Your Property Key Solicitor/Conveyancing Page

A Guide to Conveyancing

Conveyancing can be undertaken by either a Solicitor or a Licensed Conveyancer. They will work on your behalf to complete the legal requirements. Conveyancing is the legal term used for the transfer of ownership of property from one person to another.

When Selling a Property

When the sale of a property is agreed you must put it in writing. This is called a memorandum of sale. At this stage the offer is not binding on either the seller or the buyer nor is either party bound to proceed with the sale so long as the words 'Subject to Contract' have been used. You should then pass this to your appointed Solicitor or Licensed Conveyancer.

Your Solicitor will then ask you the whereabouts of the title deeds to the property. The title deeds are required to enable a contract to be drawn up. This sets out the terms of the sale including the price and the relevant parties involved.

Your Solicitor will also obtain Land Registry copies and ask you to complete a property information form and a fixtures, fittings and contents form. Once you return this information a draft contract will be prepared and sent to the buyer's Solicitor for him to carry out various searches. He may raise some additional enquiries which your Solicitor will answer or they may refer to you for further information. At this stage your Solicitor will ask you to sign the contract, they are merely getting it signed in readiness for an exchange of contracts. You will not be committing yourself to the sale at this stage.

Once the buyer's Solicitor has completed his searches and is satisfied, both parties can agree a completion date and proceed to exchange contracts. At this point the sale becomes legally binding. The buyer's Solicitor should also send a deposit.

After exchange of contracts your Solicitor will approve the transfer deed this must be signed prior to completion. This is the document that formerly passes ownership of the property from the seller to the buyer. Your Solicitor will then request a final settlement figure from the lenders if appropriate and send a completion statement to you telling you what monies will be payable to you.

On completion day your Solicitor will advise you once the balance of the sale price has been received and/or the mortgage has been redeemed. Your keys will then be transferred to the buyers Solicitors.

When Buying a Property

When the purchase of a property is agreed you must put it in writing. This is called a memorandum of sale. You should then pass this to your Solicitor. At this stage the offer is not binding on either the buyer or the seller nor is either party bound to proceed with the sale so long as the words 'Subject to Contract' have been used. You should then pass this to your appointed Solicitor or Licensed Conveyancer.

After your Solicitor has received details of your purchase they will contact the sellers Solicitor and request the contract and supporting documents. This will include copies of the title deeds which they will examine in detail and they will submit your local search application to the Local Authority. If there are any legal or general enquiries they will also be raised at this point. At this stage you should ensure your mortgage application is submitted, if appropriate. Once all the searches are complete including your mortgage offer they will then prepare a property report for you to view.

You will then be asked to sign the contract and the mortgage deed, if appropriate. You will not be legally bound by the contract at this stage.

Once your Solicitor has obtained your final instructions and all parties have agreed a completion date, then contracts will be exchanged and a deposit will be paid to the seller (this is held by the Solicitor), usually between five and ten per cent of the purchase price. You are now legally bound by the contract.

Your Solicitor will now carry out final searches to ensure that the property is still the seller's to sell. They will also request the mortgage funds from your lender and prepare the Transfer Deed, which will put the property into your name and arrange for signature of this and the Mortgage Deed if appropriate.

On the completion date your Solicitor will send the purchase monies to the sellers Solicitor and receive in return the Title Deeds from the seller's Solicitor and then advise you of completion and release the keys.

Following the completion your Solicitor will pay the Stamp Duty out of the proceeds and submit the relevant application for registration to
H M Land Registry.

Registration is then confirmed to you and any Lender.

The first time buyer’s £250,000 threshold applies from 25 March 2010 up to 24 March 2012 inclusive.

Stamp Duty
Residential Property Purchase Price	Rate of Stamp Duty Land Tax	Rate of Stamp Duty Land Tax For First-Time Buyers
Up to £125,000	0%	0%
£125,000 - £250,000	1%	0%
£250,001 - £500,000	3%	3%
£500,000 or more	4%	4%

Please be aware that Scotland and Northern Ireland Property Laws may slightly vary from those of England and Wales. Always seek legal advice from a Solicitor or Licensed Conveyancer who is qualified in legal matters.

The information is intended to be a general guide on Conveyancing. It is not to be relied upon nor as an alternative to taking professional advice.

Find a Solicitor or Conveyancer in your local area by visiting www.lawsociety.org.uk

or choose an Online Conveyancer

www.onlineconveyancing.co.uk - Online Conveyancing - Solicitors and Licenced Conveyancers throughout the UK.

If You Have An Enquiry
Contact Us Now
By Telephone or E-Mail

0845 226 5977