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This article was published on November 22nd, 2023
Whether you’re on the brink of securing your dream home or bidding farewell to a beloved property, this journey signifies a significant chapter in your life. Whichever path you’re on, the expertise of a qualified conveyancing solicitor is indispensable. The conveyancing process, from the selection of your chosen solicitor to the completion of the transfer, is a detailed process that requires a clear understanding of the steps involved. In this blog, we delve into the process and the key differences in conveyancing for buying and selling a property.
When buying a house, the conveyancing process is generally straightforward, initiated with the instruction of an experienced solicitor.
Your conveyancing solicitor will guide you through the process, contacting your seller’s solicitor to obtain a copy of the contract and any other documentation. It is part of their role to examine the documentation and raise queries with the seller’s solicitor to address potential issues before the Contract Exchange. Regular updates and prompt responses to queries are crucial during this stage to ensure a seamless process.
It is also good to consider having a survey conducted on the property at an early stage of the process. This will be carried out by your solicitor to identify if there are any issues with the property, which could influence a decision to purchase, renegotiate, or withdraw. Additionally, they will conduct various searches to ensure that there are no other factors to be aware of. These searches can include:
When obtaining a mortgage offer, your lender will carry out a valuation of the property to confirm it provides sufficient security for the loan. Your conveyancing solicitor will review the offer to ensure it meets the conditions of the sale. Once all checks are complete and both parties are satisfied with the terms, including the agreement of a completion date, contracts are exchanged. This legally binds both parties with a fixed moving date. A deposit, typically 10% or more, is paid to the seller’s solicitor.
Completion is one of the final stages of the conveyancing process, being the agreement of a completion date, the balance of the purchase price paid and the handing over of the property’s keys. Post-completion, your solicitor pays Stamp Duty on your behalf, and registers you as the owner with the HM Land Registry.
If you are selling your property, it is advisable to instruct a conveyancing solicitor before accepting an offer, typically around the same time as selecting an estate agent.
Firstly, your conveyancer will have you complete several detailed questionnaires about the property, outlining what is included in the sale and information about the deeds for the property – depending on whether the property is leasehold or freehold. It’s best to gather key information to help you, including:
This information will help your solicitor draft a contract, which is sent to the buyer for review and approval, and help them answer any queries raised by the buyer’s solicitor. However, before contracts can be exchanged, you’ll need to pay off your mortgage. This can be done by requesting a redemption figure from your mortgage company, the amount due upon completion of the sale.
Upon agreement of a completion date and exchange of contracts, you are in a legally binding agreement to sell. Your conveyancing solicitor will send you the property transfer deed to sign, and you can typically expect to receive the buyer’s deposit soon after. While you legally own the property until completion day, it’s advisable to move out a few days before to alleviate last-minute stress. On completion day, you hand over the keys, you will receive the outstanding balance and pay off the remaining mortgage.
Embarking on the buying or selling journey is a significant milestone, and choosing an experienced conveyancing solicitor is a crucial part of the process. It’s important that you instruct them as soon as possible and are patient – the process can be complex and time-consuming, but Thorneycroft Solicitors is here to help. We understand the intricacies of the process, providing expert guidance every step of the way. Our specialist property conveyancers provide a seamless and transparent service. As solicitors accredited by the Conveyancing Quality Scheme, we pride ourselves on delivering a comprehensive and cost-effective service that safeguards your interests.
If you’re considering purchasing or selling a property, and would like more information about the conveyancing process contact us today. Call us at 0330 058 0118 or complete our simple online enquiry form, and a member of our expert team will be in touch.