Below is an outline of the UK conveyancing process:
STAGE 1 sale agreed
Sellers solicitor
- Asks the seller to fill in enquiry forms
- Checks title and drafts Contact
- Sends Contract to purchasers solicitors with accompanying documentation
- Answers any additional enquiries buyers solicitors may have
- Negotiates the completion date and prepares to exchange
Buyers Solicitor
- Receives contract and supporting documentation raises Additional Enquiries
- Carries out local authority search and other searches as required
- Receives mortgage offer, if any
- Approves Contact and submits contract to buyer with full Property Report for signature and requests deposit
STAGE 2 exchange of contracts
Sellers solicitor
- Formally exchanges Contracts receives the buyers deposit
- Obtains a settlement figure from your lender to redeem the mortgage
- Approves the transfer deed and arranges for client to sign
Buyers solicitor
- To complete exchange sends contract and deposit to sellers solicitor
- Prepares transfer and mortgage deed and sends them to the buyer to sign
- Arranges final searches
- Prepares final accounts and requests monies, if required
STAGE 3 completion
Sellers solicitor
- Receives balance of purchase price
- Pays off the mortgage
- Hands over the deeds
- Sends client the balance or uses this towards a purchase
Buyers solicitor
- Sends balance to sellers solicitor and receives deeds
- Pays stamp duty (if any)
- Registers purchase at Land Registry
- Sends deeds to Bank or Building Society where required
The conveyancing process is complete.