Daveena Seepaul, Head of Residential Property at local solicitors Edwards Duthie Shamash, looks at some important questions asked by buyers and sellers
Conveyancing is the legal transfer of home ownership from the seller to the buyer. The conveyancing process begins when an offer on a house is accepted and finishes when the keys are released.
The buying and selling of a home is probably the most significant personal transaction that people undertake in their lives.
What do you need to do when selling?
On a sale, your title number will enable your solicitor to obtain title documents. You will also need to provide certain documents such as leases, share certificates for management companies, NHBC (National House-Building Council) and other guarantees, planning and building regulation documents etc, which the buyer will require.
Your property will either be registered at the Land Registry or it will be unregistered. The majority of properties are registered so the legal title is held by the Land Registry. If your property is unregistered, you will need the unregistered title deeds to prove ownership.
Your property solicitors will ask you to complete forms to form part of the contract package. This will consist of property information forms which provide the buyer with detailed information about the property, and a fixtures and fittings form which outlines exactly what you will be leaving in the property. Additional paperwork will be required for leasehold properties.
What do you need to do when buying?
You will need to instruct your solicitor and your proposed mortgage lender at the earliest opportunity. Your application for a mortgage should be made as soon as possible. You should pay any valuation fee your lender may ask for and consider the type of survey you want carried out. Your solicitor will apply for your searches and you will need to make the payment for these searches.
Your solicitor will ask you to provide evidence of your source of funds, which is a legal requirement. With an estimated £4bn of fraud in conveyancing per year, solicitors have an obligation to identify any client who pays money and to know how funds were generated. Being able to prove the source of your deposit and provide evidence are an essential part of the process.
I want to buy and sell at the same time. How can I do this?
Many people want to move out of their existing property and into their new property on the same day. Your solicitor will help to synchronise your sale and purchase, keep all parties informed of how the other matter is progressing and negotiate appropriate dates with them.
Edwards Duthie Shamash is located at 149 High Street, Wanstead, E11 2RL. For more information, call 020 8514 9000 or visit edwardsduthieshamash.co.uk
