GUIDE TO CONVEYANCING STAGES

Once a sale is agreed and in the hands of your solicitor/licensed conveyancer, the following steps take place. The list is not exhaustive, as sometimes additional work is required, for example, if the property is leasehold or has yet to be registered at Land Registry, and does not always follow this exact order. It is important for the purchaser to discuss the availability for their deposit with their solicitor early in the transaction.

We strongly recommend that, using this checklist, you regularly contact your solicitor in order that they can keep you fully informed of the timescale and progress of the transaction.

SELLER(S) SOLICITORS STEPS

1. Obtain Title Deeds or office copies if title is registered.
2. Seller(s) returns completed Property Information form and Fixtures, Fittings and Content Form to solicitor.
3. Copies of above, plus draft contract sent to buyer(s) solicitors – known as an ‘information pack’.
4. Answer Buyer(s) solicitors additional enquiries e.g. specific questions about fixtures and fittings and obtain copies of any planning consents.
5. Agree contract and arrange for seller(s) to sign in readiness of exchange.
6. All parties agree completion dates and contracts are exchanged.

BETWEEN EXCHANGE AND COMPLETION

7. Obtain redemption figures from mortgage lender and reply to requisitions on title.
8. Approve transfer and arrange for seller(s) and buyer(s) to sign.
9. Receive Agents fee account and seek seller(s) consent to settle out of completion funds.

UPON COMPLETION

10. Receive completion funds and only then instruct to release keys to buyers. Redeem mortgage. Forward Financial Statement. Forward any surplus funds unless being used to fund onward purchase. Ensure all outstanding bills are paid.
11. Forward transfer documents and deeds to buyer(s) solicitors.
12. Forward evidence of discharge of mortgage to buyer(s) solicitors.

BUYER(S) SOLICITORS STEPS

1. Receive ‘Information Pack’ from seller’s solicitors and raise any additional enquiries.
2. Initiate Local Authority Search plus any specialist ones
e.g. a coal search.
3. Approve contract when all enquiries are satisfactory and complete.
4. Receive mortgage offer and instructions from lender and deal with any conditions. Ensure life cover and buildings insurance arranged.
5. Request deposit, report to buyer and arrange for contract to be signed. Place buildings insurance and life cover in force.
6. All parties agree completion dates and contracts are exchanged.

BETWEEN EXCHANGE AND COMPLETION

7. Raise requisitions on title and prepare draft transfer deed.
8. Report on title to mortgage lender and obtain funds for completion, including stamp duty.
9. Prepare accounts, obtain signature to mortgage deed and undertake final land registry and land charges searches.

UPON COMPLETION

10. Forward to seller(s) solicitors balance of funds. Only then can they authorise release of the keys. Receive, from the seller(s) solicitors, the transfer documents deeds.
11. Stamp Transfer Deed, register buyer(s) ownership with Land Registry and forward Deeds to lender (where appropriate).

FOR A GLOSSARY OF TERMS IN EASY ENGLISH CLICK HERE

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