Conveyancing is the legal transfer of property from one owner to
another. The conveyancing process, if properly carried out, ensures
that the purchaser actually owns all the property, land and rights
that have been paid for.
Selling Your House
The legal process involved in selling your house is relatively
straightforward.
The steps taken normally include:
• Obtaining the deeds (from your mortgage lender if you have one);
• Completing a Property Information Form and a list of the
Fixtures, Fittings and Contents;
• Sending out a draft contract package to the buyer's solicitor,
providing them with full details of the property;
• Agreeing a date when the purchase will be completed;
• Exchanging contracts;
• Repaying any mortgage, paying the estate agents, and sending you
the rest of the proceeds (or putting them towards the purchase of
your new home).
Buying a House
The purchasing of a house is more complicated because the
solicitor must ensure that the house you buy does not involve you
in any unforeseen disputes over rights of way, boundaries, fences,
restrictive covenants, road charges or other legal entanglements.
A search is made of the local authority's records to establish
whether there are likely to be any public works affecting the
property, such as motorway schemes, and whether there are any
planning restrictions. The information provided by the local
authority relates only to the house being purchased and not to the
neighbourhood in general.
The seller's solicitor will provide a package of
information about the property which must be checked and any
necessary enquiries raised.
The next steps in a purchase are:
• A surveyor's report on the property. You should be made aware
that a building society's valuation report is not a full
structural survey and may not uncover defects in the house. It is
usually wise therefore to appoint a surveyor to prepare a full
report;
• The receipt of a mortgage offer. If the purchase is being funded
by a mortgage, the lender will write to confirm the amount of the
advance;
• The exchange of contracts. After any agreed deposit (often 10%)
has been paid, the contract papers for the purchase of the house
are exchanged between the solicitors. Once this has happened, the
sale is legally binding. A date for the completion of the purchase
is agreed;
• The receipt of the mortgage funds. The buyer's solicitor will be
sent the monies from the bank or building society;
• Completion. The purchase price is paid over and ownership of the
house transferred to you;
• Post-completion work. It doesn't quite end with completion! Any
stamp duty arising on the purchase must be paid and the title to
the property must be registered at the Land Registry. The deeds
are sent to the mortgage lender.
The process of buying or selling a flat is similar, though there
is a great deal more work involved in checking the lease complies
with the current lenders' requirements and the details of the
maintenance and insurance of the building.
solicitors.co.uk recommends that you email the details of your circumstances, using the email form next to your chosen solicitor, to receive advice on your particular situation.
