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Conveyancing for Buyers
Conveyancing is the process of legally transferring ownership of a property from the seller to the buyer. Conveyancing also includes the various searches and checks and any final tasks following the sale.
There are five main stages of conveyancing for a buyer:
- Pre-contractual stage
- Exchange of contracts
- Between exchange and completion
- Completion
- After completion
Once you have made an offer to buy a property, legal documents need to be prepared to transfer ownership from the seller to you. The seller draws up a contract for your agreement – you can negotiate its terms if necessary. If you have instructed a solicitor or licensed conveyancer, they will carry out this work and advise you on the contents of the contract.
The contract contains details including:
- what the boundaries of the property are
- what fixtures and fittings, like carpets and kitchen units, are included in the sale
- how much the property is being sold for
- any legal restrictions or rights on the property, like any public footpaths or rules about use of the property
- any planning restrictions in place
- a description of the services to the property, eg drainage and gas
- the date for completing the purchase (called ‘completion’)
Other tasks to be done at this stage are:
Researching the property
Before you sign and exchange the contract, both you and your solicitor or conveyancer should find out as much as possible about the property.
The seller does not have to voluntarily tell you about problems there might be with the property or neighbourhood. The seller should, however, reply truthfully to enquiries. Your solicitor or licensed conveyancer will do a number of searches and checks including:
- checking the ‘title’ – the legal document that proves the seller’s ownership
- asking the local authority about any planned works like roadworks or new developments that might affect the property
- enquiries to the seller’s solicitor or licensed conveyancer about the details of the contract
Your solicitor or conveyancer may need to carry out additional searches depending on the type of property involved. For example, if your property is in an area where there have been mines, your solicitor or licensed conveyancer will need to do a mining check on the land.
Getting home insurance for the property
You will also need to consider insurance cover for the property – you will usually be responsible for insuring the property as soon as contracts are exchanged.
Getting a property survey
You should also get a property survey before the exchange of contracts, to uncover any problems with the building like dry rot.
Getting your mortgage in place
If you are using a mortgage to buy your property, you will need a need a formal mortgage offer from your lender before you sign the contract. The lender will send documents for you or your solicitor or conveyancer to sign.
2. Exchange of contracts
When the buyer and seller are happy with its contents, they sign final copies of the contract and send them to each other. This is called the exchange of contracts. Once contracts are exchanged, the agreement to sell and buy is legally binding and usually neither party can pull out without paying compensation. Buyers will usually pay the seller a deposit (usually 10 per cent of the purchase price of the property) at the exchange of contracts stage.
3. Between exchange and completion
In many cases, there are a few further checks to be done at this stage.
After the exchange of contracts (if not dealt with already) your solicitor or conveyancer will:
- prepare the legal documents to transfer ownership
- check mortgage documents
- make sure that they have all the necessary funds – which may include payment of their own fees
- arrange for the transfer of funds to the seller
- do final Land Registry checks
- check all agreed tasks set out in the contract have been done, like agreed repairs
- check that fixtures and fittings have been left as agreed
4. Completion
Once all matters between exchange and completion have been dealt with, the money for the property is transferred from buyer to seller. The sale is now completed and the keys are handed over. The property now belongs to the buyer.
At this stage, you will:
- receive the keys to the property on the agreed date
- pay the seller the remainder of the cost of the property through your solicitor or licensed conveyancer
- receive the legal documents that prove ownership of the property
- pay your solicitor’s or licensed conveyancer’s fees, if not already done
5. After completion
At this stage you will need to:
- register the change of ownership of the property with Land Registry
- pay Stamp Duty Land Tax (Stamp Duty)
- tell your insurers that completion has taken place
Your solicitor or licensed conveyancer can advise you on how to pay the Land Registry fees and Stamp Duty.
Buying a house doesn’t have to be a daunting process. By coordinating the handling of your affairs with a solicitor trained in the area of conveyancing, you can ensure that all goes smoothly, allowing you to obtain the home of your dreams.
At Brendan Fleming Solicitors, we pride ourselves in our expertise in this area. Based in Birmingham, our practice extends over the entire Midlands area: Wolverhampton, Coventry; even so far afield as Derby and Nottingham.
Go to our conveyancing page now to find out more and get an online conveyancing quote in seconds.
Our conveyancing team is lead by Brian McGeown, an Associate Legal Executive having more than 35 years experience. An expert in his field, he is considered friendly, approachable and very knowledgeable.
His good advice extends to ensuring clients are fully aware of all the costs and expenses throughout their dealings with Brendan Fleming Solicitors. He has, through his hard work and expertise, earned himself some not-inconsiderable repute in the Midlands’ property world and is proud that, in over three decades of working in the legal profession, he has never had a single negligence claim against him.
Brian's swelling ranks of satisfied clients is a tribute to his professionalism and his conveyancing expertise.
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