Conveyancing is the formal passing of ownership of a property from one person to another. This property transaction takes three steps:
- First - when the sale is agreed
When you decide to buy/sell a property you should find a solicitor and instruct him. Usually this is done by filling and signing some forms. If you are a seller your solicitor will prepare the contract, answer any enquiries buyers solicitor may have and negotiate the completion date. If you are a buyer your solicitor should carry out Local Authority Search, receive a mortgage offer, ask you to sign the contract and request deposit.
- Second - exchange of contract
The signed contract and the deposit are sent to the seller's solicitor. The buyer should sign the mortgage deeds,prepared by the solicitor who also should carry out some additional searches and prepare final accounts. Meanwhile the seller's solicitor should obtain a settlement figure for mortgage and approve the transfer deed and arrange for the seller to sin it.
- Third - completion
At this stage the buyers solicitor sends balance to the sellers solicitor, pays stamps duty /if any/, register purchase at the Land Registry and sends deeds to the Building Society or Bank (if any). The sellers solicitor should pay off the mortgage and send the balance to the seller or use it towards purchase (if any).
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