Conveyancing is the legal process of transferring the ownership of property or land from one person to another. This is usually carried out by a solicitor.
This is a breakdown of the conveyancing process:
We have a panel of solicitors that we can recommend including QualitySolicitors Amphlet Lissimore and Smart Legal, because we know they work for you in a fast and efficient manner to get the conveyancing carried out as quickly as possible, so your sale can proceed.
They also provide regular timely updates of the process to keep you fully informed throughout. We know this is reassuring to our buyers and sellers.
It usually takes around six to twelve weeks from the date of your offer being accepted to getting all the queries answered and the paperwork completed, even if there is no chain.
Supply the following information to the solicitors as soon as possible
The final stages of a house purchase are the exchange of contracts and completion.
Exchange of contracts is when copies of signed contracts are exchanged between the buyer’s solicitor and the seller’s solicitor. At this point you will be asked to pay a deposit (between 5-10%).
This Exchange of Contracts is the last stage of the legal process after which you cannot pull out without financial penalty (in England and Wales). If the buyer pulls out they will lose this deposit and may face legal action from the seller.
At the point of exchange the property becomes your responsibility and you will need to have buildings insurance in place.
Exchange and completion can be carried out at the same time, but often there is a delay between exchange and completion of around a couple of weeks, although the date for completion will be set at the point of exchange.
When the property completes your solicitor will ring you to confirm you can collect the keys. They will also send you a completion statement detailing what money has been paid and to who.