|
Conveyancing is the legal process by which the transfer of ownership in land is effected safely between a seller and a buyer. Two systems of conveyancing exist depending upon whether land is “registered” or “unregistered”. Most land is now registered and this explanation focuses upon registered land.
A typical conveyancing transaction divides into three stages:-
| 1. |
The pre contract stage (estimated timescale four to six weeks). In this stage the solicitor to the seller will secure the Deeds and complete a detailed questionnaire concerning the property known as a Property Information form.
The purchaser’s solicitor will undertake pre contract searches, examine the draft contract, property information form and supporting documents to be satisfied that full title will be passed to the buyer on satisfactory terms. Solicitors to each party will ensure that the various transactions in a chain are synchronised and that each party is simultaneously able to sell their existing home and move into their new property.
It is only upon exchange of contracts that the parties are legally bound to proceed. It is at this time that the precise date for completion is fixed, a deposition (usually 10% has to be paid by the buyer) and responsibility for insurance of the property to be purchased moves from the seller to the buyer.
|
| |
|
| 2. |
The pre completion stage (time estimate two to four weeks). In this stage solicitors for the purchaser prepare and agree with those representing the seller the deed of transfer which is the formal document effecting the transfer of legal ownership to the buyer. A number of further searches may need to be undertaken and practical issues are agreed for example agreeing where the keys will be available for hand over on the day of completion (usually at the Estate Agent’s office). On the day of completion monies are released by the buyer to the vendor usually by means of electronic transfers of funds between banks. These fund transfers are regrettably not instantaneous and the vendor will not agree to release the keys until they have confirmation that funds have been received. In a long chain this can sometimes cause delay. |
| |
|
| 3. |
Post completion (time estimate four to six weeks). After completion day the solicitor’s work is not finished! Solicitor to the seller will redeem the seller’s mortgage if they have one and to provide proof of this to the buyer. The buyer’s solicitor must register the buyer’s ownership at the Land Registry, pay the buyer’s Stamp Duty (delay in doing this can cause heavy penalties) and undertake other administrative tasks for example (in the event that the property is mortgaged) sending evidence of title to the lender and in the case of leasehold property ensuring that the landlord is notified that there is a new owner. |
The time estimates given above are a best indication. The timescale of the transaction can be extended if for example the buyer’s mortgage offer is delayed, complications arise in respect of the legal title, or, in the event of a chain transaction, one of the other parties in the chain has a similar difficulty.
We are able to offer specialist advice.
Call 01323 720142 now for a consultation with a specialist Solicitor or a Lawyer at Lawson Lewis & Co.
Please Contact:
Lawson Lewis & Co Solicitors Eastbourne, East Sussex
Lawson Lewis & Co Solicitors are regulated by the Solicitors’ Regulation Authority.
|
