Conveyancing process by Nationwide Solicitors
We at Nationwide So;icitors have in-depth experience and years of knowledge in property law. We keep up-to-date with all the changes in the law and can advise you on the best route to take to get the desired result swiftly and smoothly in a cost-effective manner.
The conveyancing process in England and Wales is made up of three main stages.
First Stage – The Searches and Contracts
What does Seller's Solicitor do when acting on behalf of the Seller?
- They will ask you for information to obtain your title deeds and get you to fill out a detailed “property information” form containing lots of questions and than organise a Home Information Pack (HIPs).
- The Solicitor will then send out the Home Information Pack plus a draft a contract for sale to the buyer’s solicitor
- They will request a settlement figure for your mortgage and any other secured loans.
- The sellers solicitor will then handle all questions the buyer’s solicitor may have and then the will negotiate a date for moving (‘completion’).
What does the Buyer’s solicitor do?
- Firstly they will ask for a deposit to cover payment for expenses e.g. Local authority searches,environmental searche (if no HIPs provided) Land Registry searches, Bankruptcy searches etc.
- They will then await the contract, title deeds and other papers from the seller’s solicitors.
- They will organise searches on your behalf, if required. These searches are typically provided in the HIPs but will not include a survey or valuation of the property which is normally carried out by a Surveyor. Your lender or mortgage broker will normally organise the survey on your behalf.
- Receives mortgage offer and deals with all the conditions on your behalf.
- Receives search results and deals with any problems revealed.
- The buyer’s solicitor will receive and deal with replies to questions raised about the sale.
- Once all questions have been answered then the solicitor will report to you with the contract for signing.
- When the contract is signed the buyer’s solicitor will request the deposit for the property from you.
Second Stage – Exchange of contracts
- The sellers solicitor will confirm the completion date
- They will receive the deposit as a down payment.
- If not already done then they may request a settlement figure from the mortgage lender.
- They will organise final accounts and prepare a final settlement for your approval. Any money outstanding or balance of funds will be collected.
- The seller’s solicitor will then approve the transfer deed and arrange for you to sign it.
- Sends the deposit to the seller’s conveyancers.
- Prepares a final completion statement for your approval. Collects any balance of funds required.
- The buyer’s solicitor then prepares transfer deeds and mortgage deed and arranges for you to sign them. These are then sent to the sellers solicitor
- Organises final land registry searches to check for debts and bankruptcy
Final Stage – Completion
What is the process of completion?
- Buyer’s solicitor sends the balance of purchase price to the seller’s solicitor
- Sellers solicitor receives and confirms receipt of balance of purchase price
- The seller’s solicitor then pays off the mortgages remaining balance
- The seller’s solicitor sends deeds to buyer’s solicitor
- Buyer’s solicitor pays any stamp duty to Inland revenue
- Buyer’s solicitor registers the transfer of deeds with the land registry
- Pays off the mortgage and notifies HM Land Registry.
- Hands over the deeds and sends balance of money to you.
- Receives and arranges for payment of any stamp duty to the Inland Revenue.
- Prepares and sends off application to HM Land Registry to register your ownership.
- If the property is mortgaged, sends deeds to the lender.
- The buyer’s solicitor sends the buyer the title deeds to the property
- The seller’s solicitor sends the balance of money from the sale to the seller.
CONGRATULATIONS THE TRANSACTION IS NOW COMPLETE
We at Nationwide Solicitors are proud of our excellent reputation of completing purchase or sale transactions swiftly and smoothly as possible. Rest assured we will guide you step by step throughout the whole process, making it pleasurable and painless as possible.
If you would like to obtain legal advice on the conveyancing process then please contact our specialist property / conveyancing solicitor. So, if you have any questions or would like our help in finding a local property please call us on 020 8983 8944 or by email on firstname.lastname@example.org.
YOUR SATISFACTION IS OUR SUCCESS