Conveyancing is the legal process of transferring ownership of a property or land from one person to another. It starts from around the time the offer you make on a property is accepted, to shortly after you complete on the purchase and move in.
Having examined the draft contract, the solicitor will raise enquiries with them, check the tenure of the property, check the lease (if applicable), and so on.
Searches will be ordered to find out more about the property and its surrounding area. Many of these will be compulsory of you are using a mortgage lender to buy the property, but you could take a view on some of them if you are buying for cash (your solicitor will be able to advise you of any pitfalls of not taking out any of the searches). These could include:
Before signing contracts, your solicitor will have confirmed and clarified items such as:
Exchange of contracts will take place. The solicitor will do this for you, so other than you agreeing a date and time, you do not need to get involved with this. The solicitor will read the contract over the telephone to the vendor's solicitor to ensure they are identical, and then they are posted to each other. Having exchanged contracts, you are legally bound to buy the property.
Between exchange of contracts and completion, your solicitor will lodge an interest in the property which will mean that the deeds to the property are frozen for 30 working days to allow you to pay the seller and lodge your application to the Land Registry to transfer the deeds into your name. The vendor will move out (or on the day of completion), you will prepare your moving arrangements, and your solicitor will send you a statement showing the final figure to pay, which will need to be cleared into your solicitors bank account at least one day before completion (or as instructed)
On completion day when the vendor's solicitor has confirmed receipt of the monies due, you will own the property and can collect the keys from the estate agent and move in.
After completion has taken place, the solicitor will complete some final tasks, including:
NEED TO KNOW MORE? CONTACT CHRIS ELLIS YOUR MORTGAGE ADVISER IN OXFORD.
Oxford Mortgages is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Proprietor: John Christopher Ellis