The Steps of Conveyancing : Your Guide to Moving Home
We have put together a straightforward guide showing you the main steps of conveyancing or in other words a guide to moving home. It is not supposed to be a complete guide as every transaction can be just as individual as you are, and unusual and unexpected things can complicate the transaction, but the stages below make up the core steps that must take place.
Selling
Selling your property is usually the easier side of the process. This guide shows you what we as Solicitors must do for you:
1. Initial Paperwork
We will send you initial paperwork to include identity checks and some questionnaires detailing a bit of information about your property and what, if anything, you intend to leave at the property. At Solicitor Direct we offer this service by email/post/appointment, whatever method is easiest for you.
2. Contracts
Your Solicitor will then use your completed documents and deeds to draw up the draft legal contracts and send these to the Buyers Solicitor. The deeds will either be provided by you or they can be requested from the Land Registry ( The governments national deeds database). If you hold your own get them to your Solicitor ASAP. At this stage all paperwork is in draft format and any party can still pull out of the deal. At Solicitor Direct we download your deeds online so that as soon as we hold completed forms from you we can get the paperwork drawn and sent out without delay.
3. Enquiries
Having received the draft contract papers from us the buyers solicitor now looks through and asks any further questions or queries. Some maybe for you e.g. regarding furniture being left or some may be more legal and for your Solicitor to deal with e.g. Rights of way. At Solicitor Direct we use all ways of communication including phone/email/ Skype for you to get any required information to us to help speed things along.
4. Exchange
In order to get ready to exchange we will need to get you to sign the contract and obtain any repayment figures from your existing mortgage lender ( if any). Your buyers solicitor will have a little more to do include carrying out local searches, checking over paperwork, dealing with the buyers mortgage offer and obtaining monies from the buyer. From your point of view sometimes it can feel as though nothing much is happening but just bear in mind that your buyer has a little more to deal with before they can exchange. At Solicitor Direct we aim to keep you updated as soon as anything happens to hopefully help you feel in control and informed throughout the process.
Exchange of contracts will take place between each parties solicitor and usually will take place over the telephone. The process means that the contract is now legal and binding upon all parties and means that it almost impossible for any party to pull out. ( or at least without serious and expensive consequences) During the exchange the purchase price is confirmed and the completion date is set. Once the exchange has taken place the completion date cannot be changed. There is no set period between exchange and completion but in an ideal world a couple of weeks would allow all parties an adequate time period to organise themselves for the big day. At Solicitor Direct we always speak to you prior to exchange to obtain your authority and ensure you are happy to proceed.
5. Completion
The big day has arrived and the removal van is fully loaded. On the day the solicitors have to transfer monies between the banks and of course this sometimes can take a little while, As soon as the transfers have taken place and the monies are in the right place you will be informed that the keys should be passed over to the Estate Agent. At Solicitor Direct we keep you informed throughout the day of each stage to hopefully ensure you feel secure in the knowledge that everything is being done as quickly as physically possible. As Solicitors and Estate Agents we offer the whole package meaning that right from the beginning the process is quicker and cheaper!
Buying
When buying a property there is usually a little more involved including mortgages, searches and enquiries.
1. Initial Paperwork
Your Solicitor will send you initial paperwork to include identity checks and a request for payment of any searches. At Solicitor Direct we offer this service by email/post/appointment whatever method is easiest for you.
2. Contracts
Early on in the process your solicitor will usually receive the draft contract papers including deeds, draft contract and property forms. It is the job of your Solicitor to check this paperwork for any problems, errors and important information. Property forms will usually include a list of items that the seller is leaving at the property.
3. Mortgage
If you are buying the property with a mortgage you will have been communicating with the mortgage lender or via a financial advisor to apply for a mortgage. You will go through the application process which will usually involve credit checks, employment checks, survey and offer. Once the mortgage company is happy with the informations and the property survey they will issue a mortgage offer both to you and your solicitor. It is important to note that your Solicitor is neither authorised or qualified to help you with the application until the mortgage offer is released. Therefore it is important for either you or your advisor to progress things as best you can. Once your offer is issued it is the job of your Solicitor to check through it and ensure the matter can proceed.
4. Searches
As part of the conveyancing process you must conduct certain searches. If you are buying cash then these are optional, but still recommended. When you are buying with a mortgage the local and coal mining searches are compulsory. These searches check things such as planning applications on the property, (not the area) whether roads are maintained by the council, coal mining history of the area ( to check for mining shafts etc) and for any restrictions on the property. Your solicitor can advise you fully on the search and whether there is anything you need to be aware of. Other optional searches include water, and drainage search (to check the property is connected to a public sewer and water supply) environmental (any contamination issues) and chancel (historical church repair liability) searches. At Solicitor Direct we offer a variety of searches and we use a company which usually provides the results in around 5-7 days.
5. Enquiries
Your solicitor will check over the draft contracts, mortgage offer and searches to check to see if everything is in order. They will usually have to ask questions of the sellers solicitor relating to the deeds or searches. Your Solicitor will have to wait for satisfactory answers before they can proceed to exchange. Please remember that the replies to the questions may seem unnecessary to you when you are desperate to move, however they are crucial to ensure you are buying a property without a problem, and crucially we have a duty to protect your mortgage lender (if you have one) from lending money on a property with issues outstanding.
6. Exchange
In order to get ready to exchange we will need to get you to sign the paperwork obtain gain all necessary funding. Once we have satisfactory answers to of questions and signed paperwork we will have to contact your mortgage lender to ask them to send us the money in readiness for completion.
Exchange of contracts will take place between each parties solicitor and usually will take place over the telephone. The process means that the contract is now legal and binding upon all parties and means that it almost impossible for any party to pull out. ( or at least without serious and expensive consequences) During the exchange the purchase price is confirmed and the completion date is set. Once the exchange has taken place the completion date cannot be changed. There is no set period between exchange and completion but in an ideal world a couple of weeks would allow all parties an adequate time period to organise themselves for the big day. At Solicitor Direct we always speak to you prior to exchange to obtain your authority and ensure you are happy to proceed.
7. Completion
The big day has arrived and the removal van is fully loaded. On the day the solicitors have to transfer monies between the banks and of course this sometimes can take a little while, As soon as the transfers have taken place and the monies are in the right place you will be informed that the keys should be passed over to the Estate Agent. At Solicitor Direct we keep you informed throughout the day of each stage to hopefully ensure you feel secure in the knowledge that everything is being done as quickly as physically possible.
Finally
Moving to your new home should be an exciting time and we hope that by keeping you informed we can help you through the process. Remember this is only a guide and each transaction is different and your experience maybe slightly different.
When choosing a solicitor make sure you bear the following in mind:
Do you feel like they are listening to what is important to you?
Are they value for money?
Do they have the expertise?
Will they act in my best interests?
We will listen to you, we are value for money, we have the expertise and we only act in your best interests. Give us a call on 01772 424999, email enquiries@solicitordirect.com
