To begin the conveyancing process of buying a housethe Solcitor will need to receive your initial instructions. They will then ask you to complete initial paperwork, provide us with your form of identity and request you and send them the funds for any searches you wish to have.
The draft contract will be completed by the seller’s solicitors and then sent to us. The contract will include; official copies (electronic deeds), property forms and duplicates of all relevant documents for that property.
The third step of the conveyancing process are carrying out searches that have been requested by you are carried out and the paperwork we have received from the seller’s solicitor is reviewed. In the event that we have any queries about the property or paperwork we get in contact with the seller’s solicitor and the solicitor may need to refer to the seller. This process can be quite lengthy depending on a number of enquiries we need to raise.
Once we have received replies to all enquiries and the results of the searches, a report can then be created on the property and sent to you along with your mortgage offer. The financial side of the transaction will also be set out by us, which provides you with a completion statement highlighting the total amount due from you.
When you are happy with all the paperwork, the solicitor can then arrange for you to sign and a completion date is then decided amongst all parties involved in the transaction. At this stage in the conveyancing process, you will transfer the deposit, usually 10% of the purchase price, to the solicitor which enables them to be ready to Exchange the contracts.
The transaction and completion date becomes legally binding on the Exchange of Contracts. The deposit will be sent to the seller’s solicitor and a request for your mortgage advance will be paid from your lender. Before completion, the balance of the funds due from you must be with us at least one working day beforehand.
Completion happens on the eagerly awaited ‘moving day’ and when the full purchase price is transferred to the Seller’s solicitor. The keys are left with the estate agent and once the seller’s solicitor has received the funds the keys are released to you!
