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Your Conveyancing Journey
Each property transaction is unique and there may be additional requirements to be fulfilled, so if there is anything extra that is required, we will discuss this with you in detail.
However, we understand how significant a property sale and purchase can be, no matter what the circumstance, so the guide below is intended to give an overview of the typical stages of a transaction. If you have any questions, please do not hesitate to contact the lawyer assigned to your case.
The Beginning
Your journey will begin with us providing you with an estimate of fees based on the information you have provided to us directly, or through one of our referral partners. We try to be as transparent as possible with our estimates, and ensure we give details of any, and all, fees that could apply to your transaction as early as possible, so there are no nasty surprises later! For an estimate click here.
If you are happy with the estimate, just let us know and we will provide you with the paperwork you need to instruct us formally. You will then get a call from your lawyer to introduce themselves and explain the next steps.
Once an offer has been accepted, your estate agent will provide us with details of the other parties involved, and the conveyancing work can begin.
On a sale, we will obtain copies of your title information from the Land Registry, or on the rare occasion that the property is yet to be registered, we will obtain the deeds from the party who holds them. We will draft the contract documentation and send all the initial paperwork to the buyer's conveyancer for approval. We will also obtain details of the amounts owed for any mortgages you may have on your property.
For sales where there is a Landlord or Management Company, we will contact them and confirm their requirements for providing the information we need for the buyer.
On a purchase we will contact the seller's conveyancer for their contract pack and request your property searches. If you are purchasing with a mortgage, it is important that you ensure the application is underway at this stage.
The End
Once all enquiries have been dealt with, we have received satisfactory search results, dealt with any mortgage lender requirements and we have your signed paperwork back then we are nearly at the end!
We will do a final review to ensure that your file is ready for exchange of contracts, and that nothing is outstanding. If all is good to go, we will discuss with you, and the other parties in the chain, suitable dates for exchange and completion. It is important to note that no formal arrangements should be made until exchange of contracts, because even if we are ready, other parties may not be yet.
Exchange of contracts occurs when all parties are ready and have client consent. Once exchanged, the agreed upon completion date will be legally binding, as will the other provisions of the contract.
If you are purchasing, we would require your deposit to exchange. If you are using a mortgage to purchase, we will ensure that the mortgage funds will be released to us for completion.
Once exchange takes place, the completion date is then fixed and you can make any arrangements you need to. On the day of completion, we will be in touch to discuss when the funds are transferred and keys are available for you to collect, or hand over.
On a sale we will use your sale proceeds to repay any mortgages and settle any fees and disbursements.
On a purchase, after completion, we will pay any Stamp Duty Land Tax you may owe, and then make sure you are registered as the new owner at the Land Registry. Please note, it can take several months for the Land Registry to process our application, but we will be in touch when it is done.
The Middle
The next steps on a purchase transaction require us to check through the paperwork the seller’s conveyancer has provided and produce for you our “title report” which will explain the legal formalities around the property you are purchasing. To ensure the interest of both you and any mortgage lenders are protected, we will raise the enquiries we feel necessary at this stage.
If you are purchasing with a mortgage, once the offer is received we will review this and report to you with the mortgage deed and our draft financial statement. We will also consider if we need to report any matters to your mortgage lender, as it is important to remember they are also our client.
On a sale transaction when we receive the buyer's conveyancer's approval of the contract, along with the enquiries they may wish to raise, we will respond to any we can, and take instructions from you about any enquiries we cannot answer. Once we have your replies we will respond to the buyer's conveyancer on your behalf.
We will send you the contract, and any other documents that need signing, as well as a draft financial statement, to make sure you have plenty of time to review this.
During this stage of the transaction, responses may pass back and forth between the parties involved, until all parties are satisfied. We will keep you updated about what is going on, and work with you to try and find a resolution to any legal issues.
Larrington & Co Ltd is a Registered Company in England and Wales: Company Registration No. 15520291
Regulated by the Council for Licensed Conveyancers (CLC) to provide Conveyancing Services under Licence No. 14737
© 2024
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