The process of selling a property to another person is called conveyancing, this process contains all of the legal requirements to execute a sale. Conveyancing can be quite complicated and therefore legal assistance is normally sought out. Tasks completed during the conveyancing process are; contract drafting, doing searches and looking after all the post-completion paperwork.
The first step is to make an offer on the property you are interested in and inform your estate agent the amount you would be prepared to pay. If you require a mortgage you need to make an application to your lender at this stage. Once the vendor of the property accepts your offer, their Conveyancing Solicitor will send out a draft contract setting out the terms of the sale.
At this point, your Conveyancing Solicitor will:
• Check the contract, raise any queries and carry out searches to see what information is available about the property.
• Report to you that all is in order and the money is available before arranging for contracts to be exchanged. After this, neither you nor the vendor can withdraw from the transaction and it is usual on exchange for the buyer to pay a deposit which the seller can keep if the buyer defaults.
• Prepare a final statement showing how much money is needed.
• Arrange for the buyer to pay a deposit on the day the contracts are signed, typically 5 or more percent of the total sale price.
• On completion pay the money to the vendor's solicitor, they then vacate the property and you are free to move in.
• Pay any Stamp Duty Land Tax due and register the property in your name at the Land Registry.
In addition, your conveyancing solicitors will:
• Advise you if anything unexpected happens during the sale process and handle any price negotiations.
• Assist you in the completion of forms detailing information about your property, its fixtures and fittings.
• Obtain your title deeds and land registry copies.
Deal with the requirements of your lender in all mortgage cases and liaise with estate agents and surveyors to ensure that everyone works together to complete your house sale or purchase.
Buying a house is probably the most expensive transaction you will ever conduct - don't cut corners - make sure your appoint specialist Conveyancing Solicitors who can guide you through the whole conveyancing process with expertise.
The first step is to make an offer on the property you are interested in and inform your estate agent the amount you would be prepared to pay. If you require a mortgage you need to make an application to your lender at this stage. Once the vendor of the property accepts your offer, their Conveyancing Solicitor will send out a draft contract setting out the terms of the sale.
At this point, your Conveyancing Solicitor will:
• Check the contract, raise any queries and carry out searches to see what information is available about the property.
• Report to you that all is in order and the money is available before arranging for contracts to be exchanged. After this, neither you nor the vendor can withdraw from the transaction and it is usual on exchange for the buyer to pay a deposit which the seller can keep if the buyer defaults.
• Prepare a final statement showing how much money is needed.
• Arrange for the buyer to pay a deposit on the day the contracts are signed, typically 5 or more percent of the total sale price.
• On completion pay the money to the vendor's solicitor, they then vacate the property and you are free to move in.
• Pay any Stamp Duty Land Tax due and register the property in your name at the Land Registry.
In addition, your conveyancing solicitors will:
• Advise you if anything unexpected happens during the sale process and handle any price negotiations.
• Assist you in the completion of forms detailing information about your property, its fixtures and fittings.
• Obtain your title deeds and land registry copies.
Deal with the requirements of your lender in all mortgage cases and liaise with estate agents and surveyors to ensure that everyone works together to complete your house sale or purchase.
Buying a house is probably the most expensive transaction you will ever conduct - don't cut corners - make sure your appoint specialist Conveyancing Solicitors who can guide you through the whole conveyancing process with expertise.
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