they can send you copies of the documents digitally. Your physical presence is not needed. In fact, the conveyancing process can be speeded up significantly with the aid of digital communication. Contact can be made at unusual hours of the day when attendance would certainly be impossible. So again, the locality is not an issue.

When it comes to making a decision on your conveyancing solicitor, remember, the cheapest will not always be the very best service and all quotes should be read extensively, even the fine print, to ensure they include everything at the outset.

Let’s look a little bit further into some of the factors that might come up when deciding whether to choose an online or local conveyancing solicitor:

Conveyancing Rates

Online Conveyancing is frequently a fair bit more affordable. The online conveyancing market is much more competitive than that of a neighbourhood lawyer one. Plus, when gathering quotes from different conveyancers it is far simpler to make the contrast online. This is because sites like ours demand that all regulations are followed before your quote is also created and all services and expenses are noted as per guidelines. This indicates the quotes you get are clear, competitive,and also supplied swiftly.

Client Interaction

Some people like to communicate face-to-face with the person responsible for the legal process of residence ownership and also transfer. If this is the case you might be leaning in the direction of using a local conveyancing solicitor, though this may not be one of the most sensible selections.

Chances are, you are only likely to meet your solicitor personally one or two times anyway. The majority of communication is done over the phone or through email anyway, despite location. Many individuals expect online conveyancers to have too much work, and much less time to commit to their personal sale or purchase. Yet a neighbourhood conveyancing solicitor may be managing lots of other, much more complex cases, making your house buy their least concern. It's swings and roundabouts. On-line conveyancers frequently run larger operations with several support staff to help you with any kind of concerns.

Conveyancer Specialisms

Many online conveyancing solicitors are extremely specialised focussing only on conveyancing and building law. A local solicitor may be offering many other legal services as well as conveyancing, which means it is not their specialism! A conveyancer (in contrast to a solicitor) only manages conveyancing situations, making them specialists. Conveyancing solicitors will be fully qualified to take care of anycomplex legal issues should they develop.

Customer reviews and testimonies may provide some understanding into their specialisms. In this regard a website and online presence is again a useful device when picking your conveyancing professional.

Flexibility and Personnel

A conveyancing company from a large online service provider will be part of a team who are all capable of dealing with your sale or purchase, there is no need to be concerned that the particular conveyancing solicitor you are dealing with has had to take time off unexpectedly due to illness or whatever may be the case. Whereas with a small local solicitors’ office they may not have a team large enough to accommodate unexpected issues and your property transaction could be delayed through no fault of your own, this would be a calamity!

Mortgage Providers Panel

If you are purchasing your property with the help of a home loan or mortgage, you need to ensure your conveyancing lawyer belongs to the mortgage providers “panel”'. Home mortgage lenders will only want to deal with specific solicitors and conveyancers that are approved and on the panel. If you choose a solicitor that is not in the lenders panel, it is highly likely you will need to pay the loan provider added fees to compensate. In this respect, a conveyancing solicitor discovered via our quote comparison and search site will already have been approved and be suitable.

Hopefully,we have provided you with reassurance that online conveyancing is safe, effectiveand reliable. By searching our database of online conveyancing solicitors, you will receive a fully comprehensive and transparent quote and your property transaction will run as smoothly as possible. It is vital to keep in mind that transferring ownership of properties can be complex, and buyers are advised to consult a qualified legal professional. Our simple property buying conveyancer quote service can help to match you with the best option for your needs and provide a free, no obligation quotation for your Purchase. So, get the best conveyancing quotes for buying property in just 10 seconds today!