Conveyancing is the legal process for transferring the ownership of a property from one party to another. It is a critical stage of any property sale and handled by an experienced solicitor. Here is our guide to explain how it works.
Offer accepted & contracts
Once a seller accepts a buyer’s offer on a property, the seller’s solicitor drafts a series of contracts. These cover the sale agreement as well as all property details and specifications. These contracts must be approved by both parties before moving to the next step.
This is the stage where the buyer can query parts of the contracts. For example, there may need to be clarifications on fixtures and fittings or other property details found to be omitted from the original agreement.
Both parties and their solicitors will attempt to resolve any issues and ensure complete agreement on both sides before moving on.
Property checks and searches
This step is designed to uncover any potential issues with the property and conducted by the solicitor of the buyer. This normally includes local council searches, checks with the environmental agency and local planning departments. A standard check is also made to ensure the funds being used to buy the property are not the subject of any illegal activity.
Some specific checks may need to be conducted depending on the exact property and its location. For example, if the property is situated near land current being developed, more thorough checks may be necessary.
Exchange of contracts
Once the buyer and seller have complete agreement over the final contract versions, both parties formally sign the documents. Last integrity and consistency checks are made by the solicitors before the sale then becomes legally binding.
All that is left is to then agree a ‘completion date’ when the buyer physically takes possession of the property. Before this date, all outstanding payments must be complete and new owner’s details sent to the Land Registry. Any loose ends such as paying stamp duty and mailing of contract copies are then completed as promptly as possible.
The sale is done!
We have our own selection of solicitors we work with and have built up a strong working relationship with to ensure this conveyancy stage is completed as smoothly and efficiently as possible. Our pride in our service extends to every aspect of your property purchase or sale.
Remember to contact us if you have any questions or queries.