When you buy or sell a property the legal ownership - sometimes called the title - must transfer from the seller to the buyer. This legal process is known as Conveyancing.
1. You Instruct a Solicitor when you have decided to sell your property or when you have made an offer on a property.
At which point draft contracts are required
The seller solicitor draws up a contract, which details the price, the property boundaries, planning restrictions and fixtures and fittings that you have negotiated for with the offer, The contract will also detail a target completion date for the transaction. This paperwork is detailing what you expect to own if you purchase the property. Your appointed solicitor conducts searches / checks on your behalf so that when you pay money across you are getting the property transaction you expect.
2. If you are buying a property then it is normal procedure to get a Property Survey
This tells you the state of the building and uncovers issues that ideally need to be managed by the seller before you take ownership of the property. It is best to ask your Mortgage Adviser and your Surveyor on which survey you should choose. The age of the property sometimes dictates the best option for you.
3. A Valuation will be required if you are borrowing from a lender
A valuation is often required by the lender as they need to establish if the property is worth what you are willing to pay. A valuation serves this purpose and the survey adds further comfort for you to make an informed decision.
4. Exchange of contracts
When the buyer and seller are happy with the terms they sign and exchange contracts. When this happens the property deal is legally binding. The buyer is sometimes requested to pay a deposit and must have the home insurance in place
5. Completion day
You agree a completion day which can be on the day of exchange or on an agreed future date. Completion day is when you pass over the balance of the funds and you become the legal owner of the property. Often signified by you collecting the keys!
6. What is left to do
Your Conveyancing Solicitor now registers your property with the Land registry office and consults with you to ensure that the required stamp duty calculations and payments are made.