RESIDENTIAL CONVEYANCING
We provide the following services to our clients:
- Sales and Purchases
- Transfer of Equity
- Re-Mortgages
- Report on Title Work
- Shared Equity / Shared Ownership
- Land Sales and Purchases
- Buy to let / Investment transactions
- Sales & Purchases of Leasehold Properties
- Option Agreements
- Overage Agreements
- Declarations of Trust
- Auction Sales and Purchases
- Home Information Packs (HIPS)
- Statutory Declarations
- Enfranchisement
BUYER’S GUIDE TO CONVEYANCING
Buyer’s Solicitors Steps
- Send buyer Client Care letter and ID request and complete file opening formalities
- Review contract pack and raise additional enquiries on the contract title papers and any other relevant issues.
- Commence all relevant searches.
- Once searches received and all enquiries have been dealt with satisfactorily; approve terms of contract.
- Receive mortgage offer and instructions from lender and deal with any conditions. Obtain confirmation on how buildings insurance is arranged.
- Prepare stamp duty land transaction return (SDLT).
- Prepare written report on the title and mortgage to the buyer. Buyer to transfer deposit and arrange for contract to be signed.
- Buyer to activate buildings insurance and life cover (if applicable). All parties agree completion date; then the contracts are exchanged.
Between exchange and completion
- Prepare draft transfer deed for approval by seller’s solicitor.
- Arrange for buyer to sign mortgage and transfer deeds.
- Certificate on title sent to mortgage lender requesting release of mortgage advance.
- Prepare accounts to send to buyer. Buyer to send funds to us to arrive in time to clear for completion.
- Undertake final Land Registry and land charges searches.
- Complete purchase.
Upon completion
- Send the balance of funds to the seller’s solicitor and obtain release of the keys.
- Receive the transfer and title documents from the seller’s solicitor.
- Pay Inland Revenue any stamp duty land tax and register the buyer’s ownership with the Land Registry.
- Send copies of the title document to the lender or buyer as appropriate..
SELLER’S GUIDE TO CONVEYANCING
Seller’s Solicitors Steps
- Send Client Care Letter and ID request and complete file opening formalities.
- Send seller property information forms, fixtures and fittings list.
- Obtain the title deeds and a copy of the Land Registry entries if the title is registered.
- Seller returns the completed property information forms and fixtures, fittings and contents form.
- A contract package (i.e. the completed property information form, the fixtures fittings and content form, the draft contract and land registry entries) is sent to the buyer’s solicitor.
- The buyer’s solicitor raises any additional enquiries about title papers, contract and any other relevant issues and the seller’s solicitor responds to this. This may require information from the seller or involve obtaining copies of further documents (e.g. planning permission)
- Agree contract terms and arrange for seller to sign the contract in readiness for exchange.
- All parties must agree completion date; then the contracts are exchanged.
Between exchange and completion
- Obtain redemption figures from mortgage lender, estate agent’s account and prepare accounts to send to seller for approval.
- Approve transfer deed.
- Arrange for sellers to sign and return.
- Reply to buyer’s solicitors requisitions on title.
- Complete sale.
Upon completion
- Once completion funds are received, instruct agent to release the keys to buyer.
- Redeem mortgage, pay estate agents, forward financial statement and any surplus funds to client.
- Send the title deeds and transfer deed to the buyer’s solicitor.
- Obtain evidence of discharge of mortgage to provide to buyer’s solicitor.
FAQs
What is residential conveyancing?
Residential conveyancing is the legal process of transferring property ownership from one person to another. This includes handling all legal documentation, liaising with third parties, and ensuring that the transaction is completed smoothly.
How long does the conveyancing process usually take?
The conveyancing process typically takes between 8 to 12 weeks, but this can vary depending on several factors, such as the complexity of the transaction, the readiness of the parties involved, and any unforeseen issues.
What costs are involved in conveyancing?
The costs associated with conveyancing can include legal fees, Land Registry fees, search fees, and Stamp Duty Land Tax (SDLT). A detailed estimate will be provided at the outset of your case.
What searches are conducted during the conveyancing process?
Searches usually include local authority searches, environmental searches, drainage and water searches, and, in some cases, additional specific searches such as flood risk or mining reports.
Do I need a survey when buying a property?
While not legally required, it is highly recommended to have a survey conducted to identify any structural issues or defects in the property that could affect its value or your decision to proceed with the purchase.
What happens on the day of completion?
On the day of completion, the buyer’s solicitor transfers the remaining funds to the seller’s solicitor. Once the funds are received, the keys are released, and the buyer can take possession of the property.
Can I exchange contracts and complete on the same day?
Yes, exchanging contracts and completing on the same day is possible, although it is not typical. It is generally recommended to have a short period between exchange and completion to allow time for final preparations.
What is Stamp Duty Land Tax (SDLT)?
SDLT is a tax payable to HMRC when purchasing a property or land above a certain value in England and Northern Ireland. The amount depends on the property price, and your solicitor will handle the payment on your behalf.
What is a Transfer of Equity?
A Transfer of Equity occurs when an existing property owner adds or removes someone from the title deeds, such as in cases of divorce, marriage, or gifting a share of the property to a family member.
What happens if the property is leasehold?
If the property is leasehold, additional considerations are required, such as reviewing the lease terms, service charges, and ground rent. Your solicitor will ensure that all necessary checks are completed and advise you accordingly.
