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Conveyancing stages

3 stages of conveyancing

Conveyancing – A summary of the three main case stages

Set out below is a summary of what each solicitor does at each stage.

 

1st Stage – Sale agreed

Sellers solicitor

  • Applies for title deeds and asks seller to fill in enquiry forms.
  • Prepares contract and sends this out with completed enquiry forms.
  • Negotiates moving (completion) date.

Buyers solicitor

  • Asks buyer for money on account of expenses.
  • Receives contract etc. from sellers solicitor and asks additional enquiries.
  • Carries out searches.
  • Receives mortgage offer.
  • Reports to buyer with contract for signature and requests deposit (or uses deposit from sale – if any).

 

2nd Stage – Sale agreed

Sellers solicitor

  • Receives the buyers deposit
  • Obtains a settlement figure for the sellers mortgage (if any)
  • Approves the transfer deed and arranges for the seller to sign it

Buyers solicitor

  • Sends contract and deposit to sellers solicitor
  • Prepares transfer and mortgage deed and sends to buyer to sign
  • Arranges final searches
  • Prepares final accounts and requests any monies required from buyer

 

3rd Stage – Completion

Sellers solicitor

  • Receives balance of purchase price
  • Pays off the mortgage (if any)
  • Hands over the deeds
  • Sends seller the balance or uses this towards purchase (if any)

Buyers solicitor

  • Sends balance to sellers solicitor and collects deeds
  • Pays stamp duty (if any)
  • Registers purchase at Land Registry
  • Sends deeds to Bank or Building Society (if any)

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