Quick Guide To Conveyancing

"Conveyancing" - What it Actually is

Your “Conveyancer” is the person who will make sure that on your sale or purchase the legal paperwork known as “Conveyancing” will be dealt with properly. Your Conveyancer will ensure that on a sale any Mortgages are paid off and the property is transferred to the Buyer in accordance with current Land Registry practice. On a purchase your Conveyancer will ensure that relevant searches and enquiries are carried out so that you are aware of everything you need to know about the property before you are committed to the purchase. Your Conveyancer will also deal with the requirements of your Lender in all Mortgage cases and will liaise with your Estate Agents and Surveyors to ensure that everyone works together to complete your house sale or purchase.

The basic steps involved in the Conveyancing process are:-

1. First make an offer on the property you like. Tell the Estate Agents what you would be prepared to pay subject to contract.
2. Once the seller accepts your offer, their Conveyancer will send out a draft contract setting out the terms of the sale.
3. The buyers Conveyancer checks the contract, raises enquiries and carries out searches to see what information is available about the property.
4. If you require a Mortgage you need to make a mortgage application to your Lender at this stage (or before if the relevant information is available).
5. Once your Conveyancer reports to you that all is in order and the money is ready contracts are exchanged. After this, neither you nor the seller can withdraw from the transaction. It is usual on exchange for the buyer to pay a deposit which the seller can keep if the buyer defaults.
6. At exchange of Contracts a completion date is fixed.
7. Before completion final searches are carried out to make certain no last minute changes have taken place. Your Conveyancer prepares a final statement showing how much money is needed.
8. On completion your Conveyancer pays over money to the sellers Conveyancer, the seller moves out and you move in to your new property.
9. After completion the Conveyancer will pay any Stamp Duty Land Tax due and will register the property in your name at the Land Registry.

How we deal with the money in the Conveyancing process

If you are selling, the main items to be paid from the sale proceeds will usually be:

• The amount needed to pay off any mortgages
• Estate Agents commission
• Conveyancing costs
• The balance that is due to you

If you are buying, the main items will be:

• The deposit
• Any balance of the Purchase Price (after deposit)
• Mortgage Valuation and Survey fees
• The Mortgage Advance (to be received from your Lender)
• Stamp Duty Land Tax
• Land Registry fees
• Search fees
• V.A.T.

Detailed Completion Statements including all of these matters will be provided to you during the course of your transaction.

FAQ To Conveyancing

>> FAQ To Conveyancing