Key Stages

KEY STAGES OF CONVEYANCING

SELLING & BUYING

Whether you are selling or buying a home, it’s a good idea to know what is involved, and to understand how the Conveyancing process works. Our step by step guide below explains the different stages of the Conveyancing process for a typical property sale and purchase transaction.

SELLING A PROPERTY

  1. Seller’s Conveyancer instructed.
  2. Seller’s Conveyancer confirms instructions by letter/email setting out the terms of business and fixed fee costs.
  3. Seller’s Conveyancer carries out proof of identity checks and sends out a Property Information Form and Fittings & Contents Form for completion. If the property is leasehold, additional information will be required and a Leasehold Information Form completed.
  4. Seller to complete the Property Information Form(s) and Fittings & Contents Form.
  5. Seller’s Conveyancer obtains official copies of the title register and any other documents required from The Land Registry and details of the amount outstanding on any existing mortgage. If the property is unregistered the title deeds will be obtained from the deeds holder.
  6. Seller’s Conveyancer prepares the draft contract and supporting contract documentation and sends to the Buyer’s Conveyancer.
  7. Buyer’s Conveyancer checks the contract and supporting contract documentation and raises pre-contract enquiries with the Seller’s Conveyancer.
  8. Seller’s Conveyancer and seller answer pre-contract enquiries.
  9. Buyer’s Conveyancer confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any).
  10. Seller and Buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction. Seller’s Conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. Buyer’s Conveyancer drafts a transfer deed (TR1) and sends to the Seller’s Conveyancer.
  11. Seller’s Conveyancer checks the transfer deed (TR1) and sends to the Seller for signature in readiness for completion.
  12. Buyer’s Conveyancer will send the purchase monies to the Seller’s Conveyancer and on receipt the Seller’s Conveyancer will arrange for the keys to be released to the buyer. On completion the Seller must vacate the property at a time to be agreed and make arrangements to hand over the keys, usually through the estate agent. The Seller’s Conveyancer sends the title deeds and transfer deed to the Buyer’s Conveyancer together with an undertaking to use the proceeds of sale to discharge any existing mortgage. The Seller’s Conveyancer then pays the estate agent (if one was used), repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their Conveyancing service costs.
  13. Once all the payments have been made all the remaining money from the sale will be transferred to the Seller, usually by bank transfer on the day of completion. If the Seller has a related Purchase then the net proceeds from the sale will be used for that transaction.

BUYING A PROPERTY

  1. Buyer makes an offer on the property, which is accepted by the Seller.
  2. Buyer’s Conveyancer instructed on acceptance of the offer.
  3. Buyer arranges a survey on the property, and makes an application for a mortgage (if required).
  4. Buyer’s Conveyancer confirms instructions by letter/email setting out the terms of business and fixed fee costs.
  5. Buyer’s Conveyancer contacts the Seller’s Conveyancer to obtain the contract pack.
  6. Buyers Conveyancer checks the contract pack, raises pre-contract enquiries, carries out the necessary searches and obtains a copy of the mortgage offer.
  7. Sellers’s Conveyancer and Seller answer pre-contract enquiries and return these to Buyer’s Conveyancer.
  8. Buyer’s Conveyancer reviews and reports to the Buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The Buyer then considers this report and raises questions on anything that is unclear.
  9. When the Buyer is happy to proceed, arrangements are made for the deposit to be paid to the Buyer’s Conveyancer in readiness for exchange of contracts.
  10. Seller and Buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction.
  11. Buyer’s Conveyancer prepares a draft transfer deed (TR1) and Completion Information Form and sends these to the Seller’s Conveyancer for completion.
  12. Seller’s solicitor approves the draft transfer deed (TR1) and a final copy is made. This may need to be signed by the Buyer before being sent to the seller’s solicitor for signature by the Seller in readiness for completion.
  13. Buyer’s Conveyancer prepares a completion statement, carries out pre-completion searches and prepares the stamp duty return. They also apply to the Buyer’s mortgage lender for the mortgage loan.
  14. On the day of completion the Buyer’s Conveyancer sends the purchase monies to the Seller’s Conveyancer. The Seller vacates the property by the agreed time and leaves the keys to the property with the Estate Agent (if one was used).
  15. Seller’s Conveyancer advises the estate agent (if one was used) that keys can be released to the Buyer and sends the signed transfer deed (TR1) and any relevant title deeds to the Buyer’s Conveyancer together with an undertaking to repay any existing mortgage.
  16. Buyer’s Conveyancer submits the stamp duty form to HMRC and makes payment of the duty payable, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property.
  17. Buyer’s Conveyancer registers the property in the name of the Buyer at The Land Registry.
  18. When registration has been completed at The Land Registry the Buyer’s Conveyancer send a copy of the Title Information Document to the Buyer. Any documents required by the mortgage lender to be retained by them are sent on by the Buyer’s Conveyancer.