Most of the people find the conveyancing process difficult and complicated. The reality is if you decided to do it yourself, you’ll find yourself stuck with tasks you don’t understand and not able to do it. Hiring a certified solicitor will help you with your purchase throughout the process, making everything smooth and risk-free. The next ten steps will put together conveyancing in 10 steps, in order for you to see how easy it is when hire a solicitor.
Step 1 (Gathering details)
The solicitor you hired will receive confirmation of your accepted offer on the property and a copy of the agent's details from the seller's estate agent.
Step 2 (Requesting the draft contract)
Your solicitor will request the draft contract from the seller's solicitors.
Step 3 (Gathering the documents needed)
Your solicitor receives the draft contract, which is checked, and a copy of the documents that confirm the property is owned by the seller and any restrictions that apply to its ownership. Once the contract is approved, one copy is returned to the seller for signature, with one kept for you to sign. Your solicitor will also usually check details about some issues such as disputes, boundaries, guarantees and a list of fixtures to be included in the sale. Your Solicitor will explain these documents to you and you will be given copies.
Step 4 (Property’s area research)
Your solicitor will prepare a research about the area, where your property is, to make sure that all the information provided by the seller is correct. Once you have received the results of the property survey and are pleased with the information provided, you could sign your copy of the contract and return it to your solicitor. Now you can exchange contracts, keep in mind that you’re not legally obliged to go through the purchase unless you exchange contracts. Usually during exchange the seller will ask you for a deposit (5-10% of the purchase amount) as proof of good faith. Your solicitor will have this money a few days before exchange if you’re paying it by cheque.
Step 5 (Exchanging documents)
Your solicitor and the seller's solicitor agree on exchanging the documents and they fix the date on which the property will be yours. The two copies of the contract are then physically exchanged, together with the deposit cheque to the seller's solicitor.
Step 6 (Property details research)
After exchange your solicitor will carry out more searches to make sure the property details provided are correct and the seller is not bankrupt.
Step 7 (Contacting the mortgagee)
If you are obtaining a mortgage, your solicitor will also communicate your mortgagee. They will prepare the mortgage deed for you to sign and report to the mortgagee requesting the mortgage advance in time for completion.
Step 8 (Calculating the costs and fees)
Your solicitor will calculate the sum needed from you to complete the purchase, including the balance of the purchase monies, fees, stamp duty and Land Registry fees. Do not forget you must provide them with this sum before the completion date.
Step 9 (Completion day)
On the day of completion, your solicitor will send the balance of the purchase price, electronically, to the seller's solicitor’s bank. Once it has been received by them and the purchase has been completed, they should advise the agents to release the property’s keys to you. The deeds to the property are sent to your solicitor.
Step 10 (Payments)
After completion your solicitor will pay any payable stamp duty and register the transfer with the Land Registry.
All you need to do now is find your dream home, decide how you will fund the purchase, instruct our property solicitors and they will do the rest for you. You can rest easy knowing your purchase will be in the hands of specialists with over 30 years’ experience.