Buying and Selling properties can be one of the most stressful experiences you will encounter. Our experienced property solicitors will be on hand to guide you through the process step by step.
We are members of the Law Society’s Conveyancing Quality Scheme, a recognised quality standard for residential conveyancing practices.
There are a number of steps involved in the conveyancing process. These steps will differ slightly depending on whether the property is Freehold or Leasehold and whether your land is Registered or Unregistered.
Once all due diligence has been carried out, the parties will be ready to ‘Exchange Contracts’ – this is when both parties become bound by the transaction. On Exchange of Contracts, a completion date will be agreed and ‘Completion’ is the date that the purchase/sale completes and the parties move home.
We set out below a brief guide to the basics of a conveyancing transaction:
Instructing your solicitor: The onboarding process
1
Provide instructions confirming you wish for us to act on your behalf;2
Memorandum of Sale containing details of the Buyer and Seller and their solicitors will be provided to us by the estate agent. If you have agreed a sale privately with your Buyer (i.e. without using an estate agent), then you can provide us with the Buyer’s solicitor’s details directly3
A client care letter and terms of business will be provided to you. This will set out how we will look after your transaction and which of our experienced lawyers will be conducting your transaction on your behalf;4
We will start our ID checks with you to ensure that we have verified your identity.5
Protocol Forms will be provided to you which are standard forms Sellers are required to complete which contain various details in relation to the property.
Preparation of contract package and enquiries
1
We shall prepare a contract package for the Buyer’s solicitor which contains the Protocol Forms and other information relating to the property (including a Contract of Sale, Land Registry Official Copy Entries and a Management Pack from the managing agents if the property is Leasehold);2
Answer any additional enquiries raised by the Buyer’s solicitor;3
The parties agree the form of Contract of Sale and this is sent to the parties for signature in readiness for Exchange of Contracts.
Pre-Completion Procedures
1
Provide completion information to the Buyer’s solicitor – this includes practical information relating to vacant possession, key collection, bank details for the solicitor and undertakings to discharge any mortgages;3
Prepare Completion Statement;4
Arrange for Transfer Deed to be signed for Completion.
Completion And Post-Completion
1
We will receive the funds for your sale from the Buyer’s legal team (less any deposit paid and plus any apportionments such as rent/service charges). You should ensure that the property is vacant before the contractual completion time which is normally 2pm at the latest. Once we have completed, we will let you know and the estate agents (if you are using one) can then let the Buyer have the keys.2
Discharge Seller’s Mortgage;3
Discharge estate agents fees;4
Discharge legal fees for conveyancing;5
Send net proceeds of sale to you.
Instructing your solicitor: The onboarding process and source of funds
1
Provide instructions confirming you wish for us to act on your behalf;2
Memorandum of Sale containing details of the Buyer and Seller and their solicitors will be provided to us by the estate agent; If you have agreed a purchase privately with your Seller (i.e. without using an estate agent), then you can provide us with the Seller’s solicitor’s details directly;3
A client care letter and terms of business will be provided to you. This will set out how we will look after your transaction and which of our experienced lawyers will be conducting your transaction on your behalf;4
We will start our ID checks with you to ensure that we have verified your identity;5
We will send to you our source of funds questionnaire so that you can let us know how you are funding your purchase – we are required to know this information to comply with our regulatory obligations.
Investigation of contract package
1
Examine pre-contract package;2
Submit Searches relating to the property – these include a local authority search, an environmental search, a water and drainage search and a chancel check search;3
If the property is Leasehold, the lease and management pack will be considered in detail;4
Raise any additional enquiries with the Seller’s solicitor;5
Agree Contract of Sale and send to parties for signature in readiness for Exchange of Contracts;6
Prepare Report on Title. We will also send to you the relevant documents for you to execute and return to us, which include the contract, transfer deed, mortgage deed (if applicable) and any other documentation that you will need to execute to proceed with the transaction;8
Submit Certificate of Title to Lender.
Pre-Completion Procedures
Completion And Post-Completion
1
We will send the completion funds to your Seller’s legal team who will confirm completion with us. Once this is done, we will let you know and you collect your keys and move into your new property;2
Give notice of assignment (if property is Leasehold);4
Prepare application to Land Registry for registration of title.
