A guide to conveyancing
Our quick guide sets out the legal process surrounding buying or selling a house or flat.
After obtaining your title deeds, or getting copies of your registered title from the Land Registry, we will put together a package of information for your buyer’s Solicitor including a contract, copies of parts of your deeds, property information form, contents form and any guarantees, permissions or similar documents.
If your property is leasehold (usually a flat), other documents will be needed to cover such things as insurance, service charges, ground rent and shared facilities. These are generally obtained from the lessor or managing agents and supply of these can incur a charge.
We will check through the contract and supporting documents provided by your seller’s solicitors and report any relevant information to you before proceeding with online searches. Your own structural survey will help you determine the physical condition of the property and depending on the outcome of the survey we may need to help you renegotiate on price.
The buyer and seller are still free to pull out at this stage.
Once contracts have been signed, arrangements will be made to exchange them, a process that legally binds the buyer and seller simultaneously. The completion date can then be fixed, which will be your moving day.
Preparing for Completion
The financial aspects of the sale will be finalised ahead of completion and the money for the purchase and any associated expenses will need to be made available. Removals and changeover of gas, electricity and telephone supplies will need to be organised.
The seller must give vacant possession, leaving the property empty before or on the day of purchase. Keys to the property can be handed over in person on the moving day or left with the estate agent. We will arrange for money to be transferred and fees to be paid.
When you are buying and selling at the same time the money from the sale will need to be received from your buyer’s solicitor before the purchase can be completed with your seller’s solicitor. This can hold up the release of keys but we do everything we can to minimise delays.
After completion, stamp duty land tax will be paid and registration of ownership and other formalities will be dealt with.
Find out more, call 01423 542775 to speak to anyone in the Residential Property team or email Property@berwin.co.uk