Conveyancing Solicitors

The Buying Process For Conveyancing Solicitors

Conveyancing is a process where there is a legal transfer of property ownership and registration between a buyer and a seller.  Here is an outline of the conveyancing process from the buyer’s perspective.

1. Pre-exchange of contracts

The first step is to start gathering all the relevant information to complete the transaction.  The conveyancing solicitor will do this in conjunction with real estate agents and the seller’s conveyancing solicitors.
The necessary searches must then be undertaken on the property to be purchased.  Usually an environmental search and local authority search is required.  Depending on the where the property is located, other searches may be required.

Your solicitor will receive a draft contract from the seller’s conveyancing solicitors and they will ensure all the necessary documentation is included and handle any queries.   Once all the legal documents and other enquiries in relation to the property have been completed and your solicitor is satisfied, the contract is sent to both parties for signature.

2. Exchange of contracts

The sellers conveyancing firm is paid a deposit once contracts have been exchanged.  The amount may vary but is usually 10%.  On clearance of these funds, contracts can be exchanged and date for completion agreed upon.  As security, the deposit is forwarded and held in the seller’s conveyancing solicitors trust account, in case the purchase does not proceed.

Up until contracts are exchanged, it is possible for either the buyer or seller to withdraw from the transaction as there is no legal liability.
3. Pre-completion
For the contract to be completed there are a few things to be dealt with first.  Transfer documents, mortgage funds, final searches and insurances must all be in place.    The buyer’s conveyancing solicitors will handle most of these issues.
4. Completion
When it is time to complete the contract, monies will be exchanged.  On confirmation from the seller’s solicitor that all money has been paid, keys can be handed over and the process completed.
5. Registration
The final step, once the property is registered, is to forward title deeds to be held as security by your mortgage lender.  They will remain with them until the property is paid off.
Although it appears complicated, the buying process is greatly simplified when using the services of a skilled conveyancing solicitor.

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