Outline of a typical conveyancing transaction

A photograph of a couple smiling at eachother as the woman holds some house keys up to show the man

Outline of a typical conveyancing transaction


Access Law have considerable experience in buying and selling houses for clients.  To give you some idea of the process we set out the normal steps on a typical property transaction.

OFFER ON PROPERTY
Offer made on property and accepted

CONTRACTS SENT
Sellers’ conveyancers prepare contract package sending contracts, plan and replies to enquiries

SEARCHES
Buyers’ conveyancers apply for searches once the contract is received (as need the plan, also need to check the buyer is happy to spend the money now, especially if no mortgage yet), normally;
Local
Water
Environmental
The searches can take from two to six weeks, depending on the area

MORTGAGE
A mortgage offer is applied for and the buyer’s finances checked, this can take two to four weeks

SURVEYS
The mortgage company arrange a valuation survey
The buyer arranges a structural survey, if required

TITLE CHECKS AND ENQUIRIES
The buyers’ conveyancers checks the title, searches and replies to enquiries and raises any further enquiries with the sellers conveyancers
If the property is leasehold information is also needed from the freeholder/management company about ground rent and service charges
CONTRACT REPORT
The buyers’ conveyancer reports to the client usually in person about:
The title documents and joint ownership
The replies to enquiries
The searches
The mortgage and the terms of the mortgage, once offer received

LENDER ADVISED OF ISSUES
The Buyers conveyancer reports any issues to the Lender or their Solicitors, such as Gifted deposit paid by a third party or any allowances made.
Once the Lender and the buyers are happy about all the documents and issues arising

EXCHANGE OF CONTRACTS
The deposit is provided, if needed, or the one received from the sale is used.
Contracts are exchanged legally committing everyone to move on a fixed date

COMPLETION (MOVING)
Completion, is the moving date, when the mortgage funds are received plus any balance from the buyer then the completion monies are sent to the Seller’s conveyancer who pays off any existing mortgages.
The keys are released to the buyer, usually. from the estate agents

POST COMPLETION

A Stamp duty land tax return is submitted to HMRC then stamp duty paid, if any, this must be done within four weeks, soon to be two weeks of completion.
The transaction is then registered at the Land Registry. This will include the transfer and any mortgage. Once completed (this can be within days if the title is already registered or at least eight to ten weeks if a first registration) we send you a copy of the new Deeds and send these to the Lender if there is a mortgage.

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Access Law

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