Conveyancing explained

The conveyancing process

There are three keys stages to buying or selling your home:

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Buyer's Solicitor:	Seller's Solicitor
Asks buyer for a deposit to cover third party costs (e.g. local authority searches)	Applies for the seller's title deeds and land registry copies and sends these to the buyer's solicitor
Receives the contract, title deeds and other papers from seller’s solicitors and asks any other necessary enquiries	Asks seller to complete a 'property information' form
Carries out local authority searches (land, water, etc)	Sends the 'property information' form to the buyer's solicitor
Asks buyer to agree the 'property information' form provided by the seller's solicitor	Prepares the contract and sends it to the buyer's solicitor
Receives the contract and other papers from seller’s solicitors and asks any other necessary enquiries	Answers any further questions the buyer's solicitor may have
Receives mortgage offer from lender (if applicable)
Reports to buyer with the contract for signature and requests the deposit for the property	Negotiates the move date (completion date)

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Buyer's Solicitor:	Seller's Solicitor
Sends contract and deposit to seller’s solicitor	Confirms completion date
Prepares transfer and mortgage deed before sending them to seller to sign	Receives the buyers deposit
Arranges final searches	Obtains a settlement figure from mortgage lender
Prepares final searches and requests any fees due	Approves the transfer deeds and arranges for the seller to sign it

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Buyer's Solicitor:	Seller's Solicitor
Sends the balance of purchase price to seller's solicitor
	Receives balance of purchase price from buyer's solicitor
	Pays off the balance of the mortgage
	Hands the deeds to the buyer's solicitor
Receives deeds from seller's solicitor
Pays any stamp duty required
Registers the transfer with the land registry
Sends the title deeds to the lender	Sends the balance to the seller
The transaction is now complete - the property is now legally owned by the buyer.

Remortgaging requires a different process because there are fewer parties involved and you already own the property.

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Remortgage Solicitor:
Requests title deeds and redemption statement from existing lender to determine any monies still outstanding
Awaits mortgage offer and check title documentation

Remortgage Solicitor:
Checks for any special criteria from the new lender (In some cases it may be necessary to carry out searches)
Forwards the mortgage deed to the property owner for signature
Sends the property owner a redemption statement
Provides the property owner with a completion date

Remortgage Solicitor:
Pays off the property owner's existing mortgage on the completion date
Collects any legal fees and disbursements
Forwards any remaining money to the property owner
Registers the new mortgage at the Land Registry
Supplies the original deeds to the new lender and a copy to the property owner
The remortgage is complete.

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