Step 5 - Conveyancing process
The solicitors of the sellers and buyers now perform a set of legal tasks, known as conveyancing, to transfer ownership of land and property from seller to buyer. During this process it is the responsibility of the buyer's solicitor to investigate and inform the buyer and buyer's mortgage company of the legal aspects of the property.
The seller's solicitor will prepare a draft contract of sale and send this to the buyer's solicitor. The seller will be asked to complete a Property Information Form (which gives important information about the property) and a Fixtures and Fittings Form (outlining what is included in the sale) which is forwarded to the buyer's solicitor. The buyer's solicitor may amend the contract or raise additional enquiries of the seller's solicitor based on the information in the contract or the Title information. The buyer's solicitor may also request any warranties for work undertaken (such as new windows) or evidence of planning consents. The buyer's solicitor will also order from a search provider a range of appropriate searches for things such as planning issues, environmental concerns or flooding.
The buyer's solicitor will draw up a Transfer document to transfer ownership from seller to buyer.
Once the final mortgage offer has been received by the buyer's solicitor, searches have been analysed and any additional queries are resolved, the buyer's solicitor will report to the buyer on any issues.
Once the situation is accepted by the buyer and seller and any required insurances have been purchased, their respective solicitors will fix a completion date and exchange contracts. At this point a non-refundable deposit is paid and the parties have entered a legal contract. Completion occurs when the buyer has paid land registry fees and stamp duty, arranged insurance and the outstanding balance on the property is paid. We are informed when this has happened and at that stage able to release the keys for collection by the buyer. The estate agent is paid by the seller's solicitor from the proceeds of the sale.
