Conveyancing is the work a solicitor has to complete in order to legally transfer the deeds of a property into your name. Once you have chosen your solicitor (which we can help with) this is the general process they go through which can take between 1 and 6 months.
1. The solicitor obtains from the bank the original Land Certificate, and establishes what will not be sold with the property: fixtures, fittings, etc. They then obtain from the seller any other paperwork which you have which affects the building itself i.e. any guarantees for structural work, building extensions, planning permissions, and so on.
2. After they have reviewed all of these documents, they are able to prepare a draft contract, which will be sent to the purchaser's solicitor for consideration. With all of these details to hand, they will be able to instruct the various "searches" (Local Authority, Land Registry and so on) to be carried out. The searches are in basically asking the local authorities if there are any past problems with the house known to them or any problems that could affect the house in the future (i.e. a new motorway being built next door!) These could throw up queries, which the solicitor may need to consult with you on. Don't worry about there being queries: it is quite normal. Most of the time, they are merely points which need clarifying.
3. Once all parties are happy with the results of the above searches and queries, the contracts can be signed and a completion date set. Exchange of Contracts will follow, and the sale becomes legally binding. Deposit monies will change hands, all accounts will be finalised, and any loans which you need to repay will have redemption figures calculated.
4. On completion day, the seller’s solicitors will receive the rest of the money from the purchaser's solicitors. In return, the seller’s solicitor will supply the buyer’s solicitor with your Land Certificate. Any outstanding mortgage will be paid off (along with any other loans which are part of the transaction) and the residual balance from the sale proceeds transferred to you.
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