The conveyancing process for residential property
Posted: 16th May 2017
Today, Claire gives us a brief outline of the steps involved in
buying and selling residential property.
The first step is of course having an offer accepted! Both the buyer and the seller will then need to instruct a legal representative.
The seller's conveyancer will obtain the title information for the property, ask the seller to complete some forms (providing information about the sale) and prepare a contract.
When the buyer's conveyancer receives the paperwork they will investigate the title,submit the searches (the search results may take a few weeks to arrive back with the buyer's conveyancer), draft the Transfer document and refer to the seller's conveyancer with any questions they have on the title and information.
Once replies to all the enquiries, the search results and mortgage offer (where applicable) are received the buyer's conveyancer will usually arrange to meet with the buyer so they can go through all the paperwork and obtain signatures to the paperwork. At this stage the transaction is not yet legally binding, signing the paperwork simply puts the conveyancers in
a position to proceed on instruction.
The parties will usually discuss proposed dates for completion, once a date has been agreed the buyer's conveyancer will request the purchase funds from the buyer and their mortgage lender (where applicable) in time for completion. The seller's conveyancer will request redemption information from the seller's existing mortgage lender (if they have a mortgage).
Exchanging contracts is the next big step. This makes the transaction legally binding and sets the date for completion. On exchange a 10% deposit is usually paid to the seller's conveyancer.
On the day of completion the balance of the purchase price is paid to the seller's conveyancer and the ownership of the property is transferred to the buyer! The keys are usually available from the Estate Agent.
After completion,the seller's conveyancer will repay any existing mortgage on the property and send the buyer's conveyancer evidence of the repayment. The buyer's conveyancer attends to registration of the buyer's ownership with the Land Registry and payment of Stamp Duty Land Tax (where applicable). The process is then complete!
As you will appreciate there are many aspects to a conveyancing transaction but rest assured Milburns' dedicated and experienced staff are here to make it a trouble free transaction. For a no obligation estimate please contact any of our offices.
Claire Turnbull is based at our Maryport office and can be contacted on 01900 813541.