Conveyancing

Conveyancing

 

What is Conveyancing?

Anyone involved in buying selling or re-mortgaging of a property will need to instruct a solicitor to act on their behalf to ensure all legal aspects of their house move are dealt with.

Traditionally this meant instructing a high street solicitor and endless meetings to discuss the progression of your move and sign contracts. Our professional conveyancing service does everything a high street solicitor offers but because we deal with the entire transaction via post and the Internet you will benefit from high levels of service at extremely competitive rates.

You can rely on friendly sensible advice in plain English. So if you need help understanding confusing conveyancing jargon we are always on hand to help. Below is a Guide to conveyancing.

Conveyancing Guide – Buying or Selling:

There are three keys stages to buying or selling your home:

STAGE ONE – Sale Agreed

Buyers Solicitor

Asks for your money on account of expenses
Receive contract and other papers from seller’s solicitors and asks for any additional enquiries necessary
Carry out local authority searches (Land, water, e.t.c)
Asks you to agree the property information form
Receives mortgage offer from lender if applicable
Reports to you with contract for signature and requests deposit
Sellers Solicitor

Applies for your title deeds and land registry copies
Asks you to complete a property information and fixture, fittings and contents forms
Prepares a contract and sends it to the buyers solicitor and answers any further questions the buyers solicitor may have
Negotiates the move date (completion)
STAGE TWO – Exchange of contracts – after this the sale becomes legally binding

Buyers Solicitor

Sends contract and deposit to seller’s solicitor
Prepares transfer and mortgage deed before sending them to you to sign
Arranges final searches
Prepares final searches and requests any fees due
Sellers Solicitor

Confirms completion date
Receives the buyers deposit
Obtains a settlement figure from mortgage lender
Approves the transfer deeds and arranges for you to sign it
STAGE THREE – Completion

Buyers Solicitor

Sends the balance to sellers solicitor and receive deeds in return
Pays any stamp duty if required
Registers the transfer with the land registry
Sends the title deeds to the lender
Sellers Solicitor

Receives balance of purchase price
Pays off the balance of the mortgage
Hands the deeds to the buyers solicitor
Sends you the balance or uses it towards any purchase of another property
Conveyancing Guide – Re-Mortgaging:

Re-mortgaging is slightly different to buying or selling because there are fewer parties involved and you will already own your home. However we have simplified the process into three stages.

STAGE ONE – Initial Steps

Re-Mortgage Solicitor

Request title deeds and redemption statement from existing lender to determine any monies still outstanding
Awaits mortgage offer and check title documentation
STAGE TWO – Offer Received

Re-Mortgage Solicitor

Check any special instructions from the lender. In some case it may be required to carry out searches.
Forward mortgage deed to you for signature
Send you the redemption statement
Agree a completion date
STAGE THREE – Completion

Re-Mortgage Solicitor

Often a weeks notice is required for a completion date
On completion date pays off your existing mortgage
Collects any legal fees and disbursements
Forwards any remaining money to you
Register the new mortgage at Land Registry
Supply original deeds to new lender and copy to you