Conveyancing Process - Cheap Mortgage Deals

Conveyancing is a legal process. It is the process of transferring the ownerhship of a property from one owner to another. From the vendor to the buyer.

  1. Firstly you will need to find a solicitor or conveyancer. Your estate agent may be able to recommnend one locally. Your lender must approve your choice
  2. Your vendor's solicitor will draw up a draft contract based on the title deeds of the property. This will set out what land and buildings the property includes. There are two parts to the contract - one will be the Particulars of Sale and the second part will be the Conditions of Sale. The Particulars describe the property and details of the lease or freehold. The Conditions of Sale has information about the proposed completion date and the deposit. This is then forwarded to your solicitor with information sheets compiled by the seller on things such as the fixtures and fittings.
  3. Your conveyancer will consider the terms of the draft contract and conduct a Land Registry Search to confirm the seller is the owner. They will raise any queries you may have. They will then conduct local and drainage searches. If you have any concerns regarding subsidence you should mention it to your solicitor at this point if you haven't done so already.
  4. At this point, if all has gone well, you will be at the stage where you will arrange to sign the contract. You will need to have a formal mortgage offer in place. You may want to include any fixtures and fittings at this point.
  5. At this point the process is about six to eight weeks from completion. The contract comes in two parts and you sign one and the seller/vendor signs the other. You are both legally bound to go ahead with the sale/purchase. At this point you will need to provide the deposit and if you default you will lose it.
  6. A completion date will be written in your contract. This is the date when all monies are paid and you take possession of your new home. When your lender is happy with the checks on the property it will release the funds at the request of your conveyancer. Your keys will be handed over to you once your money has been sent via electronic transfer. Your conveyancer will receive the deeds for your new property before transferring them to your bank or building society.

Online conveyancing is becoming more popular and within the next 5 to 10 years the Land Registry is hoping to help speed up the conveyancing process by bringing it online. This will enable your conveyancer to conduct the entire process from begining to end online. This will mean greater cooperation with others involved in the chain. Each transaction and electronic payment will occur at the same time and buyers and sellers will be able to track the process as it happens.

We can compare conveyancing solicitors for you to get you some of the best deals in the market - just call 0845 458 2633.