Conveyancing is the legal process of buying or selling a property. This process involves transferring the ownership of a property from the seller to the buyer. Conveyancing Purchase and Sale Transactions in UK can be complicated, and working with an experienced conveyancing solicitor is essential to ensure a smooth transaction.
The Conveyancing Process for Purchasing a Property
When purchasing a property, the conveyancing process typically involves the following steps.
- Instructing a Conveyancing Solicitor: The first step is to instruct a conveyancing solicitor. They will act on your behalf throughout the conveyancing process and ensure all legal requirements are met.
- Drafting the Contract: Once you have found a property you want to purchase, your solicitor will draft a contract. The contract will contain all the terms and conditions of the sale, including the price, completion date, and any special conditions.
- Searches: Your solicitor will conduct various searches to ensure no issues with the property. These may include the local authority, environmental, and drainage searches.
- Mortgage Offer: If you require a mortgage to purchase the property, your lender will conduct a valuation to ensure the property is worth the amount you borrow. Once your mortgage offer is in place, your solicitor will receive a copy and check the terms and conditions.
- Exchange of Contracts: Once all the searches have been completed and both parties are satisfied with the contract terms, you will exchange contracts. At this point, you will pay a deposit, usually 10% of the purchase price.
- Completion: Completion is when the ownership of the property is transferred to you, and you can collect the keys to your new home. Your solicitor will transfer the purchase price balance to the seller’s solicitor.
The Conveyancing Process for Selling a Property
The conveyancing process for selling a property is similar to purchasing one and involves the following steps.
- Instructing a Conveyancing Solicitor: The first step is to instruct a conveyancing solicitor. They will act on your behalf throughout the conveyancing process and ensure all legal requirements are met.
- Drafting the Contract: Once you have accepted an offer on your property, your solicitor will draft a contract. The contract will contain all the terms and conditions of the sale, including the price, completion date, and any special conditions.
- Replies to Enquiries: The buyer’s solicitor will send a list of enquiries to your solicitor, which you will need to respond to.
- Exchange of Contracts: Once all the enquiries have been answered and both parties are satisfied with the contract terms, you will exchange contracts. At this point, the buyer will pay a deposit, usually 10% of the purchase price.
- Completion: Completion is when the ownership of the property is transferred to the buyer, and you will receive the balance of the purchase price.
Bottom Line
Conveyancing is an essential part of the UK property buying and selling process. Working with an experienced conveyancing solicitor’s firm like Alfred James is important to ensure all legal requirements are met and the transaction goes smoothly.
