Conveyancing Process Buying a Property
Conveyancing Process for buying a property consists of the legal and administrative steps required to be carried out in order to transfer the legal ownership of a property from the current owner or seller to a new owner or buyer.
The Conveyancing Process for buying a property in the UK is usually dealt with by Conveyancing Solicitors or Licensed Conveyancers acting on behalf of private individuals, businesses or companies.
The Conveyancing Process - The Main Stages
The conveyancing process for buying a property consists of a number of stages, each of which requiring administering by your conveyancing solicitors or conveyancers in order to complete the property purchase. The main stages of the conveyancing process for buying a property include:
- Initial Stage
- Title Check and Preliminary Enquiry Stage
- Exchange of Contracts
- Purchase Completion
- Post Completion
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Conveyancing Process for Buying a Property - Initial Stage
The conveyancing process for the initial stage of a purchase conveyancing transaction includes:
- Receiving and confirming formal instructions, collection of conveyancing transaction information for the purchase and carry out identity checks
- Obtaining and reporting on Home Information Pack
- Confirmation of Instructions with the sellers conveyancing solicitors and estate agents
- Receiving Survey/Mortgage Valuation Report
- Receiving Contract and supporting documents
- Receiving Formal Offer of Mortgage and Conveyancing Instructions from mortgage lender
- Ascertaining where any additional conveyancing searches are required putting these in hand where applicable
The next stage of the conveyancing process for buying a property is the title check and preliminary enquiry stage and includes:
- Negotiation and agreeing formal Contract with sellers conveyancing solicitors
- Formal checking of title including search results and raising of Preliminary Enquiries before Contract with sellers conveyancing solicitors
- Reporting on title and Contract to client
- Preparation of any additional documents including Stamp Duty Land Tax return where applicable
- Raising any issues with Survey result or Mortgage Valuation Report with sellers conveyancing solicitors
- Ensuring property title and conveyancing purchase transaction compliant with formal Mortgage Offer Instructions and Council for Mortgage Lenders Handbook
- Preparing formal Mortgage Deed and report and obtaining correct execution thereof
- Preparing financial statements for house buyer and obtaining deposit monies
The Exchange of Contracts Stage in the conveyancing process for the purchase of a property consists of:
- Resolution of any title issues including agreeing financial allowances, legal indemnity policy requirements, clarifying any final enquiries
- Ensuring all required legal documents for the purchase property are correctly signed and executed (where required)
- Obtaining formal instructions for completion of the property purchase
- Initiating and carrying out formal Exchange of Contracts making the contract legally binding on both house buyer and property seller
- Drafting, negotiation and agreeing of formal form of Transfer with sellers solicitors
- Raising of final requisitions on title and receiving and ensuring satisfactory replies
- Forwarding of deposit monies to sellers conveyancing solicitors
- Submission of formal Certificate of Title to mortgage lender for release of mortgage monies
- Carry out final checks and pre-completion searches
The Purchase Completion stage of the conveyancing process when buying a property includes:
- Sending of final balance to complete to sellers conveyancing solicitors
- Obtaining release of keys to the property to the home buyer
- Confirmation of completion with the sellers conveyancing solicitors and requesting of documents required
- Submission of Stamp Duty Land Tax return to Inland Revenue and making payment for any duty due (where required)
The Post Completion stage of the conveyancing process for purchasing a property includes:
- Formal receipt and acknowledgement of executed Transfer Deed from sellers conveyancing solicitors
- Formal receipt and acknowledgement of discharge of sellers mortgage (where applicable)
- Receipt of Stamp Duty Land Tax payment Certificate
- Preparation and submission of formal application for registration of the property to Land Registry
- Confirmation of registration to mortgage lender and home buyer
- Final file check and closure
A purchase conveyancing file must be stored for a minimum period of years in accordance with our professional rules following conclusion of the conveyancing process for buying a property.
The Conveyancing Process further information
The Conveyancing Process and emphasis for a conveyancing solicitor or conveyancers depends very much on the matter type. For other matter type Conveyancing Process information choose from the following:
- The Conveyancing Process - General Information in relation to the Conveyancing Process
- The Sale Conveyancing Process
- The Sale and Purchase Conveyancing Process
- The Remortgage Conveyancing Process
- The Transfer of Equity Conveyancing Process
Conveyancing Process for Buying a Property - further links and information
Further information of the purchase conveyancing process can be found in:
- Conveyancing Quotes - Buying a Property
- Legal Fees explained - Property Purchase
- Conveyancing Costs and Disbursements - Buying a Property
- Conveyancing Guide - Property Purchase
- Conveyancing Solicitors - Legal Conveyancing for Buying a Property
- Conveyancing Services - Purchasing a Property
- Conveyancing Explained - Buying a Property