The Conveyancing Process

1. Prior to exchange of contracts

Once the buyer’s offer is accepted, both the buyer and seller will instruct their solicitors to act on their behalf. The estate agents will send to both solicitors a Memorandum of Sale containing all the relevant details such as the buyer and seller’s contact details, the property address, the price and the solicitors contact details.

Either the estate agent or seller solicitors will provide the buyer’s solicitors a copy of the home information pack. Each solicitor will write to each other confirming that they are instructed.  The seller’s solicitors will provide the draft contract, completed fixture and fittings form and any other relevant legal documents relating to the title.

If the property is leasehold, further information such as service/maintenance charge, accounts, ground rent receipts and additional enquiries are required. The seller solicitors will request the answers from the seller direct and the management company. This could lengthen the process.

The buyer’s solicitors will then check through the documents and raise any necessary enquiries. In the meantime, the buyer’s solicitors would check they are in receipt of the mortgage offer and carry out an environmental search. The solicitors also act on behalf of the mortgage lender. Once these documents are received, the buyer’s solicitors will again check these through, requesting further information and clarification if necessary. One of the conditions of the mortgage is to have home and contents insurance.Therefore, the buyer should arrange this, ready to be put in place once contracts are exchanged.

Once the buyer’s solicitors are satisfied with all the documents and mortgage, an appointment will be arranged for the buyer to attend the office to go through everything and sign all the necessary documents. The buyer would also provide a deposit which is usually 10% of the price. This is necessary at exchange of contracts.

The seller’s solicitors would also arrange for their clients to sign the necessary documents.

2. Exchange of contracts

Once both parties are in a position to proceed, they will agree on a completion date i.e. moving day.  After that, the buyer’s solicitors will request the mortgage funds as it is necessary for them to know what day the money needs to be released.

The buyer and seller’s solicitors will exchange contracts. The solicitors’ simply speak on the telephone, confirming the name and address of the buyer and seller’; the property address; the deposit amount; the date and time of exchange and the completion date. Once this is done, the solicitors will send their signed copy contract to each other to complete the exchange together with the deposit.

Once contracts are exchanged, it becomes legally binding. If either the seller or buyer fails to comply with completion, it will be breach of contract resulting to financial consequences.

The buyer solicitors will carry out final searches.

Both the seller and buyer will arrange all the practical matters relating to moving house.

3. Completion - Moving day!

The seller should be advised to drop the keys to the estate agents the evening before or the morning of the day of completion. The buyer will have to await hearing confirmation from the solicitors that they can pick up the keys and move.

The seller’s solicitors will redeem the mortgage and pay the estate agents fee once the funds are received from the buyer’s solicitors.

4. Post Completion

The buyer's solicitors will ensure that stamp duty is paid.

The seller’s solicitors will send all the deeds (if any) and all original documents relating to the property together with the signed Transfer Deed to the buyer’s solicitors. Once the seller’s solicitors received confirmation that the mortgage has been paid off, they will forward a copy of this confirmation to the buyer’s solicitors.

The buyer’s solicitors will then register the property in the buyer’s name at the Land Registry.

The above information is merely a guideline and may be subject to change.  If you would like any help or advice on the conveyancing process or you are contemplating a house move and require the services of a an expert conveyancing solicitor, contact Legal Advice Helpline on 0845 600 6980.