» Nationwide Conveyancing - Conveyancing Procedures for House Buyers

The process for conveyancing can seem long and slightly confusing but the ultimate aim is that you will become the lawfull owner of your new property. The process consists of three main processes and although there can be slight changes in the process order the following stages are universally accepted as the norm.

Conveyancing Services

Stage one

Offer and Contract

Once your offer has been accepted and your vendor is ready to sell you will need to exchange details of your solicitor. Your solicitor will then negotiate a draft contract. Solicitors for both sides will agree on the contents of the contract, this will include information about the deposit if there is one. You should request a copy of this and take time to look over the drafted contract to make sure that anything you may have verbally agreed with the vendor is included. It will be at this early stage that any disagreable issues should be ironed out. Your conveyancer will want to make sure that the current owner is lawfully able to sell the property on to you. Searches will be carried out. The most important searches are those through the local authority as they will determin the likelihood of any major changes in the local area such as road building or the development of a new housing estate nearby.

Stage two

Exchange of Contract

At this stage you will be required to hand over any deposit you will be including, you will not be able to claim this back if the sale fails to complete. You will now sign the contract along with your vendor, the solicitors will normally carry out this exchange. You will normally be expected to hand over a non-refundable deposit which can be in the form of a bridging loan if you do not have the funds available. You will need to pay any land registration fees and stamp duty.

Stage three

Competion

Completion takes place when all the legal considerations have been successfully completed. You will pay the seller the remaining funds through your solicitor. At this stage your solicitor may be required to pay off any debt consolidation you required directly to your creditors. You will receive the transfer document and the title deeds. Your solicitor will inform your life insurance company and the freeholder that the sale has completed, send you a statement of completion.