Buying or selling a home is a significant milestone, but the legal process, known as conveyancing, can often leave you feeling overwhelmed, with emotions of joy overshadowed by confusion. Understanding conveyancing stages in the UK and relying on an experienced conveyancer like the team at Taunton Solicitors to lead you through the process provides confidence while moving through your property transaction.
Residential Conveyancing in Taunton
Conveyancing is the legal transfer of property ownership from one person to another. The difference between a conveyancer vs. a solicitor is that a conveyancer solely works in property transactions. In contrast, a solicitor works in property transactions as well as other areas of law. Either can manage the entire process, ensuring all legal requirements are met, protecting your interests and making sure the transaction is valid and binding. There are three distinct stages to be aware of: pre-exchange, exchange and post-completion.
Stage 1: Pre-Exchange
This is the initial and often longest stage of the process, where your conveyancer carries out essential groundwork. It begins after you have accepted or made an offer on a property.
Legal Checks and Enquiries
For buyers, this is a crucial step. As your conveyancer, we’ll conduct a series of legal searches to uncover important information about the property. These searches can reveal issues such as planning restrictions, disputes over boundaries or public rights of way. We’ll also raise enquiries with the seller’s solicitor to clarify any questions that arise from the property information forms or the initial searches. This due diligence helps protect you from hidden surprises after you make a purchase.
For sellers, our conveyancers prepare the initial information pack, which includes the draft contract and property information forms, to be sent to the buyer’s solicitor.
Contract Drafting and Review
The seller’s conveyancer drafts the initial contract of sale. The buyer’s conveyancer will then review this document in detail, ensuring it accurately reflects the terms of the deal and protects your interests. Both sides will negotiate and agree on the final terms, including the price, the items included in the sale, and a potential completion date.
Liaising With Lenders
If you’re buying with a mortgage, we’ll receive a copy of your mortgage offer and review its conditions. Our job is to ensure that all the lender’s requirements are met before you can proceed. This includes verifying the property title and ensuring the property provides adequate security for the loan.
Stage 2: Exchange of Contracts
The exchange of contracts is the point of no return. Once both parties are satisfied with the enquiries, searches and mortgage offer, they sign their copies of the contract. The conveyancers for both parties then formally exchange these contracts, and at this moment, the agreement becomes legally binding.
The buyer typically pays a deposit to the seller’s solicitor. If either party withdraws after this point, they will incur financial penalties. A completion date is also formally agreed upon and written into the contract.
Stage 3: Post-Completion
Completion day is when the property officially changes hands. The buyer’s conveyancer transfers the remaining purchase funds to the seller’s solicitor. Once the seller’s solicitor confirms they have received the money, the keys can be released to the buyer.
After the excitement of moving day, your conveyancer has a few final tasks to complete. They will pay any Stamp Duty Land Tax (SDLT) due on behalf of the buyer and register the change of ownership with the Land Registry. This officially records you as the new owner of the property. Once this is done, you will receive a copy of the updated title deeds.
Guiding You Through Every Step
While the legal house buying steps in Taunton and Somerset can take anywhere from 8 to 12 weeks, having the experience of Taunton Solicitors makes all the difference. We handle the complex legal work, communicate with all parties involved, and ensure your transaction progresses as smoothly as possible. Understanding these three stages helps you know what to expect, allowing you to focus on the excitement of your move. Contact us for a free quote for conveyancing services.