30 Mar 2021
30 Mar 2021
Conveyancing is one of life’s most stressful events, up there with divorce and bereavement. The process can take time and there are lots of legal issues to consider.
Whether you are selling a property, buying a property or both, you will need a lawyer to guide you through the conveyancing process. Below is a brief outline of the general procedure to be followed when purchasing a property:
1. Receive contract pack
Firstly, a contract pack will be received from the seller’s solicitors, which contains a draft contract, title documents for the property, forms filled out by the seller relating to the property and information relating to what contents will be included in the sale price. At this stage, it is possible to make enquiries regarding any documents that have been received as part of the contract pack.
Once the contract pack has been received and you have paid money on account, you will be able to apply for searches. Most clients choose the search pack which includes: Local Search, Environmental Search and Water and Drainage Search. Some Local Authorities take a considerable time to return the Local Search which can delay matters. Once all the search results have been received then enquiries can be made regarding any points that are raised within these searches.
3. Report on title and searches
Once the contract pack and search results have been received, a report will be sent to you outlining any legal or practical issues that your solicitor identifies. This will allow you to be able to make an informed decision on the property as you will be made aware of any issues that have arisen or may arise.
4. Responses to enquiries
The seller’s solicitors will respond to all of the enquiries that have been raised by your solicitors. Once your solicitor is confident that the received responses are satisfactory, then dates can be arranged for exchange and completion.
Many clients become concerned when discussing exchange and completion dates as they are not sure at what point the transaction is considered to be completed. The exchange date is the date when the buyer and sellers solicitors exchange the contracts and commit both parties to them. Completion is the date upon which the buyer gains legal ownership of the property and can collect keys for their new home.
No two transactions are the same as properties do not all have the same issues. Lawyers also rely on third parties responding and sometimes this can take time.
Many clients enquire about who arranges the surveyor to survey the property. As this is not part of the legal process it is something that you will be required to arrange yourselves.
We understand that people may not be familiar with the conveyancing process and that concerns will differ from one person to another.
Many clients were concerned about the Land Transaction Tax holiday which was due to end on the 31st March 2021. However, following the budget, it was announced that the relief will be extended until 30th June 2021. In Wales, there will be no transitional period, unlike in England.
This blog forms a brief outline of the conveyancing process, but we are available to guide and help you as we understand that you will have questions to ask throughout the transaction process regarding your particular case. If you would like to obtain a no obligation quote, then please feel free to email us on firstname.lastname@example.org or call the office on 01633 867000 and ask to speak to the conveyancing team.