The Conveyancing Process Explained
- Pre-exchange of contracts
- Exchange of contracts
Below is a simplified outline of what happens during the whole process. If you have questions about the process please contact us.
1. Pre-exchange of contracts
- The seller agrees to sell to the buyer for a set price.
- The buyer applies for a mortgage on the property.
- Estate agent informs both parties’ solicitors of the sale agreement.
- The seller’s solicitor drafts the contract and sends it to the buyer’s solicitor.
- The buyer’s solicitor examines a number of things on behalf of the buyer such as: examining the title deeds for rights of way, restrictions on use, etc, carrying out local searches, water searches, mining searches
- The buyer’s solicitor may make additional enquiries about the property in response to questions raised during this process.
- The seller’s solicitor will reply to enquiries the buyer’s solicitor may have raised.
- Sellers sign their part of the contract.
2. Exchange of contracts
When both parties are happy with the details of the transaction, the signed contracts are exchanged. The buyer is now legally bound to purchase the property.
A completion date is set whereby the property will be handed over to the buyers.
Final searches are carried out by the buyer’s solicitor.
Funds are transferred to the seller’s solicitor.
Sellers leave the property and hand over keys to the buyer (usually through the estate agent).
Seller’s solicitor redeems their mortgage (if they have one) and the title deeds are sent to the buyer’s solicitor.
Stamp duty is paid if applicable.
The buyer’s solicitor registers the change of title with the Land Registry.