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UK Solicitors and Legal Advisors

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Our Guide to Conveyancing

Property transactions can be a complex process – especially when it comes to conveyancing. So we’ve put together this simple guide to give you an idea of what to expect.
01.
Sending the draft contracts
02.
Assessing the property
03.
Checking the documents
04.
Carrying out an authority search
05.
The due diligence report
06.
Signing the contract
07.
Exchanging contracts
08.
Transferring the deposit
09.
Approaching completion
10.
Completing the transaction

Congratulations on getting started! We’ll send the sales memorandum to each solicitor.

The seller’s solicitor will send a draft contract and a draft lease over to the buyer’s solicitor, along with any other important information about the property.

The buyer and their lender will also arrange for a survey for the property if they’re getting a mortgage.

The buyer’s solicitor will look through the information, with a focus on checking:

  • The description of the property
  • The statement of price
  • The details of any restrictions affecting the property
  • And any conditions in relation to the transaction.

The buyer’s solicitor will check through the title documents – to make sure everything’s in order and there are no defects.

The buyer’s solicitor will arrange for a local authority search.

An authority search aims to find anything concerning that’s registered against the property – like a compulsory purchase order, or a breach of planning permission.

There will also need to be a drainage, environmental, and chancel search, if it hasn’t already been included in the development bundle.

Once these searches are complete, the buyer’s solicitors will raise any enquiries that are necessary.

Once the buyer’s solicitor’s investigation is complete, the buyer will receive a comprehensive due diligence report with copies of any relevant documents.

At this stage, the mortgage offer should be issued by the lender to the buyer as well, which the buyer’s solicitor will handle on behalf of the buyer.

With everything in order and the contract agreed, it’s time to sign the contract. The buyer will transfer the deposit to the client account of their solicitor’s firm.

(The deposit will typically be 10% of the agreed price, minus any reservation deposit that’s already been paid.)

 

Once both parties have the signed contract and the deposit funds have cleared into the buyer’s solicitors account, the solicitors of both parties will arrange to exchange contracts.

This is the point where both parties become committed to the transaction – and you could lose your deposit (in the case of the buyer) and face legal action if you don’t complete the transaction on the day of completion.

After the exchange of contracts, the deposit will be released to the seller’s solicitor.

As the completion date approaches, the buyer’s solicitor will let the buyer know what they need to pay to complete the purchase – including any stamp duty, land registry fees, etc.

The buyer will need to make sure this money arrives in their solicitor’s account the day before the completion date. If the buyer is buying with a mortgage, their solicitor will arrange with the lender to draw funds for the completion of the transaction.

For the seller, their solicitor will prepare a completion statement with any funds due – both to themselves (the solicitor) and to our agency. The seller’s solicitor will advise on the handover of the property on the day of completion.

On the day of completion, the buyer’s solicitor will send the purchase money over to the seller’s solicitor.

Once the seller’s solicitor receives the cleared funds, we’ll release the keys to the buyer – and the transaction is complete!

The buyer’s solicitor will then pay the stamp duty to HMRC, and register the transfer of the property at HM Land Registry.

As soon as that registration is complete, they’ll send the buyer a copy of the updated title that shows change of ownership of the property.

Get in touch

Get the legal guidance of our professional partner solicitors – send us a message to find out more.
Get in touch

Get in touch

1A Avery Row
Mayfair
London
W1K 4AJ
info@lixing.co.uk
Sales: +44 20 7046 1489
Lettings: +44 20 7046 0458
Report Repairs: +44 20 4571 4893
8 St James’s Square
St James’s
London
SW1Y 4JU
info@lixing.co.uk
Sales: +44 20 4571 2888
Lettings: +44 20 4571 5888
Report Repairs: +44 20 4571 4893
25 City Road
Shoreditch
London
EC1Y 1AA
info@lixing.co.uk
Sales: +44 20 4571 4888
Lettings: +44 20 4571 7888
Report Repairs: +44 20 4571 4893
25 Cabot Square
Canary Wharf
London
E14 4QZ
info@lixing.co.uk
Sales: +44 20 4571 3888
Lettings: +44 20 4571 6888
Report Repairs: +44 20 4571 4893
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