Posted in Conveyancing
Buying or selling a house can be an exciting process, but it can also be incredibly stressful, made worse when you are unsure what to expect. We are here to help you get a clear idea of the conveyancing process and everything involved so that you can buy and sell with confidence.
Understanding Property Conveyancing
Conveyancing is the term used to cover the administrative and legal processes that buying or selling a home so that it is successfully and legally transferred to a new person. Conveyancing is typically completed by property solicitors and is completed in stages.
The Different Stages of Conveyancing
When you are buying a house solicitor process may feel unknown. To help you understand, we have shared the solicitors’ stages of selling a house and buying a house below:
This is when you instruct a solicitor to act on your behalf for the sale or purchase of a house. They will ask you to complete several questionnaires before deciding to proceed, and you must be upfront and completely honest to avoid future action.
If you are selling, you will need to commission an EPC (Energy Performance Certificate) before putting your property on the market.
Conveyancing Searches and Enquiries
Once the initial stage has been completed, your solicitor will move to the searches and enquiries stage. This starts with them obtaining the title deeds to the property (Certificate of Ownership) from the bank, building society or Land Registry. They will also obtain lots of other property-related information to help them prepare the contract of sale.
The searches will ensure that there are no problems with the property before a sale is agreed and will cover things that include Chancel searches, mining searches, local searches and any environmental issues that need to be considered. The results of these searches will then be presented to the buyer to consider.
Preparing and Sending the Contract of Sale
When your solicitor has all the relevant information, they will draw up a contract of sale. This document will give the buyer’s solicitor the information they need about the property, including the proof of ownership as well as a list of the contents that will be included as part of the sale. It will also include other important information that explains the property boundaries, rights of way, any planning information and more.
The House Survey & Mortgage Application Stage
As soon as the searches are returned, your solicitor will create a report about the property that can be used to apply for a mortgage. Your mortgage provider will check all the paperwork and complete a valuation to ensure it is worth what you have agreed to pay before issuing a mortgage offer.
Before moving forward on purchasing a property, you must arrange an in-depth home buyer’s survey to ensure that you know everything about the place you have agreed to buy.
Signing the Property Contracts
AS soon as everything is in place, your solicitor will arrange to go through all the documentation and discuss any issues before signing the contract. Some of the most common queries at this stage include:
- Finding out if you need buildings insurance
- Organising any required insurances
- Discussing ownership options
- Arranging the deposit and transfer date of monies
- Making a will to share your wishes about your property should you die
Once all the paperwork is complete, and all queries have been resolved for both parties, the exchange of contracts can happen. This is when the date of moving is added to the contract so that both parties can prepare. It is important to note that you are then legally committed to proceeding to completion once contracts have been exchanged.
Completing on Your Sale or Purchase
On the day of completion, your conveyancing solicitors London will work hard to transfer all the paperwork and monies as well as the legal transfer document so that you can either hand over or collect the keys. However, the keys should not be exchanged until the money has been sent and received.
The costs of advanced conveyancing can vary significantly depending on location and the level of work that is required for each property. However, the current UK average is between £900 – £1500. It is important to get a quote before you decide to instruct your solicitors to start the conveyancing buying and selling properties can be an expensive process.
Finding the Right Conveyancing Solicitors in London
There is a range of residential property solicitors that offer quality conveyancing services across the UK. If you need to find one in London, the Pindoria Solicitors is a great choice. We work hard to support our clients and get the best outcome in the shortest timeframe so that you can buy and sell properties with ease. We also offer a number of advanced conveyancing services so that you can be certain that we can achieve the outcomes you need. Call us today to get started!