Buying and selling property is a tedious and time-consuming process. Here is a step by step conveyancing guide for new home buyers in the UK. It is a process of legal transfer of ownership titles from the seller to the new buyer.
1) As a buyer you need to need to choose a property and make an offer to the seller. The process requires an expert called conveyancer to handle legal proceedings later. Your conveyancer will send a draft stating your personal information and price quotes to the seller’s conveyancer. If the offer is accepted your conveyancer can conduct a survey to check the property rates and liabilities in the area.
2) Your conveyancer will update you with the property surveys and if things are fine you can move to the next level of exchanging contracts. Here, it is the duty of your property solicitor to set out the terms and conditions of business in writing and prepare an agreement. It is then sent to the seller’s solicitor for acceptance.
3) The seller’s conveyancer will check the contract or agreement and raise any questions; meanwhile you can carry out any necessary searches and get a copy of the mortgage offer if applicable.
4) Your conveyancer will again check the final agreement, pre-contract enquiries, the result of searches and mortgage offer in detail. You should be updated about all the proceedings in the deal at all the stages.
5) If things work out, then the seller and the buyer will sign and exchange the contracts to finalize the deal. At this stage, a deposit amount is usually required to be paid and dates can be agreed for exchange and completion of the transaction.
6) This is a very crucial stage in the conveyancing process. Here, the buyer will get his keys after paying the initial deposit. It is called the completion stage and now officially the property is transferred to the new buyer of the house.
7) The deal transactions are not finished yet. Post agreement or post sale formalities need to be carried out. Your conveyancer will send any stamp duty due to HMRC, get the title deeds, transfer deeds and proof that the seller has paid the outstanding mortgage on the property.
8) Next, the property will be registered by your conveyancer with the Land registry and they will send you the new title deeds in due course of time.
All these are the important steps of a normal conveyancing process. For a successful transaction you need to hire a smart and proactive property conveyancer who can handle all your legal formalities and paper work issues.
Property conveyancing guide for new home buyers