The conveyancing process in the UK is the legal and administrative process of transferring ownership of a property from one party to another, typically from a seller to a buyer. It involves several steps and can be quite complex.
Here is an overview of the key stages in the conveyancing process:
1. Instruction: The process begins when a buyer makes an offer on a property, and the seller accepts it. Both parties then instruct solicitors or conveyancers to handle the legal aspects of the transaction.
2. Property Information and Preliminary Searches: The seller's solicitor or conveyancer will provide the buyer's solicitor with information about the property, such as the title deeds, property information forms, and fixtures and fittings lists. The buyer's solicitor will also carry out preliminary searches, including local authority searches and environmental searches.
3. Survey and Mortgage Approval: The buyer usually arranges for a survey of the property to identify any structural issues or other concerns. Simultaneously, if the buyer is obtaining a mortgage, the lender will carry out its valuation and approve the mortgage.
4. Searches and Enquiries: The buyer's solicitor will conduct various searches and make inquiries to ensure there are no legal issues affecting the property. This may include searches related to land registry, planning permissions, and other relevant matters.
5. Review of Contract: The seller's solicitor will prepare a draft contract for the sale, which the buyer's solicitor will review. The contract will include details of the property, the price, and any special conditions.
6. Exchange of Contracts: Once both parties are satisfied with the contract and all necessary searches and checks have been completed, they will sign identical copies of the contract. At this point, they exchange contracts, and the transaction becomes legally binding. The buyer usually pays a deposit at this stage, typically around 10% of the purchase price.
7. Completion: This is the final stage of the process. On the agreed completion date, the buyer's solicitor will transfer the remaining funds to the seller's solicitor. Once the funds have been received, the seller will hand over the keys to the property to the buyer.
8. Registration: After completion, the buyer's solicitor will register the property in the buyer's name with the Land Registry. This confirms the legal transfer of ownership.
9. Post-Completion Matters: There may be additional post-completion matters to attend to, such as notifying utility companies of the change of ownership and updating the local council tax records.
Throughout the conveyancing process, solicitors or conveyancers play a crucial role in ensuring that all legal requirements are met, and the transaction progresses smoothly. The process can take several weeks or less, depending on various factors, including the complexity of the transaction and any issues that may arise during the process. It's essential to have experienced professionals to guide you through the process to ensure a successful property transfer. Mank solicitors have more than 20 years of experience in the conveyancing field. Your interests are best placed with us
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