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Conveyancing for Buyers Guide

Conveyancing is an important part of any property transaction and as a buyer it is important you understand the processes involved.

Conveyancing for Buyers Guide

1. What is property conveyancing?

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Conveyancing is the legal process of transferring both property and mortgages from one owner to another.

2. Why is conveyancing necessary?

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Conveyancing is required in order to ensure that; the property you are buying is correctly recorded in the name of the new owner, the property has been transferred free of any mortgages and liabilities relating to the previous owner, and the property has all the necessary rights of way and planning consents that you will need.

3. Do I need to instruct a property solicitor?

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Most people conduct the majority of their personal transactions without needing to employ the services of a legal advisor. However, buying property is likely to be one of the most significant transactions you'll ever make and it is vital that you are properly protected from a legal perspective. Although it is theoretically possible to carry out your own conveyancing, instructing a professional conveyancer will ensure peace of mind.

When appointing the services of conveyancing solicitors you should always ensure the solicitors or property lawyers working within it have the relevant experience and are property specialists. Your estate agent may be able to recommend a conveyancer, alternatively, speak to friends or family for recommendations.

Countrywide are the biggest property conveyancers in England and Wales. To discuss your requirements contact Countrywide property solicitors or call 01614 527 458

4. The legal stages for property purchase

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Once you've managed to find a property, agreed a purchase price and appointed conveyancing solicitors, your property lawyer will manage the legalities on your behalf.

Prior to exchange of contract your property solicitor will:

  • Check the seller's Title and raise appropriate questions.
  • Assess replies to any questions raised.
  • Report to you on the main points in the Title and send you the contract to sign.
  • Request your deposit.
  • Help negotiate a completion date with the parties in the chain.
  • Act on behalf of your lender, deal with the formal mortgage offer and all the associated conditions.

As part of the exchange of contracts process, your property solicitor will:

  • Transfer your deposit to the seller's solicitor.
  • Prepare a final completion statement for your approval.
  • Organise the collection and payment of any funds required.
  • Arrange with your lender to send the mortgage advance in time for completion.
  • Prepare the deed of transfer and mortgage deed and arrange for you to sign them.
  • Organise final searches to check for debts and bankruptcy.

Once contracts have been exchanged the purchase is binding and the completion date is fixed.

On or after completion, your property solicitor will:

  • Prepare a final completion statement for your approval.
  • Organise the collection of payment of any funds required.
  • Transfer the balance money to the seller’s lawyer.
  • Receive deeds and arrange for payment of any stamp duty, this is a Government tax charged on the proportion of property price that falls within the particular rate band. To find out the current rates and banding, please visit www.gov.uk and search ‘stamp duty’.
  • Prepare the application to the Land Registry to register your ownership.
  • Send the mortgage deeds to the lender.

5. When do the legal fees become payable for a purchase?

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Usually a final completion statement will be prepared and sent to you for approval once all the figures have been agreed, including the net amount of any mortgage advance. All fees must be paid on or before completion.

You will then be asked to provide the balance required to complete the transaction.

Unless sent electronically, the balance must be received at least 8 working days before the completion date to allow for it to be cleared through the bank.

The Countrywide Conveyancing Division is the largest property conveyancing practice in England and Wales. With extensive opening hours and fixed upfront conveyancing fees, Countrywide can ensure your property transaction progresses smoothly. Contact our conveyancing services team or call 01614 527 458 to find out more.

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