How does the conveyancing process work for buyers?
The conveyancing process starts when a buyer makes an offer on a property that is accepted by the seller. The buyer’s conveyancing solicitor will be instructed of the offer and the buyer will arrange for a survey of the property. If the buyer is purchasing the property with a mortgage, this is the stage when they will formally submit their application.
The buyer’s conveyancer will now instruct the buyer of the terms of business and the fixed fees for their services and if everyone is happy, they will then contact the seller’s conveyancer for the contract pack. After the initial checks, the buyer’s conveyancing will commence the initial searches and obtain a copy of the mortgage offer. The seller’s conveyancer will now be responsible for answering any pre-contact questions raised by the buyer.
If the buyer is happy to proceed then arrangements will be made to transfer the deposit in preparation for the exchange of contracts. The buyer and seller will now agree on a completion date and the contracts are formally exchanged. At this stage, both parties are legally committed to the transaction. The buyer’s conveyancing solicitor will prepare a draft deed to be approved by the seller.
If the seller’s conveyancing solicitor approves the draft transfer deed then a final copy is made, signed by the seller, and returned to the buyer. At this stage, the buyer’s conveyancing solicitor will prepare a completion statement and carry out any required pre-completion searches, and finally applies for the mortgage sum from the buyer’s mortgage provider.
Once completed, the seller vacates the property by the agreed date and the keys are released to the estate agent (if using one). The buyer’s conveyancing solicitor will now send the stamp duty to HMRC and receives all outstanding documents, including the title deeds, transfer deed, and proof that the seller has fulfilled their mortgage requirements.
At this stage, the conveyancing process is almost complete, and all that is left to do is for the buyer’s conveyancer to register the property in the name of the buyer with the Land Registry. The buyer will then receive a copy of this Land Registry title and the keys to their new home.
