Conveyancing can seem confusing for Selling and Buying property so we thought we would do a blog to help guide you through it!
In most cases you will have an estate agent (like us) and a Conveyancer who will guide you through the process. Trying to complete each step yourself isn't easy. It can be very stressful and time-consuming.
Research
Before instructing a Conveyancer you should always read their reviews and ask them to quote for their services. Most firms will have a similar fee structure so it is up to you to decide who is for you based on your own criteria and personal preference. The only time you may not be able to go for your chosen Conveyancer is if your Mortgage lender requires you to choose someone who sits on their panel but this would be advised upon your terms and conditions from the Mortgage lender.
Instruction
Once you've accepted your quote you'll need to provide some documents such as proof of Identity and proof of address (and sign the firms terms/client care letter). At this stage your estate agent will provide the Memorandum of Sale too. As a seller at this stage you will also need to fill in a property information and fixtures and fittings form (and other required forms to aid the transaction) and if you're a buyer at this stage you will need to provide details of how you are funding your purchase with proof (For example bank statements). Until you have done this you have not yet formally instructed them to work on your sale or purchase.
Pre-Conveyancing Work
You have now formally instructed your chosen Conveyancer, they can now get to work on your file.
On the Sellers side this includes:
- Organising Land Registry Documents
- Drafting a Contract
- Requesting a Redemption Statement
- Answering Legal Questions from the Buyers Conveyancer (also known as Enquiries)
- Requesting Leasehold Information (If needed)
- Proposal of Completion Date
On the Buyers side this includes:
- Organising Property Searches (this often requires payment from you on account before they are requested)
- Checking the Draft Contract
- Investigating the Title
- Checking your Mortgage Offer (If Needed)
- Asking Legal Questions to the Sellers Conveyancer (also known as Enquiries)
- Preparing the Transfer Deed
- Agreeing to the Completion Date
Throughout the process you will be asked to verify and sign certain documents sent from your Conveyancer, if you are struggling with anything your estate agent or Conveyancer will talk you through it - you'll never be left in the dark.
Completion
You should now have a completion date confirmed, your Conveyancer will ensure everything has been signed and you have exchanged before completion can take place. Once the sale has completed as a seller your Conveyancer will settle any estate agent fees and return the remaining funds to you. They will also deal with any other costs for example stamp duty. Finally they will apply to the Land Registry to update the purchase.
Most estate agents can advise who they work with and recommend for conveyancing so don't hesitate in asking who they would advise or even ask family and friends who they have used in the past for their property transactions.
