The conveyancing process is a crucial part of buying or selling property in the UK. It involves the legal transfer of property ownership from the seller to the buyer. Understanding this process can make the difference between a smooth transaction and a problematic one. This blog post will guide you through each step of conveyancing, helping you understand what to expect when you decide to buy a property.
What is Conveyancing?
Conveyancing involves the legal and administrative tasks related to transferring the ownership of land or buildings from one person to another. The process starts when an offer on a property is accepted and concludes when the final contracts are signed, and the money is transferred.
Key Stages of the Conveyancing Process
1. Instruction and Initial Stages
Once your offer on a property is accepted, the first step is to contact Southerns Solicitors’ conveyancing team who will handle the legal aspects of the property transaction. You will need to provide us with various personal details, proof of identification, and information about your mortgage provider if applicable.
We will then obtain the draft contract from the seller’s solicitor, which includes details such as the sale price, property boundaries, fixtures, and fittings, planning restrictions, and other relevant information.
2. Searches and Enquiries
Our team will carry out several searches to ensure there are no issues that might affect your future enjoyment of the property. These typically include:
– Local authority searches: Checking for planning, highway, and pollution issues.
– Water authority searches: To find out how you get your water and if any public drains on the property might affect extensions or building works.
– Environmental Search: To check for contaminated land at or around the property, and other environmental issues.
They may also raise enquiries about the draft contract and the results of their searches to clarify any points or identify any potential problems.
3. Mortgage and Survey
If you’re purchasing with a mortgage, your lender will need a survey of the property to safeguard their investment. The survey required may vary from a basic valuation survey to a comprehensive structural survey, depending on the property’s age, type, and condition.
4. Review and Signing of Contracts
After all searches are finished, and any questions are adequately answered, you and the seller will decide on a completion date. Next, you will review and sign the contract. It’s important to fully understand the contract, as it becomes legally binding once both parties sign it.
5. Exchange of Contracts
At this stage, the contracts are exchanged, and the agreement becomes legally binding, which means neither you nor the seller can pull out without financial penalties. A deposit, typically around 10% of the property purchase price, is also transferred from you to the seller’s solicitor at this point.
6. Completion
Completion is the stage when the remaining money (usually 90% if a deposit of 10% was paid) is transferred from Southerns to the seller’s solicitor. Once the money has cleared, you will officially become the new owner of the property. We will then register the property in your name with the Land Registry.
7. Post-Completion
Once the purchase is complete, your conveyancer will take care of paying the Stamp Duty Land Tax if it applies to your property and make sure you receive the property deeds. They will also send you a completion statement and bill you for their services.
The conveyancing process can be complex and time-consuming. However, having a good understanding of it, along with the help of Southerns’ conveyancing team, can ensure that everything goes as smoothly as possible. Always make sure to communicate openly with your conveyancer and don’t hesitate to ask questions at any stage in the process. The path to property ownership is a substantial financial commitment and legal responsibility.
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