Lawyer

The conveyancing process is lengthy and confusing if you buy or sell a property for the first time. Whether you are selling or buying property in the UK, you have to know all the stages involved in the process.

Know how the conveyancing process works to save time and money. This article highlights some of the key stages involved in the conveyancing process.

The conveyancing process when selling property

When selling property in the UK, you are likely to be involved in the following:

Step #1 – Choosing a conveyancing solicitor

You should reach out to experienced London conveyancing solicitors such as AVRillo when you plan to sell a property in the UK. Most people wait until they get an offer before instructing a solicitor. However, it is important to get prepared and proactive when selling property.

Your solicitor will be ready to set up a contract when you instruct them before accepting an offer from buyers. You should partner with reputed conveyancing firms such as AVRillo which are rated as the top conveyancing solicitors in Bournemouth.

Step #2 – Obtain all the legal documents

When selling property in the UK, the next step is to obtain all the required legal documents. Your conveyancing solicitor will often guide you in getting all the documents on time. Some of these documents include proof of identity, property information form, Management information Pack, etc.

Step #3 – Drawing contracts

The next step involves drawing contracts, deeds, and mortgages. This will include all the forms required by the buyers’ solicitor and the Land Registry.

Step #4 – Enquiries

After drawing contracts, the sellers’ solicitor will enquire about any information they need to be contained on the contract pack and the search results,

Step #5 – Exchange of contracts

Once everything has been clarified, the sellers’ solicitor will draft a final contract signed by all parties. At the point of contract exchange, both the buyer and seller are obliged to the transaction.

Step #6 – Completion

The completion day is the final stage in the conveyancing process. Money is transferred to the seller’s solicitor and keys to the property handed to the buyer. The solicitor will also transfer the title and other deeds to the buyer’s solicitor.

Buying property in the UK

When buying property in the UK, you will go through the following stages:

Step #1 – Choosing a solicitor

The first step to buying property in the UK is to choose a solicitor. You should choose a solicitor specializing in property and with an established track record in conveyancing in your local area.

Step #2 – Deeds, contract, and mortgages

Once you have your solicitor ready, the next step involves requesting a contract from the seller’s solicitor, who proceeds by drawing the contract. The contract includes all the issues raised in the documents, the applicable discount, and all the forms completed.

Step #3 – Search inquiries

The buyers’ conveyancers should perform some of the searches, including local authority search, environmental search, water and drainage, and land registry search.

Step #4 – Exchanging contracts

You receive a final version of the contract when all has been agreed upon, including the completion date. Both buyer and seller will have to sign this contract and the transfer. You also have to deposit at least 10%. The buyer’s solicitors also request a mortgage fund from the lender.

Step #5 – Completion

The seller’s solicitor will do all final searches and lodge interest in the property with Land Registry. The land registry freezes the deeds so that you can register the property. The sellers’ solicitors will also send a final statement indicating all funds that should be cleared before completion.

Final Thoughts

The conveyancing process in the UK is lengthy and involves a lot of legal formalities. When buying or selling property in the UK, you will need the help of a conveyancing solicitor from a recognized law firm.

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