Navigating the complexities of the conveyancing process can, at the best of times, be daunting, especially in a dynamic and fast-moving property market. At CDS Mayfair, we realize what a big deal it is to have a conveyancing process that is smooth and transparent. That is why we have prepared this full guide for you—it will take you through each step you need to take during your property transaction.
1. Client Care and Initial Instructions
The process of conveyancing starts the moment you decide to instruct a solicitor. Upon your appointment, we will send you a letter that contains elaborate information regarding our care for you as our client and our terms of business. The document will specify our responsibilities to you as well as the scope of work provided by us, it will cover the fee arrangement and who will carry out the work for you. Therefore, make sure to read, understand, and sign and return the letter since it constitutes your instruction to us.
As part of our client care process, we are also professional obligated to confirm the identity of our clients. This will involve you providing certified copies of your identification documents.
When purchasing a property, we will need to understand how you will fund the purchase, this involves us complying with anti-money laundering legislation and us asking you to provide evidence of your source of funds and proof of funds.
We will also request a payment on account held on account of disbursements which are incurred at the beginning of the transaction and our initial legal costs.
2. Pre-Contract
When instructed, the pre-contract stage begins. For buyers, this means obtaining a mortgage in principle - an indication from a lender of how much you can borrow. At the same time, sellers will be required to fill out property information forms and submit necessary documentation such as title deeds and any planning permissions and management pack (where the property is leasehold). A contract pack will be prepared by the seller’s solicitor and provided to the buyer’s solicitor.
3. Searches and Enquiries
For buyers, our team will carry out a variety of searches to bring to light any issues that may affect the property. These will include local authority searches, environmental searches, water and drainage searches, and sometimes additional tailored searches specific to the whereabouts of the property. We would also make enquiries of the sellers' solicitors regarding the replies to the Property Information forms. For sellers we will respond to the buyer’s solicitor’s enquiries.
4. The Offer and Mortgage Review and Survey
For buyers at the same time, we will examine the terms of your mortgage offer to make sure there are no onerous conditions that will affect your transaction or enjoyment of the property.
Whether a first-time or experienced purchaser we always recommend that you have a professional survey carried out of the property to assess the structural condition of the property ahead of purchasing.
5. Report on Title
Following completion of the searches and enquiries we shall, subject to receiving satisfactory search results and replies to those enquiries, agree the draft legal documentation and provide a detailed report on title to you summarising the documents and information supplied by the seller's solicitor.
6. Exchange of Contracts
After parties have expressed satisfaction with the contract terms and any queries that might have arisen from enquiries are sufficiently answered, the next crucial stage is the exchange of contracts. Here is where parties are considered to be legally bound by a transaction. The two parties sign two identical contracts, and it will be our duty to see that the formal exchange occurs. At this stage, we agree on a completion date, which might be in a week or two weeks. The buyer will also be required to pay the deposit, this will be a percentage of the purchase price.
7. Pre-Completion
The run-up to completion is where there are several critical things that happen. We will be preparing a completion statement that specifies the financials at the end of the transaction and the amount of any shortfall that remains to be funded. We also conduct final searches to ensure that nothing has happened to the property since the initial searches. If you are buying, we will also request the mortgage funds from your lender.
8. Completion
Of course, on the day of completion, it's time to finish up. The buying solicitor sends the purchase money to the selling solicitor. As soon as the money is received, the keys are released, and the seller moves out. Then, the property is officially yours.
9. Post-Completion
After completion, there are still a few formalities left to follow. We will submit a tax return on your behalf and pay any Stamp Duty Land Tax due with 14 days of the transaction completing and register the change of ownership with the Land Registry. Lastly, we will forward all relevant documentation, including the new title deed, to you and your mortgage lender.
Conclusion
We are a Mayfair firm of solicitors providing clients with highly detailed and client-centered conveyancing services. Knowing each step involved in the conveyancing process will fill you with self-assurance as you proceed with your property transaction, ensuring everything is done correctly. We have very experienced solicitors who are committed to making sure you go through the whole process smoothly and efficiently and who hold your hand towards realizing your property aspirations.
If you would like further information please contact Justina James +44 (0) 207 758 8170 justinajames@cdsmayfair.com
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