Guide To Conveyancing: Part Two
Step-by-Step Guide to the Conveyancing Process
In this second instalment of our Guide to Conveyancing, we delve deeper into the process, covering each crucial step from the pre-contract stage to post-completion. Whether you’re a first-time buyer or a seasoned property investor, understanding these stages will help you navigate the conveyancing journey with confidence. Let Nantes Solicitors be your trusted partner in making this complex legal process as smooth as possible.
Pre-Contract stage
- Both buyer and seller instruct their own solicitors/licensed conveyancers.
- The buyer will then secure a formal mortgage offer from the lender of their choice (if applicable).
- The seller’s solicitor will prepare the draft contract and send it to the buyer’s solicitor. This will include details about the property, terms of sale and any special conditions.
- The buyer’s solicitor will conduct the various property searches, review the contract and supporting documentation and then raise enquiries based this information to the seller’s solicitor.
- Both parties’ representatives will review the final contract and negotiate any terms or conditions that need clarification or amendment.
Exchange of Contracts
- Once both parties are satisfied with the terms and all enquiries have been answered, the final contract.
- Both the buyer and seller will sign identical copies of the final contract in readiness for exchange.
- The buyer will transfer the deposit to their solicitor, who will hold it until exchange.
- On exchange the signed contracts are exchanged between solicitors. At this point the sale becomes legally binding, and a completion date is set and the deposit is handed over to the sellers solicitor
Between Exchange and Completion
- The buyer’s solicitor will prepare a completion statement detailing all financial aspects of the purchase, including purchase price, deposit, legal fees and stamp duty to send to the buyer.
- The buyer’s solicitor will conduct their final searches on the property to ensure there are no last-minute issues with the property, or the seller’s ability to transfer it.
- The buyer’s solicitor will prepare the transfer deed, which is signed by the seller and buyer where appropriate and then the buyer’s solicitor lodges it with HM Land Registry after completion.
Between Exchange and Completion
- The buyer’s solicitor will prepare a completion statement detailing all financial aspects of the purchase, including purchase price, deposit, legal fees and stamp duty to send to the buyer.
- The buyer’s solicitor will conduct their final searches on the property to ensure there are no last-minute issues with the property, or the seller’s ability to transfer it.
- The buyer’s solicitor will prepare the transfer deed, which is signed by the seller and buyer where appropriate and then the buyer’s solicitor lodges it with HM Land Registry after completion.
Completion Day
- The Buyer’s conveyancer will now register the transfer of ownership with HM Land Registry and receive the new title deeds.
- The Buyer’s conveyancer will then submit the Stamp Duty Land Tax (SDLT) return and pay any SDLT due on behalf of the buyer in accordance with the timescales as set out HMRC. HMRC will provide the solicitor with a stamp duty certificate which will need to be sent to the land registry with the solicitors application for the clients application of registration of the new property.
Post-Completion
- The Buyer’s conveyancer will now register the transfer of ownership with HM Land Registry and receive the new title deeds.
- The Buyer’s conveyancer will then submit the Stamp Duty Land Tax (SDLT) return and pay any SDLT due on behalf of the buyer in accordance with the timescales as set out HMRC. HMRC will provide the solicitor with a stamp duty certificate which will need to be sent to the land registry with the solicitors application for the clients application of registration of the new property.
Why choose Nantes Solicitors for your conveyancing matters?
Choosing the right firm for your conveyancing matters is crucial for a smooth and stress-free property transaction. Here are a few reasons why you should choose Nantes Solicitors for your conveyancing needs:
- Expertise and Experience – Our team consists of experienced who specialize in property law. We have a proven track record of successfully handling a wide range of conveyancing transactions, from residential sales and purchases, to more complex commercial property deals.
- Personalized Service – at Nantes Solicitors we prioritize the needs of our clients. Our conveyancers are dedicated to providing clients with clear, honest and practical advice through the conveyancing process. We maintain transparent and regular communication to keep you informed at every stage and address any queries you may have.
- No Exchange, No Fee – Nantes Solicitors offer a no exchange no fee service. This means that you will not be charged for any legal fees if the property transaction does not reach the exchange of contract stage. This service reduces the financial risk for our clients and encourages thorough due diligence.
You can book and appointment at our offices in Bridport, Dorchester, Portland, or Weymouth, or give us a call on 01305 771000 to discuss your conveyancing needs.
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