RESIDENTIAL CONVEYANCING
We understand that moving or buying a new home can be a very stressful time. This is why it is important that an experienced solicitor undertakes your case and maintains communication with all interested parties to ensure that the transaction runs smoothly and without delay. Imperial Law will keep you fully up to date with the progress of your case at every stage of the transaction. We will liase closely with third parties such as estate agents and mortgage brokers to ensure no delay is caused in your case and any problems are identified at an early stage. Once we are satisfied that the legal formalities have been completed we will prepare the case for completion.
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
We will set out our terms and conditions of business at the outset of your case and advise you of the person with overall responsibility for your matter.
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.
