On the move? Read this first, says Daveena Seepaul from local solicitors Edwards Duthie Shamash, who offers an overview of the conveyancing process for 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 people undertake in their lives. Your property solicitor will carry out the legal work to help your transaction run smoothly. Their responsibilities will include checking the house title and organising searches for the property on a purchase, and on a sale, they will obtain your title documents and ask you to complete detailed questionnaires.
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 and planning and building regulation documents 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 that provide the buyer with detailed information about the property. Plus, a fixtures and fittings form that outlines exactly what you will be leaving in the property.
When buying a property, 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 pay for these.
Your solicitor will ask you to provide evidence of your source of funds. It is a legal requirement that the buyer provides adequate proof of the source of their funds to their solicitor. It could be a gifted deposit from your parents or money held in a savings account.
Many people want to move out of their existing property and into their new property on the same day. Your property 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
