Every individual looking for buying or selling property has to go through complex and time consuming formalities involved in land acquisition process. The legal process to sell or buy any property in the UK is called ‘Conveyancing’. It is nothing but the transfer of legal title from one person to another or from seller to the buyer. It involves a lot of paper work and legal formalities and takes almost 10 to 12 weeks for completion. It happens in various stages with the help of conveyancers or property solicitors. The process happens in different stages like acceptance of the offer, exchange of the contract, surveys, document verification and completion. Following are the two important stages of the process in detail-
1) Exchange of contracts
To reach this stage, the buyer’s solicitor will approach the seller’s solicitor and start the price negotiation process. After reaching an agreed price, both the parties exchange contracts. Here, the seller’s party will send all the supporting documents of the property and the buyer’s solicitors will investigate and find out if the legal title to the property is satisfactory or not. The seller’s solicitor will also send property information form like fixtures and fittings form. In this form a list is provided of all the items which will be left at the property when the buyer will purchase it. Next the mortgage proceedings and insurance application procedures take place. After all the documents are verified, exchange of contracts takes place and both the solicitors will send the signed contracts to proceed with other conveyancing formalities.
2) Completion of the deal
After the successful exchange of the contracts, between both the parties the buyer’s conveyancer will conduct a survey of the property. This survey will verify things like current rates of property in the specific area. It will also find out if there are any issues or claims on the property. This survey will check all the minute details of the property and its current condition. And, if everything is found to be good, the final agreement is signed and the deal is completed. The buyer is asked to pay the deposit amount and the seller will finalize a date of passing on the keys. Until the date arrives the buyer needs to pay the entire amount and the seller needs to vacate the property and handover the keys.
After the successful completion of the deal, other formalities like stamp duty and registration processes of conveyancing are carried out. It recommended choosing regulated and licensed conveyancers for a smooth completion of the deal.
The two most important stages of conveyancing