The Stages of the Conveyancing Process
When the sale contract is signed, the sellers’ solicitor obtains a certificate of ownership and a significant amount of information regarding the property. The solicitor then prepares the contract for the sale and forwards it to the buyer’s solicitor. The information includes the property’s title, contents, planning and other relevant matters. The buyers’ solicitor will review the contract and may ask further enquiries.
Once the buyer has found a suitable property, he or she instructs the conveyancer to complete the process. This is important as it avoids unnecessary delays and reduces the risk of being gazumped. When the offer is accepted by the seller, the conveyancer will send a Letter of Engagement to the buyer and the seller’s estate agent. The letter outlines the fees and terms of business and confirms the buyer’s instructions to the conveyancer. The Letter of Engagement must be read carefully, and any questions about the paperwork should be raised with the conveyancer.
After the contracts are exchanged, the new buyer and seller become legally bound to complete the sale. Once this stage is completed, the conveyancer will report to the buyer, providing legal expertise. The report will also include details on the property’s lease if there is one. In some instances, the buyer’s conveyancer may also need more time to complete the process, especially when the property is leasehold. The contract pack is the most important document related to the property and must be signed by both parties before the final settlement. When you need a trusted conveyancer, consider a Solicitor Gloucester at a site like www.deeandgriffin.co.uk
Once the contracts are exchanged, the buyer and seller are legally bound. No party in the chain can pull out without compensation. This is where the conveyancer enters the picture. The conveyancer brings the contracts into effect, following a strict legal formula. Once the contract is exchanged, both parties must complete it on the same day. If the property is leasehold, it may take a little longer for the buyer’s conveyancer to report the lease and the seller’s estate agent to verify the terms of the lease.
After the contract is exchanged, the conveyancer should file the transfer documents with the Land Registry Office. This will usually include the transfer of the title and mortgage to the new owner. This is the time when the contract is finalised. When the transaction is completed, the lawyers will exchange the contracts.