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  3. The Conveyancing Process

The Conveyancing Process

There are three main stages involved in any conveyancing transaction and we have set out below a summary of what the Solicitor does at each stage.

First Stage: Sale Agreed

Seller’s Solicitor

  • Applies for Title Deeds and requests from the Seller completed Property Information Forms
  • prepares a Contract and sends this out with a Legal Information Pack
  • answers any additional enquiries which the Buyer’s Solicitor may have
  • arranges for the Seller to sign the Contract
  • negotiates the moving (completion) date

Buyer’s Solicitor

  • Asks the Buyer for money on account of expenses (disbursements – please refer to the Guidance Notes for a list of the most common disbursements)
  • receives a Contract and other papers from Seller’s Solicitor and makes additional enquiries, where necessary
  • carries out a Local Authority Search and any other searches required
  • receives the Mortgage Offer from your Lender
  • reports to you with the Contract for signature and requests your deposit (or uses the deposit from a related sale – if applicable)

Second Stage: Preparing for Completion

Seller’s Solicitor

  • Receives the Buyer’s deposit
  • obtains a settlement figure for the current mortgage from the mortgage Lender
  • obtains the estate agents’ commission account
  • prepares a Financial Completion Statement
  • approves the Transfer Deed and arranges for the seller to sign it
  • replies to Requisitions on Title raised by the Buyer’s solicitors
  • obtains the seller’s signature to any other documentation required

Buyer’s Solicitor

  • Sends the Contract and the deposit to the Seller’s Solicitor
  • prepares the Transfer, Mortgage Deed and Stamp Duty Land Tax form and arranges for them to be signed by the Buyer
  • arranges the final Land Registry and Bankruptcy searches
  • submits the Report on Title to the mortgage lender with a request for the mortgage advance in time for completion
  • prepares final accounts and requests the balance required to complete the transaction

Third Stage: Completion

Seller’s Solicitor

  • Receives the completion monies from the Buyer’s solicitors
  • redeems the existing mortgage (if any)
  • pays the estate agents their commission
  • hands over the completed Transfer Deed and other deeds and documents to the Buyer’s solicitors
  • releases the keys of the property via the estate agents
  • accounts to the seller with the net sale proceeds of sale

Buyer’s Solicitor

  • Sends the balance to the Seller’s Solicitor
  • receives the completed Transfer and any other deeds from the Seller’s solicitors
  • pays the Stamp Duty (if applicable) to HM Revenue & Customs
  • registers the changes in Title at HM Land Registry
  • sends the Deeds to the Lender (if applicable) or the Buyer (if no mortgage)