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Step 3 - The house selling process

The selling process

There are 3 key stages to the conveyancing process in England and Wales

Stage 1 of the conveyancing process

What does the Seller’s conveyancer do?
  1. They will ask you for your title deeds and get you to fill out a detailed “property information” form containing lots of questions.
  2. The conveyancer will then send out the property information pack plus a draft a contract for sale to the buyer’s solicitor
  3. They will request a settlement figure for your mortgage and any other secured loans.
  4. The sellers conveyancer 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 conveyancer do?

  1. Firstly they will ask for a deposit to cover payment for what they call expenses e.g. Local authority searches, environmental searches
  2. They will then await the contract, title deeds and other papers from the seller’s solicitors.
  3. They will organise searches at the local authority on your behalf. These searches are typically for the land, drainage any new plans for new development adjacent to the property etc. Please note that this will probably not included details of new developments in the surrounding area. Normally you would get a Surveyor or pay the solicitor more for this information.
  4. Receives mortgage offer and deals with all the conditions on your behalf.
  5. Receives search results and deals with any problems revealed.
  6. The buyer’s solicitor will receive and deal with replies to questions raised about the sale.
  7. Once all questions have been answered then the solicitor will report to you with the contract for signing.
  8. When the contract is signed the buyer’s solicitor will request the deposit for the property.

Step 2 of the conveyancing process

What does Exchange of contracts mean and what is the process?

Seller’s conveyancer

  1. The sellers solicitor will confirm the completion date
  2. They will receive the deposit as a down payment.
  3. If not already done then they may request a settlement figure from the mortgage lender.
  4. They will organise final accounts and prepare a final settlement for your approval. Any money outstanding or balance of funds will be collected.
  5. The seller’s solicitor will then approve the transfer deed and arrange for you to sign it.

Buyer’s conveyancer

  1. Sends the deposit to the seller’s conveyancers.
  2. Prepares a final completion statement for your approval. Collects any balance of funds required.
  3. The buyer’s solicitor then prepares transfer deeds and mortgage deed and arranges for you to sign them. These are send to the sellers solicitor
  4. Organises final searches to check for debts and bankruptcy

Step 3 of the conceyancing process COMPLETION

What is the process of completion?

  1. Buyer’s solicitor sends the balance of purchase price to the seller’s solicitor
  2. Sellers solicitor receives and confirms receipt of balance of purchase price
  3. The seller’s solicitor then pays off the mortgages remaining balance
  4. The seller’s solicitor sends deeds to buyer’s solicitor
  5. Buyer’s solicitor pays any stamp duty to Inland revenue.
  6. Buyer solicitor registers the transfer of deeds with the land registry (www.landregistry.gov.uk)

Seller’s conveyancer
  1. Pays off the mortgage and notifies HM Land Registry.
  2. Hands over the deeds and sends balance of money to you.
    Buyer’s conveyancer
  3. Receives and arranges for payment of any stamp duty to the Inland Revenue.
  4. Prepares and sends off application to HM Land Registry to register your ownership.
  5. If property is mortgaged, sends deeds to the lender.

FINALLY

And

THE TRANSACTION IS NOW COMPLETE. Go and get the keys!

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