What is conveyancing? Understanding the process with us
Selling or buying a home is not an easy and straightforward procedure. It is rather complicated and requires the services of conveyancing solicitors in order to take care of the legal transfer and ownership of your property.
Conveyancing Process For House Sellers
From the seller’s perspective, the conveyancing (while simpler than when buying) can take anywhere up to 6-weeks and has three main stages.
The first stage involves the sending out of draft contracts, which are to be negotiated between the parties later.
This is the stage where enquiries are also made. The buyer’s solicitor will contact the seller’s solicitor and the two solicitors will exchange details. The seller’s solicitor will receive the draft contract on behalf of the seller, and then negotiate the draft contract. The seller’s solicitor will then prepare the solicitor’s package which includes the draft contract, copies of title deeds and previous title deeds, property information form and fixtures and fittings and contents form, amongst others. Click here for roofing advice.
The second stage involves the exchange of contracts. This is where the seller and buyer exchange contracts after signing them and the deposit is paid over by the buyer.
At this stage both parties are now legally bound to follow the process through. Default by the buyer or seller can result in breach of contract. Gazumping by the seller can no longer take place at this stage. The deposit paid is non refundable and is paid by the buyer to the seller as security. If the buyer does not have this deposit, he or she can apply to the bank for a bridging loan.
The buyer’s solicitor at this stage must draft a transfer document and send it to the seller’s solicitor. In the event that the land or property is not registered, a special conveyance will have to be carried out. The transfer document transfers the property from the seller to the buyer and once both the seller and the buyer are in agreement, the transfer document is signed by both parties, and the buyer?s solicitor arranges for signing of mortgage documents and finalization of the transfer.
The third and last stage is the completion stage wherein the buyer receives the title deeds and is handed the keys of the house. The seller is responsible for stamp duty and the transfer at the Land Registry is also arranged. The buyer can now move into the property, and the seller will now be forced to move out if he or she had not done so already. The buyer must now pay the balance of the house through solicitors that is the agreed price of sale minus the deposit already paid.
The property seller will now have to make alternative arrangements for his accommodation. At this stage the conveyancing process is concluded.