Stages of Conveyancing

Conveyancing is the legal process of transferring property ownership from one person to another. It typically involves several stages. Here are the general stages involved in a typical conveyancing process:

1. Instruction: The process begins with instructing a solicitor or conveyancer to handle the transaction. Both the buyer and seller will need their own solicitor.

2. Pre-contract stage: The seller’s conveyancer prepares a draft contract, including details of the property, the agreed price, and any additional terms and conditions and information provided by the seller including details of any works done to the property and associated planning permission and building regulation information. The buyer’s conveyancer will conduct various searches and enquiries to gather information about the property. This includes local authority searches, land registry searches, environmental searches, and others.

3. Enquiries and negotiations: The buyer’s conveyancer examines the draft contract and raises enquiries to the seller’s conveyancer seeking further clarification and information. These enquiries may relate to the property’s boundaries, planning permissions, information relating to the previous land use or the information contained in the title deeds. The seller’s conveyancer responds to these enquiries.

4. Mortgage and finance: If the buyer is obtaining a mortgage. It is best placed to obtain a mortgage in principle and apply for a mortgage for the purchase of property as soon as possible. The lender conducts a valuation of the property but it is always advised that the buyer obtains a survey which looks at the structural integrity, state and condition of the property.

6. Reporting: Once both sets of solicitors have agreed on the terms of the contract and the buyer’s solicitor is satisfied with the information provided by the seller’s solicitor each solicitor will report to their client with the contract, Transfer Deed and any other additional documentation they need to sign. Once the documentation is returned the deposit is requested from the buyer.
7. Exchange of contracts: Once both solicitors hold their client’s contract, the buyer’s solicitor holds the deposit (usually 10% of the purchase price) and the completion date (moving date) is agreed upon. The contract is “exchanged” and dated making the contract a live legal document, both the buyer and seller are now legally bound to proceed to completion (transfer of funds, title, keys) on the completion day.
8. Completion: On the agreed completion date, the balance of the purchase price is transferred from the buyer’s conveyancer to the seller’s conveyancer. The seller hands over the keys, and the buyer takes possession of the property.

8. Post-completion: Following completion, the buyer’s conveyancer pays any applicable stamp duty and deals with other post-completion matters including registering the transfer of ownership at the Land Registry.

It’s important to note that the conveyancing process can vary depending on the specific circumstances of the transaction and local legal requirements. The stages mentioned here provide a general overview, but it’s advisable to consult with a qualified conveyancer or solicitor for detailed guidance during a real conveyancing process.