Whether you are buying a home for the first time, or have moved before, it is sensible to have an idea of what is involved, understand how the conveyancing process works, and what a conveyancing solicitor London does. Conveyancing is a process that checks the transaction from seller to buyer is lawful, and that there are no hidden issues with the property.
What does a conveyancing solicitor do?
A seller’s conveyancer will:
- Check the identity of the buyer(s)
- Verify the buyer(s) has the funds for the purchase
- Advise you on any legal issues that may affect the sale
- Obtain official copies of the title deeds
- Provide information about the property to the buyer’s legal adviser
- Prepare the contract of sale
- Formally exchange contracts with the buyer’s conveyancer
- Handle the transfer of monies, pay off an existing mortgage, and pay the estate agent
- Prepares and send the transfer deed to the buyer’s legal adviser, removing your details from the Land Registry for the property
- Finalise the completion statement and pay any monies owed
A buyer’s conveyancing solicitor will:
- Verify your identity
- Advise on and orders searches, analyse the results once they are returned, and report any concerns to you that may arise
- Ensure you have the funds in place, check the mortgage offer and the terms and conditions
- Request and review the legal pack from the seller’s legal adviser
- Examine the survey and raise any concerns, reporting back to you
- Raise queries arising from the Property Information Form and Fixtures and Fittings Form
- Check the seller’s contract
- Agree a completion date with the seller’s conveyancing solicitor
- Formally exchange contracts with the seller’s legal representative
- Prepare the completion statement and send it to you
- Prepare and send the transfer deed to the seller’s conveyancing solicitor
- Arrange for the funds to be transferred from the mortgage provider and transfer same to the seller’s legal representatives
- Pays Stamp Duty Land Tax on your behalf (if agreed by you)
- Register you as the new owner with the Land Registry
Things to watch out for
- The seller is under no obligation to sell the property to the buyer until contracts have been exchanged.
- Any money spent by the buyer, such as survey or legal fees, will not be refunded in the event the deal falls through.
Once your conveyancing solicitor has received all the information relating to the property, including the draft contract, survey, searches, and if the property is leasehold, the leasehold information pack, they will examine them and raise any enquiries with the seller’s solicitor. They do this to ensure the property being bought embodies a genuine purchase.
Essentially, the property needs to be mortgageable, even if you are a cash buyer, and there cannot be any issues with the property that would restrict a future sale. By using a conveyancing solicitor, the entire process is streamlined and you can be confident that you have been properly advised as to any legal issues arising with the property during the process and the legal title has been lawfully transferred from the seller.