We have taken a deep look at the processes that are involved in the conveyancing process. We start by taking it from the angle of the seller:
Offer to exchange
1. Inform your conveyancing solicitors on what to do
2. You will be sent a client care letter from the conveyancing solicitors. You will have to sign and send it back to them while attaching details of your current mortgage and proof of identity.
3. You will receive the following from your solicitors:
Fittings, fixtures, and contents form
Leasehold property information form (if available)
Property information form
After completing the required forms with some assistance from your solicitor, you will have to return it with any building consents you have been granted or planning permissions, and also any building work guarantees you may already have.
4. Your conveyancing solicitors will require the following from you:
Land Registry Office Copies
Title deeds
Your management company will also have to provide the following if your property is leasehold:
Building insurance details
Service charge accounts for the past three years
A copy of the lease
Estimated costs for the following 12 months
5. The draft contract will be prepared by your conveyancing solicitors (this is subject to negotiation).
6. A contract pack will be compiled by your solicitors, which will be sent to the buyers solicitor.
7. With your assistance, your solicitors will provide answers to the buyers solicitor concerning the contract negotiations and contract pack (if available) and when it will take place.
8. Both the seller and buyer will negotiate an estimated date for completion with the help of their solicitors. This will be included in the contract form.
9. The seller will be ready for exchange once the enquiries and searches have been satisfactorily completed as well as the contract negotiations.
10. The buyer and the seller will both sign the contract and return to their respective solicitors.
11. There will be an exchange or swap of the contracts between the solicitors
12. The sellers solicitor is the one to receive the deposit made by the buyer and will be held by the solicitor pending completion.
Once these stages are completed, the contract will be legally binding. Both parties can no longer back out except it was a fraudulent transaction.
The completion stage
1. The required redemption payment that is needed to pay off your current mortgage will be confirmed by your conveyancing solicitors from your bank.
2. A transfer deed (TR1) will be received by your solicitors from the buyers solicitor. After checking it, your solicitor will forward it to you for signing and sending it back to the solicitor again.
3. Your solicitor will receive any balance that is outstanding on the day of completion from the buyers solicitors. The solicitor will then:
Send the transfer and title deeds to the buyers solicitor
Make the redemption outstanding balance payment of your current mortgage to your bank
Pay the balance to you, the seller
It is at this stage that the deal is completed and the keys can be handed over to the buyer. For full setails, see: www.bestlondonsolicitors.co.uk.