Conveyancing – the legal transfer of ownership of a property from seller to buyer
Conveyancing is a vital process in buying and selling a property. It ensures the legal and statutory obligations in the buying process are met and satisfy any lenders interest in the property.
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What is the process?
A solicitor or licensed conveyancer is usually appointed by the purchaser when an offer on a property has been accepted by the seller. Note that the same solicitor or licensed conveyancer cannot act for both the buyer AND the seller, however solicitors from the same practise may be able to, providing there is NO conflict of interest.
The conveyancing process splits into three main stages:
Stage 1: Pre Exchange of Contracts
This stage covers exchange of solicitor’s (or licensed conveyancers) details, carrying out local searches, checking of the title deeds, clarification of any queries and preparation of the draft contract.
The buyer will also need to have secured a formal mortgage offer unless it is a cash purchase.
Stage 2: Exchange of Contracts
This stage covers the formal of exchange of contracts with or without the payment of a deposit. Title to the property will change from seller to buyer once both parties have signed the contact documents and a completion date will be agreed.
The mortgage documents will be finalised, signed and submitted where appropriate.
Stage 3: Completion
On the day of completion, the buyer’s solicitor (or licensed conveyancer) will pay the balance of the purchase price and the stamp duty land tax and land registry fees. The buyer (or lender, where relevant) will receive the transfer documents and title deeds.
The buyer then obtains the keys to the property and can commence preparing the property for renting.