The Conveyancing Process Explained
The conveyancing process can appear complex to a client, but it can in fact be broken down into 3 distinct stages.
1. Pre-exchange of contracts
2. Exchange of contracts
3. Completion
Below is a simplified outline of what happens during the process. If you have questions about the process please contact us.
1. Pre-exchange of contracts
- The seller agrees to sell to the buyer for a set price.
- The buyer applies for a mortgage on the property.
- Estate agent informs both parties’ solicitors of the sale agreement and particulars.
- The seller’s solicitor drafts the contract and sends it to the buyer’s solicitor.
- The buyer’s solicitor examines a number of things on behalf of the buyer such as: Carrying out local searches, water searches and mining searches. Examining the title deeds for rights of way, restrictions on use, etc Please see disbursements explained for more information on this.
- The buyer’s solicitor may make additional enquiries about the property in response to questions raised during this process.
- The seller’s solicitor will reply to enquiries the buyer’s solicitor may have raised until they are satisfied.
- The sellers sign their part of the contract.
2. Exchange of contracts
When both the buyers and the sellers are happy with the details of the transaction, the signed contracts are exchanged. Only at this stage is the buyer now legally bound to purchase the property.
The buyers pay a non-refundable deposit to their solicitors.
A completion date is set when the property will be handed over to the buyers.
Final searches are carried out by the buyer’s solicitor.
3. Completion
Purchase funds are transferred to the seller’s solicitor.
Sellers leave the property and hand over keys to the buyer (usually through the estate agent).
Seller’s solicitor redeems their mortgage (if they have one) and the title deeds are sent to the buyer’s solicitor.
Stamp Duty Land Tax is paid if applicable.
The buyer’s solicitor registers the change of title with the Land Registry.
