The process of Residential Conveyancing
Release Date: 24 April 2009
Residential Conveyancing
The legal process of buying or selling a home is perceived by many people as expensive, time consuming and stressful, with many conveyancers complicating matters by using legal jargon when advising the buyer or seller. We at Anthony Collins Solicitors have listened to our clients’ feedback and have produced an overview of the conveyancing process to ensure that our clients are informed of the process.
Overview of the Conveyancing Process
It can be said that there are three key milestones in conveyancing: - Pre – Exchange of Contracts, Exchange of Contracts & Completion.
Pre-Exchange of Contracts
This is when most of the legal work is carried out. The seller’s solicitors prepare the contract pack, which includes the legal documentation to prove that the seller is entitled to sell the property, general information concerning the property and the documents required to transfer the legal ownership. On receiving all the documentation the buyer’s solicitors will raise any necessary enquiries, carry out appropriate searches and approve the draft documentation, as well as draft the transfer of the property. The seller must answer the buyer’s enquiries and the terms of the transaction must be agreed.
Exchange of Contracts
Exchange of contracts is the point when the seller contractually agrees to sell the property and the buyer contractually agrees to buy the property. On exchange of contracts the buyer must pay to the seller a deposit, which demonstrates the buyers intention to complete the purchase. If either the buyer or seller subsequently wishes to withdraw from the transaction there are financial implications. At the point of exchange of contracts a date for completion is also agreed.
Completion
On the day of completion the seller’s solicitors must receive from the buyer the balance of the purchase price and the keys are then released. The buyer is then legally entitled to move into the buyer’s new home. After the completion date the conveyancing work is not complete, as the buyer’s solicitors must prepare the land transaction return and register the transfer at the Land Registry.
At Anthony Collins Solicitors we recognise that a buyer and seller have many concerns when buying or selling their home. We therefore aim to simplify the conveyancing process as much as possible whilst providing a comprehensive legal service.
If you would like to obtain further information or a quotation please contact Michelle Knight, Head of Home Ownership Team
Tel: 0121 214 3550 Fax: 0121 214 3506 Email:michelle.knight@anthonycollins.com
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