:: Bank of England Base Rate - 0.5%

:: Average Price of Southwest Property £176,894

source - land registry

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conveyancing guide

Conveyancing is the legal process of transferring a property from one party to another; it’s an essential part of the property buying process. It is important to understand that there are many different types of solicitor and its therefore important to choose one that specialises in conveyancing. The majority of solicitors do offer a conveyancing service, however find one that has a modern approach, up to date technology and sufficient resources as this all helps with the process.

Once a buyer or vendor (the person selling the property) has decided to proceed with their sale or purchase they should appoint their solicitor. As Home Information Packs (Hips) are now a necessary part of the conveyancing process the sooner a solicitor is appointed to read through the Home Information Pack, the better.

There are direct conveyancing services that you can use and documents can be sent to you by post and questions asked over the phone, e-mail and even by text messaging. These services may be cheaper than using a local service. However, unless price is of utmost importance, do not be tempted to instruct a solicitors services based solely on cost. It’s important that you get on well with the person you’re talking too, have confidence in them and that they are willing to spend time with you explaining any legal jargon you’re unsure of. This may be particularly important if you’re purchasing a property for the first time or it’s a complicated case, as it can be useful to be able to go and see your solicitor in person with any queries you may have.

purchasing a property

For a purchase to proceed your solicitor must receive a contract and evidence of title from the seller’s solicitor. They should raise enquiries and conduct the searches as necessary. They, along with your mortgage adviser and yourself, should also receive a copy of your mortgage offer.

The seller’s solicitor will prepare and send the contract and this will set out the terms of the agreement between the parties. This will include the price of the property being purchased, the names of the parties involved and what will happen should something go wrong.

Your solicitor will examine the contract and the evidence of title to the property to ensure that everything is as it should be. There will be two copies of the contract prepared; one will be signed by the buyer and one by the seller. These will be swapped between each solicitor on exchange of contracts. Both parties to the sale are legally committed to proceed once the contracts have been exchanged. Your solicitor should not allow contracts to be exchanged until everything is ready and in place. At this point you should have taken out buildings insurance for your new property and completion will take place shortly afterwards.

selling a property

If the solicitor is acting on behalf of the vendor they will need to obtain the deeds for the property and prepare the contract to send to the buyers solicitor. They will also send you some forms to complete (such as the fixtures and fittings list, which details what you will be taking and leaving behind at the property on completion of the sale).

The solicitor will issue the contract once they have received the deeds and these forms. As the person who is selling the property, they will send you your part of the contract to sign.

It’s also necessary for the seller to sign a transfer of property form which is prepared by the buyer’s solicitor. An exchange of contracts will take place and a completion date set as soon as both solicitors are ready to exchange.

When the completion date has been agreed your solicitor will obtain a redemption figure from your existing mortgage lender (unless the property is unencumbered/has no mortgage against it) and send you a statement which shows the amount required to pay off this mortgage.

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