The Conveyancing Process
Conveyancing is an essential part of buying a home, but it is a complex process that involves the legal transfer of home ownership. It starts when an offer is accepted and ends once the keys are exchanged.
Whilst it is possible to do yourself if you aren’t taking out a mortgage, it is highly advisable to instruct a specialist solicitor to ensure your purchase is not only legal but that you know exactly what you are buying.
The process of conveyancing is complicated and involves a number of different steps. Our conveyancing solicitors have outlined the basic process for buying a property below so you can understand what is involved.
Step 1 – Instruct a conveyancing solicitor
To begin the conveyancing process, you’ll need to instruct our dedicated property solicitors. We will then ask you to complete some paperwork and provide us with ID.
Step 2 – Mortgage
When your mortgage offer comes in from your lender, we will review and write a mortgage report which includes the mortgage deed. We’ll send you the report and deed for you to sign. You will also need to get a mortgage valuation on the property you are buying and any relevant surveys.
Step 3 – The Contract Pack
We will receive a contract pack from the seller’s solicitor which we will then review and raise pre-contract enquiries. We’ll send you a contract report that will include the contract, transfer and stamp duty forms.
Step 4 – Property Searches
We will then carry out property searches to ensure there are no factors you may not know about or should be aware of, such as plans for new buildings, the boundary of your land and flood risks. We will compile the results into a report to send to you for review.
Step 6 – Exchange of contracts
On a date agreed between you and the seller, we will exchange contracts with the other party’s solicitor on your behalf. Once contracts have been exchanged, you and the seller are in a legally binding contract and you become responsible for the property. You will need buildings insurance on your new home before the exchange. It’s at this point that if you pull out of the sale, you’ll lose your deposit. If the seller pulls out, you can sue.
Step 7 – Completion day
Completion day is the day you receive the keys to your new home! Behind the scenes we will be busy sending applicable stamp duty to HMRC, checking the seller has paid the outstanding mortgage on the property, paying the seller and transferring the title deeds into your name, among a few other tasks.
Why choose Trethowans for conveyancing
Trethowans is the South’s leading law firm and our team of property solicitors are experts in the conveyancing process. We’ll be with you at every step of the way providing the very best legal services and advice to ensure your purchase or sale is as smooth and stress free as possible. You’ll be assigned your own solicitor who will work with you throughout the entire process. They will give you their personal email and direct phone number so you can be sure of prompt and regular contact.
To learn more about the conveyancing process or to speak to one of our solicitors about your property sale or purchase, contact Trethowans today on 0800 2800 421 or complete and submit our online contact form and we’ll be in touch soon.We cover the entire UK property market, but have offices in Bournemouth, Poole, Salisbury, Southampton, Winchester & London for your convenience.