Conveyancing

Conveyancing refers to the legal process of transferring ownership of property (land, buildings, or other immovable assets) from one person or entity to another. It involves a series of legal and administrative steps to ensure a smooth and lawful transfer of property ownership which generally include:

1. Instruction: The process begins when the seller (vendor) instructs a solicitor or a licensed conveyancer to handle the sale of their property. The buyer (purchaser) also engages their own solicitor or conveyancer.

2. Property Information Forms: The seller completes property information forms, including the Property Information Form (TA6) and Fittings and Contents Form (TA10). These forms provide details about the property, its boundaries, fixtures, and fittings.

3. Title Deeds and Property Checks: The buyer's solicitor checks the title deeds and conducts various property searches, including local authority searches, environmental searches, and water and drainage searches. These searches aim to uncover any legal or environmental issues that may affect the property.

4. Mortgage Application: If the buyer is obtaining a mortgage, they will apply for one at this stage. The lender will also conduct its own property valuation.

5. Survey: The buyer may commission a survey of the property to identify any structural issues or defects. This is not always required but is recommended, especially for older properties.

6. Contract Drafting: The seller's solicitor prepares the draft contract, which includes details of the sale, the price, and any conditions. The buyer's solicitor reviews the contract and raises any queries or concerns.

7. Negotiation: The solicitors negotiate on behalf of the buyer and seller to agree on the contract terms. Once both parties are satisfied, they exchange signed contracts.

8. Exchange of Contracts: Both parties sign the final contract copies and the buyer pays a deposit, usually 5-10% of the purchase price. At this point, the sale becomes legally binding, and a completion date is set.

9. Pre-Completion Checks: Prior to completion, the buyer's solicitor carries out final searches and obtains the mortgage funds from the lender. The seller's solicitor provides a redemption figure to clear any existing mortgage on the property.

10. Completion: On the agreed completion date, the balance of the purchase price is transferred from the buyer's solicitor to the seller's solicitor. Once the funds are received, the keys are released to the buyer, and they can take possession of the property.

11. Post-Completion Formalities: The buyer's solicitor registers the property transfer with the Land Registry and pays any Stamp Duty Land

Tax (if applicable). The Land Registry updates its records to reflect the new owner.

12. Notification and Final Steps: The buyer's solicitor notifies relevant utility companies and local authorities of the change in ownership. They also provide the buyer with a copy of the updated title deeds.

Please note that the conveyancing process can vary slightly depending on the specific circumstances of the transaction, and it may take several weeks to complete. It's essential to work with experienced solicitors or conveyancers to ensure a smooth and legally compliant property transaction.