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2b Station Road West,
Stowmarket, Suffolk IP14 1ES

 
     
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  FEATURED PROPERTY
  
   
  Edgar Avenue
Guide £140,000
Bedrooms 2
Receptions 2
Bathrooms 1		  
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Guide to Conveyancing
   

Conveyancing is the legal transfer of property from one owner to another. The conveyancing process, if properly carried out, ensures that the purchaser actually owns all the property, land and rights that have been paid for.
     
    Selling Your House
     
    The legal process involved in selling your house is relatively straightforward.

The steps taken normally include:

  • Obtaining the deeds (from your mortgage lender if you have one);
  • Completing a Property Information Form and a list of the Fixtures, Fittings and Contents;
  • Sending out a draft contract package to the buyer's solicitor, providing them with full details of the property;
  • Answering any enquiries raised by the purchaser’s solicitor;
  • Agreeing a date when the purchase will be completed;
  • Exchanging contracts;
  • Repaying any mortgage, paying the estate agents, and sending you the rest of the proceeds (or putting them towards the purchase of your new home).
   
   
 
    Buying a House
   
   
The purchasing of a house is more complicated because the solicitor must ensure that the house you buy does not involve you in any unforeseen disputes over rights of way, boundaries, fences, restrictive covenants, road charges or other legal entanglements.

A search is made of the local authority's records to establish whether there are likely to be any public works affecting the property, such as motorway schemes, and whether there are any planning restrictions. The information provided by the local authority relates only to the house being purchased and not to the neighbourhood in general.
   
   

The next steps in a purchase are:

  • A surveyor's report on the property. You should be made aware that a building society's valuation report is not a full structural survey and may not uncover defects in the house. It is usually wise therefore to appoint a surveyor to prepare a full report;
  • The receipt of a mortgage offer. If the purchase is being funded by a mortgage, the lender will write to confirm the amount of the advance;
  • The exchange of contracts. After any agreed deposit (often 10%) has been has been paid, the contract papers for the purchase of the house are exchanged between the solicitors. Once this has happened, the sale is legally binding. A date for the completion of the purchase is agreed;
  • The receipt of the mortgage funds. The buyer's solicitor will be sent the monies from the bank or building society;
  • Completion. The purchase price is paid over and ownership of the house transferred to you;
  • Post-completion work. It doesn't quite end with completion! Any stamp duty arising on the purchase must be paid and the title to the property must be registered at the Land Registry. The deeds are sent to the mortgage lender.
   
    The process of buying or selling a flat is similar, though there is a great deal more work involved in checking the lease complies with the current lenders' requirements and the details of the maintenance and insurance of the building.

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