Typically, the conveyancing process will take around 8 to 12 weeks to complete (although it can be shorter or longer). We set out the various tasks and processes involved, and these are listed below.
Once your offer has been accepted on the property we receive the usual Memorandum of Sale from the estate agent giving details of the seller, your own details and details of the property and the agreed price. Upon receipt we will immediately get in touch with the seller’s lawyers and request a copy of the draft contract and any supporting documents. Upon receipt of those documents we will then go through all the documentation and raise any enquiries and at that stage we will also complete searches so as to ensure that there are no other factors related to the property that you and your mortgage company should be aware of. Once received we will check that the seller legally owns the property you are buying by checking the Title Deeds and the Title Plan at the Land Registry. Next, we will complete further searches, which consist of a regulated local search, environmental search and water and drainage search. Depending on the area other searches may be required such as mining searches, but details and costs will be given at that time. The local search is wide-ranging and includes things like investigating any conservation, development and pollution issues or road widening schemes or outstanding notices which may affect the property or surrounding area. The time taken to complete these searches and the timescale can vary, but they are normally done within two weeks from submission.
It is the buyer’s responsibility to ensure that a mortgage offer is issued in a timely manner and upon receipt of mortgage instructions from the lender we would then prepare our mortgage report and send this to you with the Mortgage Deed to sign and witness and return.
Once we have received your mortgage offer and we have received satisfactory results of our searches and enquiries that we have raised with the buyer’s solicitors, we will then send you a written report to include the documentation with a full explanation and invite you to sign the contract. At that stage we will then ask you to return this to us with the 10% deposit or other deposit as agreed with the sellers.
Upon receipt of the signed contract and deposit we will then proceed towards an exchange of contracts but prior to exchange of contracts, a completion date or a moving date is agreed between both you and the seller via their solicitor. Once contracts have been exchanged we then proceed to completion. Prior to completion we will request the mortgage monies from the lender and at the same time submit to you our final statement to include a note of our professional costs and disbursements showing the amount that we require from you to complete. This is required to be received by us via bank transfer three to four days prior to the completion date. Once we are in receipt of the mortgage monies and the monies from you to complete we will then proceed towards completion on your behalf.
After completion we will submit the Stamp Duty/SDLT form to HM Land Registry and pay any stamp duty that is required and obtain a certificate of payment. Once this certificate has been received we will then submit a formal application to the Land Registry to register both you as legal owners and also your mortgage company.