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Neville Scott Estate Agents are an independent local Estate Agent in Lancing specialising in residential sales and investment lettings. We pride ourselves on offering a friendly and professional service where the client ... Read more
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A summary guide to property conveyancing.
Have you ever wondered just what the property conveyancing process is all about? Would it be useful if you knew at what stage your property transaction was at? We hope this summary guide will be useful.
Buying
• The solicitor takes your instructions & requests documents from the seller’s solicitor. At this stage, local search fees are normally requested.
• The searches are carried out & the property Title is investigated. Additional enquiries are sent to the seller’s solicitor.
• Additional searches, eg. Environmental & Drainage can be requested.
• If you are obtaining a mortgage then your solicitor will receive a copy of the Mortgage Offer.
• Providing your solicitor is satisfied with the replies to the enquiries and the Mortgage Offer is in order, your solicitor will report to you and arrange for you to sign the contract, transfer the mortgage deed and request a deposit.
• Contracts are exchanged and the moving date (completion) is fixed.
• Final documentation is prepared and signed.
• Final searches are carried out to make sure no charges have been registered on the property at the last moment.
• Normally 5 working days before completion any arranged mortgage loan amount is requested from the lender (mortgagee).
• Completion takes place when all the necessary funds have been received by each involved party and everybody moves.
• Stamp Duty (if payable) is paid to the Inland Revenue. The Title is registered at HM Land Registry and evidence of that is sent to your lender (if you have one).
• The searches are carried out & the property Title is investigated. Additional enquiries are sent to the seller’s solicitor.
• Additional searches, eg. Environmental & Drainage can be requested.
• If you are obtaining a mortgage then your solicitor will receive a copy of the Mortgage Offer.
• Providing your solicitor is satisfied with the replies to the enquiries and the Mortgage Offer is in order, your solicitor will report to you and arrange for you to sign the contract, transfer the mortgage deed and request a deposit.
• Contracts are exchanged and the moving date (completion) is fixed.
• Final documentation is prepared and signed.
• Final searches are carried out to make sure no charges have been registered on the property at the last moment.
• Normally 5 working days before completion any arranged mortgage loan amount is requested from the lender (mortgagee).
• Completion takes place when all the necessary funds have been received by each involved party and everybody moves.
• Stamp Duty (if payable) is paid to the Inland Revenue. The Title is registered at HM Land Registry and evidence of that is sent to your lender (if you have one).
Selling
• The solicitor takes your instructions & requests Title deeds and a redemption figure from your lender if the property is mortgaged.
• Property information forms are sent to you for completion.
• On receipt of the deeds, Title Registry and the Property information form, a draft Contract and evidence of Title is sent to the buyer’s solicitor.
• Any enquiries raised by the buyer’s solicitor are answered.
• When the buyer’s solicitor is happy with the information provided, your solicitor will arrange for you to sign the Contract.
• Contracts are exchanged and the moving date (completion) is fixed.
• Final documentation is prepared and signed.
• A financial Completion Statement is prepared detailing all the items involved in the transaction.
• Completion takes place when all the necessary funds have been received by each involved party and everybody moves.
• The Title deeds are sent to your buyer’s solicitor.
• Property information forms are sent to you for completion.
• On receipt of the deeds, Title Registry and the Property information form, a draft Contract and evidence of Title is sent to the buyer’s solicitor.
• Any enquiries raised by the buyer’s solicitor are answered.
• When the buyer’s solicitor is happy with the information provided, your solicitor will arrange for you to sign the Contract.
• Contracts are exchanged and the moving date (completion) is fixed.
• Final documentation is prepared and signed.
• A financial Completion Statement is prepared detailing all the items involved in the transaction.
• Completion takes place when all the necessary funds have been received by each involved party and everybody moves.
• The Title deeds are sent to your buyer’s solicitor.