The conveyancing process can be a confusing and daunting task for those who are buying or selling a property. There are a number of different stages involved in the process, from the initial offer being accepted through to the exchange of contracts and, finally, the completion of the sale.
This guide will outline the main stages of the conveyancing process, whether you're buying or selling, to help you understand what to expect.
Conveyancing Process - Buying a Property
The process of buying a property is a long and arduous endeavour. One of the reasons for this is due to the conveyancing process. It's a necessary part of any property transaction and involves many exchanges between the parties involved that will take time and a lot of effort to fully accomplish. However, with a little preparation and knowledge, you can make the process much easier. Here is a step-by-step guide to help you through the process:
Step 1: Hire a Solicitor
The first thing you need to do is to find a solicitor who specialises in conveyancing. This is extremely important as there are many different aspects of the law that need to be taken into account during the process. A solicitor will be able to advise you on all the legal aspects of the purchase and will also be able to deal with the paperwork on your behalf.
Step 2: Instruct Your Conveyancer
Once you have found a solicitor you are happy with, you need to instruct them to act on your behalf. This will involve signing a contract and agreeing to pay their fees. You will also need to provide them with all the relevant paperwork, which will include your ID, mortgage offer and proof of funds.
Step 3: Receive Paperwork From Conveyancer
Your conveyancer will now start to work on your behalf and will send you a copy of the contract for the sale. This contract will contain all the information about the property and will also list any special conditions that need to be met before the sale can go ahead. You will need to read this document carefully and make sure that you understand everything before you sign it.
Step 4: Get a Property Survey
It is important that you get a property survey done on the property you are buying. This will ensure that you are aware of any potential problems that could arise in the future. It is also a good idea to get a mortgage valuation done as this will give you an idea of how much the property is worth and whether you are getting a good deal.
Step 5: Exchange Contracts
Once you have read and understood the contract, you will need to sign it and return it to your conveyancer. They will then contact the seller’s conveyancer and arrange for the contracts to be exchanged. At this point, you will be legally obliged to buy the property, and the seller will be legally obliged to sell it to you.
Step 6: Complete the Purchase
The final step is to complete the purchase. This involves paying the purchase price balance to the seller and receiving the keys to the property. You will need to arrange for buildings insurance to be put in place from the day of completion.
Conveyancing Process - Selling a Property
On the other side of a property transaction is the seller. If you're selling a property, it's also essential to understand how the conveyancing process goes. There are similarities in the process compared to being a buyer, but there are key differences that you should know about. This step-by-step guide will outline the entire conveyancing process for the seller from start to finish, so you know exactly what to expect.
Step 1: Appoint a Conveyancer
The first step is to appoint a conveyancer to act on your behalf. You will need to provide them with a copy of the title deeds and any other relevant documentation.
Step 2: Prepare the Property Information Form
The next step is to prepare the Property Information Form. This is a standard form which is used to provide potential buyers with information about the property. It will cover topics such as the boundaries, services, fixtures and fittings and any other relevant information.
Step 3: Prepare the Property Questionnaire
The next step is to prepare the Property Questionnaire. The Property Questionnaire is a standard form used to provide potential buyers with information about the property. It will cover topics such as the property's history, any planning permissions or building regulations that have been granted and any other relevant information.
Step 4: Market the Property
The estate agent will then start to market your property. This will involve taking photographs, preparing a property description and listing the property on their website and in their office window. It is important to make sure that the photographs and descriptions accurately reflect the property. The estate agent will also arrange viewings for potential buyers.
Step 5: Receive an Offer
Once you have received an offer from a potential buyer, the estate agent will put forward the offer to you. It is important to remember that you are not obliged to accept the first offer that you receive. If you are not happy with the offer, you can negotiate with the buyer or reject the offer outright.
Step 6: Instruct a Solicitor
Once you have accepted an offer, you will need to instruct a solicitor to handle the legal aspects of the sale. Your solicitor will carry out searches on the property to make sure that there are no outstanding planning permissions or building regulations. They will also prepare the contract of sale and arrange for the transfer of the deposit.
Step 7: Exchange Contracts
Once the searches have been carried out and the contract of sale has been prepared, you will need to sign it and exchange it with the buyer. The contract will contain the sale price, the completion date, and the names of the buyer and seller. Once the contract has been signed by both parties, the sale is legally binding. This is a legally binding agreement, and once it has been signed, you are committed to selling the property.
Step 8: Completion
Completion is the final stage of the process. This is when the buyer pays the balance of the purchase price and becomes the legal owner of the property. Once completion has taken place, you will need to vacate the property and hand over the keys to the new owner.
The conveyancing process is the legal process of transferring the ownership of a property from one person to another. It can be a complex and time-consuming process, but it is important to understand the steps involved in order to make sure that everything goes smoothly.
Whether you're a buyer or a seller, you'll need help from a reliable conveyancer to help you with the property exchange. Luckily, Conveyancing Calculator is here to help you compare conveyancing quotes easily and find a solicitor that suits your needs. With our online calculator, you'll have access to the rates of conveyance solicitors in Birmingham and beyond. Reach out to us today and start your conveyancing costs calculation in an instant!