In-Deed's solicitors de-mystify the conveyancing process
Often In-Deed hear about how clients previous conveyancing experiences involved a confusing and complicated conveyancing process they didn’t really understand. Indeed, as a result they were left feeling let down, stressed and completely out of control. At In-Deed we always aim to keep you in the know throughout the entire process with our seven conveyancing steps! Remember, it is your money and your house purchase or sale and you deserve to know exactly what is going on 100% of the time.
In this article In-Deed’s solicitors aim to fill you in on what is going no matter what stage you are at.
The conveyancing process
Step 1: Planning
The first stage of the conveyancing process is more about you than us. This is where you research the conveyancer you wish to use and obtain detailed quotes. With In-Deed we give you an instant conveyancing quote, which includes all the legal fees and disbursements (third party costs). It will be protected by our Price Promise and our no completion, no fee policy. Which means you don’t pay us a penny if your transaction does not complete!
Step 2: Instructing us
Once you have made your decision on who you would like to do your conveyancing you instruct a lawyer. At In-Deed you can instruct you lawyer either online or by calling and having one of the In-Deed team do it for you. You will immediately have access to your online In-Deed account and your personal lawyer’s details, including their direct dial. Your lawyer will then be in touch to introduce themselves and get the ball rolling!
Step 3: Preparing Contracts
And now the real conveyancing work begins! Preparing contracts is one of the longest stages of the conveyancing process and may feel like it takes forever. But be patient once this part is over everything moves a lot faster.
Firstly we will send you your client care/welcome pack, which contains some documents you need to complete and send back to us. You can send documents either by post or by uploading them securely onto your online account (a member of the In-Deed team will be more than happy to explain to you how to do this if you need help).
On a Purchase:
On a purchase we will take care of all the required checks and searches, make sure the seller has the legal right to make the sale, that all the financing is in order and contact the seller’s solicitor to obtain the contract pack. We will also arrange for a survey, have your mortgage approved, arrange buildings insurance and organise your deposit.
On a Sale:
On a sale we will complete a Seller’s Information Form, draft the contract pack and respond to any questions raised by the buyer’s lawyer.
Do not worry if this all sounds terribly confusing. If you use In-Deed all the steps are outlined clearly on your online account. You can even see how far we are regarding each stage. And of course if there’s anything you don’t understand you can email your lawyer from your account. We always aim to respond as fast as possible and your account will keep a record of the full conversation should you need to refer back later on!
Step 4: Exchange of Contracts
This stage is a big step in the conveyancing process and one many sellers and buyers look forward too.
By exchanging contracts means there’s a legally binding commitment between seller and buyer and there’s no backing out from this point. The completion date is also set which means you can really get cracking with packing and booking removal vans.
Your lawyer will let you know when the contracts are agreed between all parties and everything is ready to go ahead. If you are a buyer you will be asked to pay the deposit.
Step 5: Arranging completion
At this stage it is mainly up to us to keep the process moving. Lawyers on both sides of the transaction will be working hard to legally transfer ownership of the property. We will also conduct any final searches on the property if necessary!
How long this depends on what was agreed before exchange. This can vary from months to the same day! At this point the purchaser will pay the balance of money that is required to complete the purchase of the house. As the seller you need to send the signed transfer document to you lawyers.
Step 6: Completion
The moment everyone has been waiting for. Moving day!
Your lawyer will confirm that money has changed hands and the property has legally passed from the seller to the buyer. We will oversee the transfer of funds and prepare your completion statement.
Step 7: Finalising details
As you are getting settled into your new home your lawyer will be taking care of the final details.
On a purchase we will pay stamp duty if required and register your ownership with the Land Registry. On a sale we will ensure that any mortgages have been repaid and discharged and that the balance of any funds is paid to you immediately.
I hope this helps answer any questions you may have about the conveyancing process. But if you still feel confused about anything then do not hesitate to contact a member of the In-Deed team, we always endeavour to answer your questions immediately and we won’t even pressure you into using our service. In-Deed genuinely aims to help people understand the conveyancing process and finally provide a customer-focused conveyancing service!