This involves all the legal work involved in
buying or selling a property. There are various
stages involved in the conveyancing process and
the main activites briefly comprise of:
Draft contract
The sellers solicitor draws this up from the information
gained from the property deeds. This contract
will also contian information such as items included
in the sale, buyers and sellers names, the date
of transaction and the sum the propert is being
sold for.
The contract has two parts - Particulars of Sale
and Conditions of Sale. The conditions will have
details about the proposed completion date and
any deposit required on exchange of contract.
The particulars describe the property and the
details of the freehold.
Preliminary Enquiry
The solictor acting on behalf of the purchaser
will send the a list of pre-contract enquiries
to the seller's solicitor. Some basic information
will be uncovered at this point with regard to
the boundaries of the property, wether the property
is connected to the apprpriate utilites and what
is included in the sale.
Land charge and registry charges
The purchasers solicitor will scrutines the title
deed of the property and the Land Registry certificate
to make sure that the seller is in a position
so sell the property.
Property Information Form
Sellers solicitor will require information such
as fixtures, fittings, boundaries etc to put into
the draft contract.
Local Searches
This particular search can highlight quite a few
important matters regarding the property and the
immediate area. The search will highlight the
water and drainage systems amongst other infrastructure
and will also establish if any new developments
are plannned for the area. Any planning restrictions
attached to your propery will also be unearthed.
Local searches can take some time, anything from
two to ten weeks, dependant on the local authority.
Personal searches can speed up the process will
cost you slightly more.
Approval of Draft Contract
When both parties are happy with the details of
the contract, it is sent to the purchaser and
seller for signing.
Formal Mortgage Offer
You must have a formal mortgage offer from the
company that is lending you money before the sale
goes ahead.
Arrange completion date
The solicitors will co-oridinate with their respective
clients to arrange a suitable compoletion date
- you will then be in a position to exchange contracts.
Exchange of Contracts
The contract is not legally binding until exchange
has taken place. You will not exchange contracts
unless:
• Yourself and lender have accepted the
survey and valuation report
• The conveyancing work has been satisfactorily
completed
• A formal mortgage offer has been received
from your lender
• Any outstanding issues with the vendor
have been settled
• A completion date has been agreed