CONVEYANCING PROCESS

THE CONVEYANCING PROCESS

Here we have put together a time plan of the milestones during both a sale and a purchase transaction.

Please note that these are only a guide and delays can happen due to complications during any transaction.

THE CONVEYANCING PROCESS

Here we have put together a time plan of the milestones during both a sale and a purchase transaction.

Please note that these are only a guide and delays can happen due to complications during any transaction.

TIMESCALE FOR SELLING

TIMESCALE FOR SELLING

Instruct your solicitor / conveyancer, pay money on account and complete the property information forms.

Your solicitor / conveyancer issues the contract and ownership information to the buyer’s solicitors.

Your solicitor / conveyancer agrees the contract and will help you satisfy all enquiries from the buyer’s solicitors.

Moving date agreed and contracts exchanged – This makes the sale binding.

You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents with your solicitor / conveyancer.  You will receive a statement showing the amount you will receive upon completion.

Complete. Move out and handover keys, any mortgage is redeemed and you should renew or make a will.

Week 1

Instruct your solicitor / conveyancer, pay money on account and complete the property information forms.

Week 2

Your solicitor / conveyancer issues the contract and ownership information to the buyer’s solicitors.

Week 3 – 6

Your solicitor / conveyancer agrees the contract and will help you satisfy all enquiries from the buyer’s solicitors.

Week 7 – 8

Moving date agreed and contracts exchanged – This makes the sale binding.

Week 9 – 11

You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents with your solicitor / conveyancer.  You will receive a statement showing the amount you will receive upon completion.

Week 12

Complete. Move out and handover keys, any mortgage is redeemed and you should renew or make a will.

TIMESCALE FOR BUYING

TIMESCALE FOR BUYING

Instruct your solicitor / conveyancer, pay money on account and provide evidence of your cash funds. You should instruct your mortgage valuation and survey.

Your solicitor / conveyancer will undertake searches of the local utilities and authorities. Your solicitor / conveyancer will receive a draft contract and ownership information from the seller’s solicitors.

Your solicitor / conveyancer reviews and approves the contract. They will also review the ownership information and raise enquiries with the seller and receive satisfactory replies. Your solicitor / conveyancer receives results of all searches of the statutory authorities.

Your solicitor / conveyancer sends reports on the property, contract and mortgage and obtain confirmation of how you will own the property. Your solicitor / conveyancer will send you documents to sign and require a 10% deposit to be paid.

The moving date is agreed. All documents and the deposit are received from you. The contract is now exchanged – the purchase is now binding.

You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents. You will receive, from your solicitor / conveyancer, a statement as to money required to complete. This must be transferred in good time for completion.

Week 1 – 2

Instruct your solicitor / conveyancer, pay money on account and provide evidence of your cash funds. You should instruct your mortgage valuation and survey.

Week 3

Your solicitor / conveyancer will undertake searches of the local utilities and authorities. Your solicitor / conveyancer will receive a draft contract and ownership information from the seller’s solicitors.

Week 4 – 6

Your solicitor / conveyancer reviews and approves the contract. They will also review the ownership information and raise enquiries with the seller and receive satisfactory replies. Your solicitor / conveyancer receives results of all searches of the statutory authorities.

Week 7 – 8

Your solicitor / conveyancer sends reports on the property, contract and mortgage and obtain confirmation of how you will own the property. Your solicitor / conveyancer will send you documents to sign and require a 10% deposit to be paid.

Week 9 – 11

The moving date is agreed. All documents and the deposit are received from you. The contract is now exchanged – the purchase is now binding.

Week 12

You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents. You will receive, from your solicitor / conveyancer, a statement as to money required to complete. This must be transferred in good time for completion.

ADDITIONAL INFORMATION