Understanding the conveyancing process is essential, whether you are buying or selling your home. To help you understand this process, we have put together a useful guide that outlines the steps involved in both the selling and the purchase of your property. Keep reading to find out more about the typical sale and purchase conveyancing process you could expect when consulting a property expert such as Home Legal Direct.
How the Conveyancing Process Works
Not sure how things work? Here’s a simple guide to the conveyancing process for buying and selling property in the UK.
Purchasing Property
- The buyer makes an offer and the seller accepts the offer, instructing the buyer’s conveyancer.
- A property survey is arranged along with a mortgage application if needed.
- A letter of instruction is given to buyer laying out terms of the deal along with fixed fee costs.
- Buyer’s conveyancer makes contact with seller’s conveyancer to get contracts.
- Contracts are then checked, with pre-contract enquiries handled and other details commenced and copy of mortgage offer obtained.
- Seller’s conveyancer and seller deal with these enquiries and revert back to buyer’s conveyancer.
- Buyer then has a chance to go through reports and enquire on anything that is not clear.
- Once buyer is happy, deposits are paid to buyer’s conveyancer ahead of contract exchange.
- A completion date is determined and contracts are formally exchanged with both parties committed to the property purchase.
- Draft transfer deeds and other documents are prepared and sent to seller’s conveyancer.
- On approval, final copies are made and signed by buyer and seller.
- Once the final details are finalised, keys are handed over to the buyer and the property is officially registered in the name of the buyer, with copies received by buyer.
Selling Property
- The seller’s conveyancer is instructed of offer, confirming instructions in letter that lays out terms and fee costs.
- Proof of identity checks is done with fittings and contents form as well as property information forms sent for completion.
- The seller completes these forms and submits to conveyancer.
- Seller’s conveyancer then prepares draft contracts as well as other required documents, sending these to the buyer’s conveyancer for approval and signing.
- Once these documents are checked and approved, pre-contract enquiries are raised with the seller’s conveyancer.
- Seller and conveyancer answer such enquiries and buyer’s conveyancer confirms if they are happy with answers to the enquiries and confirm that mortgage offer has been received.
- Seller and buyer then agree on completion date, with contracts exchanged.
- Seller’s conveyancer then obtains settlement amount to repay final amounts on current mortgages if this is applicable, and transfer deeds are sent to seller’s conveyancer.
- These are checked and signed and the seller then gives a date to vacate the property and hand over keys once the property is in the name of the new owner.
To learn more about the conveyancing process and get expert help for selling or purchasing property in the UK, contact Home Legal Direct today.