Conveyancing is the process of transferring the legal ownership of a property.
As a rough guide, the key steps are below;
Once the offer is accepted.
The seller is responsible for drawing up a legal contract to transfer ownership. This contract will contain the important details such as;
- sale price
- the property's boundaries
- which fixtures and fittings are included
- any legal restrictions or rights (eg. public footpaths, rights of way)
- any planning restrictions
- sevices to the property (water, gas, drainage)
- date on which the sale will complete
If the seller has engaged a solicitor or conveyancer, they will;
- draft the contract
- answer questions from the buyer's solicitor or conveyancer
- negotiate the details of the contract (if required)
Once both buyer and seller are happy with the contract they will sign a copy each and send them to each other. This is the point at which the agreement to buy/sell becomes legally binding - and neither party can pull out without paying compensation to the other (there are some exceptions to this).
Now that contracts have been exchanged, and any conditions have been met;
- Funds are transferred from buyer to seller.
- The deeds/title are amended at the Land Registry to reflect the new ownership.
- The seller hands over the property in the condition agreed in the contract.
- The buyer takes control of the keys.
- The buyer is now the owner.
Choosing a conveyancer
Choosing the right conveyancer is absolutely critical to your chances of achieving a quick, stress free sale or purchase. Choosing the cheapest possible conveyancer or one recommended to you because of referral fees could be a time consuming and expensive mistake.
We would recommend choosing a local, reputable firm who will give you the best possible chance of a smooth transaction. Please note that Belvoir Newbury does not receive commissions, referral fees or inducements from any conveyancers - but we do have personal experience with both local (fantastic) conveyancers and remote, call centre, cheap (terrible!) conveyancers.
We are very happy to recommend some of our local firms, based on personal experiences:Horsey Lightly residential property services
Gardner Leader residential property