Buying or selling a home – guide to conveyancing and what it involves
At Browell Smith & Co we are very aware that moving home can be an intimidating and confusing experience and we work hard to guide our clients through every step of the process.
It’s not just first-time buyers that can feel overwhelmed by the process – we always make sure that even seasoned house buyers or sellers are comfortable with what’s going on at all times.
We have prepared a checklist to help understand the approximate sequence of events as part of any domestic property purchase or sale.
Of course, this is only an introductory guide, but it will help to understand what needs to happen in order for your purchase or sale to go smoothly and on time.
Note that some of these may take place out of sequence, but by choosing a reputable conveyancing solicitor, you can be sure that they’ll guide you through every step of the process.
If you are buying a house
- The contract pack is obtained from the seller’s solicitor.
- The buyer’s conveyancer checks the contract pack, raises any queries and obtains a copy of the mortgage offer.
- Any pre-contract questions raised are answered by the seller, before being returned to the buyer’s conveyancer.
- The conveyancer reports to the buyer on the contents of the contract, pre-contract enquiries, results of the searches and mortgage offer.
- When the buyer is content, the deposit is paid to the buyer’s conveyancer, in preparation for the exchange of contracts.
- Seller and buyer agree on a completion date, and contracts are officially ‘exchanged’.
- The buyer’s conveyancer prepares a draft transfer deed & this is sent to the seller’s conveyancer for completion.
- The seller’s conveyancer approves the draft transfer deed, and a final copy is produced.
- Then, back to the buyer’s conveyancer who prepares a completion statement, and applies to the mortgage lender for a loan.
- Upon completion, the buyer’s conveyancer sends the proceeds of the sale to the seller’s conveyancer.
- The keys are then released to the estate agent, along with the title and transfer deed to the buyer’s conveyancer.
- Then, the final bits are carried out by the buyer’s conveyancer – sending stamp duty, and registering the property in the name of the buyer.
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If you are selling a house
- The seller’s conveyancer carries out proof of identity checks and sends property information forms out.
- The seller’s conveyancer obtains title deeds and any other documents required by the land registry, as well as preparing the draft contract.
- The contract is checked over by the buyer’s conveyancer, and any questions are resolved by the seller’s conveyancer.
- An exchange date is decided upon, and the seller’s conveyancer will obtain a settlement figure to pay off any outstanding mortgage.
- A transfer deed is drafted by the buyer’s conveyancer, which is then sent to the seller’s conveyancer for checking.
- Upon completion, the seller vacates the property and hands over the keys through an estate agent. The proceeds of the sale are then sent to the seller’s conveyancer.
- The seller’s conveyancer then sends the title deeds and transfer deeds to the buyer’s conveyancer, and pays the estate agent and mortgage lender (if applicable).
- Once the conveyancer takes payment for their services, the remaining money is transferred to the seller.
If you would like to consider Browell Smith & Co as your conveyancer – and we hope you will – try our new conveyancing calculator which will give you a clear guide to what it will cost to move house.