The stages of UK conveyancing ….
STEP BY STEP GUIDE TO THE LEGAL PROCESS OF BUYING A UK PROPERTY
The legal process of buying your New Home can be broken down into 3 main stages.
Stage 1: BEFORE EXCHANGE OF CONTRACTS
Stage 2: EXCHANGE OF CONTRACTS
Stage 3: COMPLETION
Stage 1: BEFORE EXCHANGE OF CONTRACTS
Seller’s conveyancer
- Asks you to complete information formsSends out the contract to the Buyer’s conveyancer with legal information
- Answers additional enquiries (if any)
- Asks you to sign contract (and usually the Transfer deed) and agree a completion date
Buyer’s conveyancer
Where there is NO Home Information Pack available for the Property:
- Requests your instructions and a sum of money on account of expenses
- Receives the contract, title information, plan and other legal information from Seller’s conveyancer and asks additional enquiries if necessary
- Arranges for local authority and any other relevant searches
- Receives mortgage offer from lender where applicable
- Reports to you on the information gathered and sends contract for signature together with Stamp Duty Land Tax return; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller’s conveyancer and confirms ready to exchange contracts
Where there is a Home information Pack available for the Property:
- Requests your instructions and a sum of money on account of expenses
- Receives the contract and Home Information Pack from Seller’s conveyancer and asks additional enquiries if necessary
- Receives mortgage offer from lender where applicable
- Reports to you on the information gathered and sends contract for signature together with Stamp Duty Land Tax return; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller’s conveyancer and confirms ready to exchange contracts
Stage 2: EXCHANGE OF CONTRACTS
Seller’s conveyancer
- Receives Buyer’s deposit and signed contract from Buyer’s conveyancer
- Obtains redemption (settlement) figure for your mortgage
- Approves Transfer deed and arranges for you to sign it before completion date if not already signed
Buyer’s conveyancer
- Sends signed contract and deposit to seller’s conveyancer
- Prepares transfer deed and mortgage deed and sends them to you to sign
- Carries out final searches
- Prepares final accounts and requests any monies payable by you before the completion date
Stage 3: COMPLETION
Seller’s conveyancer
-Receives balance of sale monies and notifies Seller and estate agent
- Pays off outstanding mortgage if any, and estate agents’ account
- Sends Transfer document to Buyer’s conveyancer
- Sends balance to you or puts towards purchase (if any)
Buyer’s conveyancer
- Sends balance of money to Seller’s conveyancer
- Pays Stamp Duty Land Tax (if applicable)
- Deals with all registration requirements at H.M.Land Registry
- Sends confirmation of registration to you and to your bank or building society (if you have a mortgage)
To request an online conveyancing quote, go here..
