What is conveyancing?
Put simply, conveyancing is the legal process that fully transfers the ownership of a property from one person to another. A buyer’s solicitor will make sure that everything is in order by thoroughly checking every legal aspect of the purchase before committing the buyer. The seller’s solicitor will field the buyer’s enquiries and make sure that the seller’s interests are protected throughout.
The conveyancing process – buying
- The buyer receives a legal pack with various forms and documentation to be completed.
- The seller’s solicitor drafts a contract, which the buyer’s solicitor will query if necessary.
- When all enquiries have been answered, the buyers solicitor should be satisfied that the purchase can proceed. If the property will be mortgaged then the finance will also be checked at this point.
- The solicitor will then produce a report on the purchase with a contract to be signed. This can be done remotely in front of a witness. The date of ownership is to commence is requested by the buyer, to be agreed with the seller.
- Contracts can then be exchanged with an agreed completion date. A deposit will be paid into the solicitors bank account normally of 10%. The purchase is then legal and binding for both buyer and seller.
- On “completion” the buyer’s solicitor will receive the monies owed and this will be sent to the seller’s solicitor to seal the deal.
The conveyancing process – selling
- The seller receives a legal pack to be completed. Then the solicitor prepares a draft contract to send to the buyer’s solicitor.
- The solicitor will then answer any queries about the property and the contract that the buyer may have.
- Once both parties are satisfied the seller signs the contract.
- The date of ownership is agreed between the buyer and seller and then contracts can be exchanged with the agreed date.
- On exchange of contracts the sale is legal and binding for the buyer and seller. On completion day the monies are exchanged between solicitors, fees are taken out and the buyer is sent the balance.