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.
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.
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.