Moving house can be a stressful experience, without having to organise the legal and administrative work involved.
Conveyancing is essential when you are buying or selling a property. Conveyancing is simply the process of transferring property from one person to another.
Personally, we do not carry out any reserved legal activities and do not carry out any conveyancing services. However, we work alongside a local Solicitor who is regulated and authorised by the Solicitors Regulation Authority to provide conveyancing services. The Solicitor will come to visit you in Bedworth to take your instructions and can usually offer a competitive quote.
We aim to make the process easy for you. We will always explain the process to you so you know exactly what is going to happen, when it is going to happen and how long things will take.
The first stage of the conveyancing process is the offer and acceptance. The Buyer will make an offer and it will be up to the Seller to accept.
Initial Paperwork and Draft Contract:
Once the Seller has accepted the offer, the Seller’s Solicitor will prepare the contract pack. This will include a draft contract, terms of the deal, the sale price and any other relevant documentation related to the property. The Seller’s Solicitor will also check the Seller’s legal title to the property to ensure that they have the authority to sell the property.
This pack will be sent to the Buyer.
Organising searches and investigation of title:
The Buyer’s Solicitor will organise a survey to be carried out on the property. They will also check the draft contract and any supporting documentation and raise questions that they may have. The Seller and the Seller’s Solicitor will then answer these questions. The Buyer’s Solicitor will conduct searches which may include Land Registry Searches, Local Authority searches and environmental searches to check if there are any issues in the local area.
Approval of the contract:
Once the terms of the contract have been negotiated and agreed upon, each party will sign a copy in readiness for exchange. At this stage in the conveyancing process, the buyer will transfer the deposit which is usually around 10% of the purchase price.
If the buyer is obtaining a mortgage, then a formal mortgage offer will be required. The Solicitor will check the mortgage terms and arrange for the buyer to sign the mortgage deed.
Exchange of contracts:
The seller and buyer will agree on a completion date and contracts will be formally ‘exchanged’. This will legally bind both parties to the transaction of the sale and purchase of the property. The Seller’s Solicitor will then obtain a settlement figure to repay the outstanding amount on any existing mortgage, if any.
The Buyer’s Solicitor will then draft a transfer deed and will send this to the Seller’s Solicitor. A transfer deed is the legal document used to transfer the property from the Seller to the Buyer. The Seller’s Solicitor will check the deed and will then send it to the Seller for signature in readiness for completion.
On completion, the seller must vacate the property and make arrangements to hand over the keys. This is usually done through the estate agent. The Buyer’s Solicitor will send the proceeds of sale to the Seller’s conveyancer and they will then make arrangements to release the keys to the buyer. We do not hold any client money but the Solicitor who will act for you, will do this and in accordance with the rules that govern Solicitors.
Although completion will have taken place, there is still work that needs to be completed. The Seller’s Solicitor will need to deal with the repayment of any mortgages on the property, pay the estate agents and pay any remaining balance to the seller.
The buyer’s Solicitor will check the deeds, pay the Stamp Duty and register the purchase and the mortgage at the Land Registry.
The conveyancing process typically takes around 8 – 12 weeks. However, it is important to remember that this is just an average.
Contact us for more details on 02476 640 409.