The Ultimate Guide To The Conveyancing Process
When you are looking to buy a property it can include a lot of information, procedures, and processes which you may not have been aware of before the process began. One of the most important processes that you should be aware of is conveyancing which is the legal process of transferring ownership of a property from one person to another.
The team at Ratcliffes has years of experience in conveyancing and has a great deal of knowledge of the process. We have put together a list of information that we believe could help you understand the process step by step. If you do have any questions or would like to start your Conveyancing process today please get in touch with a member of the team on 01795 334 626.
Appoint A Solicitor
Once you have found your dream home and your offer has been accepted the next step would be to appoint a conveyancing solicitor. A conveyancing solicitor is a person who will carry out all of the legal aspects of your purchase. Once appointed your solicitor will then write to the seller’s solicitor to confirm who they are and request a draft copy of the contract and other details such as the property’s title and all other standard documents.
The documents will include information about the property, the items which will be included in the same, the property title, and other forms which will need to be handed over by the seller. It is important that you look through all of these forms carefully and if you have any concerns please ask your solicitor for clarification or for the next steps. At this stage, a lot of people arrange a property survey.
Conveyancing searches are made by your solicitor with the purpose of finding out more information about the property you are about to purchase. These searches will include the local authority, water and property, and environmental.
These searches include answers to questions such as if planning permission may be granted for future development, the quality of the grounds on which your property is built. Water authority searches can inform you how you get your water and if any public drains on the property might affect the future extension or building works you would want on your home. If you would like more information on the searches we carry out please do get in touch and we will be happy to explain this in more detail.
The conveyancing searches are usually completed and approved before you exchange contracts and legally commit yourself to the property.
Once you are happy and your searches are completed the next step will be producing the contract. It is at this stage you will have a date of completion which is usually one to four weeks after you exchange the contracts but this can vary. It is very important to go through all of the documents carefully and negotiate any terms if needed. Your solicitor will help you with this process.
Your solicitor will carry out the process of exchanging the contracts for you and this will usually be done over the post. Once the contracts are exchanged you will then be in a legally binding contract. If you decide to not go through with the purchase at this stage you will lose your deposit.
The Final Stage
Once the seller’s solicitors confirm that all the money has been paid for the property and the keys to the property have been passed over, there are only a few tasks to carry out. Some of the last tasks that your solicitor will need to carry out include paying stamp duty land tax, sending your legal documents to you, sending a copy of the title deeds to your mortgage lender and will send you a bill for their payment. Once all of this is completed the property is all yours!
The Conveyancing Process Explained For Sellers
Once you have accepted an offer, you will need to formally instruct your solicitor or conveyancer to begin the process to allow the sale to progress effectively. Before you exchange contracts you will need to complete a number of detailed questionnaires about the property and what you intend to include in the sale, which will be provided to you by your conveyancer.
Your conveyancer will use the questionnaire information to draw up a draft contract. This will then be sent to the buyer(s) for approval. The conveyancer will lead negotiations over the draft contract. Things that will need to be approved include:
- Date of completion
- What fixtures & fittings will be included in the sale price
- How much the buyer will pay for other fixtures and fittings
- Who will fix any issues raised in the buyer’s survey, or an update on the sale price that reflects the survey’s outcome if applicable?
Before you can exchange contracts you will need to pay off your mortgage if you have one by requesting a redemption figure from your mortgage company. This is how much you pay upon completion of the sale.
You and the buyer will have agreed on a date and time to exchange contracts. The exchanging of contracts will be carried out by your conveyancer. This will usually be done by both conveyancers making sure the contracts are identical and then immediately sending them to one another.
Once the contracts have been exchanged you will be in a legally binding contract to sell the property. This means if the buyer pulls out of the sale you will more than likely keep the deposit. Exchanging contracts means you will no longer be able to accept another offer on the house.
After the exchange, you will receive the buyer’s deposit which is usually 10% of the buying price. You legally will own the property until completion, and so there is no need to move out before then.
You or your conveyancer will then receive the outstanding balance of the sale price, hand over the legal documents that prove ownership, and pay off the mortgage with the proceeds of the sale.
Conveyancing Solicitors Sittingbourne
Ratcliffes is a small practice that is distinguished from others by the down-to-earth and compassionate relationships we have with our clients. For experienced Conveyancing solicitors in Sittingbourne, visit our website for a quote or call today on 01795 334626.