Joseph Thaliyan

Conveyancing Information & FAQ's

 

Conveyancing Process for Buying a Property

1. Property is marketed by the Estate Agents and the buyer views the property and make the offer on the property which is accepted by the seller.

2. Buyer’s instructs Solicitors on acceptance of the offer and give the solicitors details to the Estate Agents & Mortgage Advisors.

3. Buyer's arrange Survey on the property, and makes an application for a mortgage.

4. Buyer’s Solicitors confirms instructions and sends client care, terms & conditions and relevant forms to buyer's. Buyer's to provide ID, address proof and source of funds AML documents to buyer's solicitors.

5. Buyer’s Solicitors contacts the seller’s Solicitors to obtain the draft contract and supporting documents.

6. Buyers Solicitors checks the contract pack, raises pre-contract enquiries, carries out the necessary searches and receives copy of the mortgage offer and mortgage lenders instructions.

7. Seller's Solicitors and seller answer the pre-contract enquiries and return these to buyer’s Solicitors.

8. Buyer’s Solicitors reviews the replies to the enquiries, information received and reports to the buyer's on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.

9. When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer’s Solicitors in readiness for exchange of contracts.

10. Seller and buyer agree on a completion date and contracts are formally “exchanged” - meaning both parties are legally committed to the transaction.

11. Buyer’s Solicitors prepares a draft transfer deed and completion information form and sends these to the seller’s Solicitors for completion.

12. Seller’s solicitor approves the draft transfer deed and a final copy is made. This may need to be signed by the buyer before being sent to the seller’s solicitor for signature by the seller in readiness for completion.

13. Buyer’s Solicitors prepares a completion statement and provide it to the buyer's, carries out pre-completion searches and applies to the buyer’s mortgage lender for the release of the mortgage loan. (we request to release mortgage funds one working day prior to completion day).

14. On the completion day, the buyer’s Solicitors sends the proceeds of sale to the seller’s Solicitors by CHAPS/Telegraphic transfer. Upon receipt of the money, the Seller’s Solicitors releases the keys to the Estate Agents and sends the title deeds and transfer deed to the buyer’s Solicitors together with an undertaking to repay any existing mortgages/charges on the property.

15. Buyer’s Solicitors sends the stamp duty payable to HM Revenue & Customs, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage/charges on the property.

16. Buyer’s Solicitors registers the property in the name of the buyer and the mortgage of the lender at the Land Registry. The Land Registry completes the registration process and sends letter confirmation completion of registration and a copy of the Official Copy of Register Entries (electronic/pdf document).

17. The buyer's Solicitors sends the registered title from The Land Registry to the buyers together with any other required documents.

18. The file is closed and sent to archives as per the terms & conditions.

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Conveyancing Process in Sale of Property 

1. The property is marketed through Estate Agents and the Seller’s receives offer from buyer which is accepted.

2. The seller's instructs Solicitors and the sellers Solicitors confirms instructions and send client care, terms and conditions and instructions forms to the sellers.

3. The seller’s Solicitors conducts Identity checks, address verification and AML checks. The protocol forms, fittings & contents form and property information form (and leasehold information form if leasehold property) are sent to the sellers which are to be completed by them and returned to the solicitors. The sellers should also provide all deeds or documents regarding the property to their Solicitors together with the details of all the mortgages and charges registered on the property. If there are any tenancy or adult occupants in the property (other than the sellers), these information should also be provided.

4. The seller’s Solicitors obtains title deeds from deeds holder or official copies of the title register and any other documents required from the Land Registry. The sellers Solicitors also obtains details of the amount outstanding on any existing mortgages or details of charges on the property.

5. The buyer's Solicitors confirms instructions and the seller’s Solicitors prepares the draft contract and supporting contract documentation and sends to the buyer’s Solicitors.

6. The buyer’s Solicitors checks and amends/approves the contract and supporting contract documentation and raises pre-contract enquiries with the seller’s Solicitors. The buyers solicitors also confirms receipt of search results and mortgage offer.

7. The seller’s Solicitors and seller answer pre-contract enquiries and provides information requested by the buyers Solicitors.

8. The seller's and buyer's agree on a completion date and contracts are formally “exchanged” - meaning both parties are legally committed to the transaction. The seller’s Solicitors will obtain redemption statement to repay the outstanding amount on any existing mortgage, if applicable. The buyer’s Solicitors drafts a transfer deed and sends to the seller’s Solicitors.

9. The seller’s Solicitors checks, amends/approve the transfer deed and sends to the seller for signature in readiness for completion.

10. The buyer’s Solicitors will send the proceeds of sale to the seller’s Solicitors. Once the sales proceeds are received by the sellers Solicitors (i.e. Completion), the seller’s Solicitors will arrange for the keys to be released to the buyer. On completion the seller must vacate the property as per the Contract and make arrangements to hand over the keys, usually through the Estate Agents.

11. The seller’s Solicitors sends the title deeds and transfer deed to the buyer’s Solicitors together with an undertaking to use the proceeds of sale to discharge any existing mortgage. The seller’s Solicitors then pays the Estate Agents (if one was used) sales commission, repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their service/legal costs.

12. Once all the payments have been made, the remaining money from the sale proceed will be transferred to the seller, usually by bank transfer on the day of completion or as agreed with the seller to the sellers bank account in the UK. 

13. The file is closed and sent to archives as per the terms & conditions.

 

 

FAQ's & OTHER INFORMATION

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Chancel Repair Liability

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Property owners may find themselves liable for the repairs of the chancels of their local parish churches. 

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History of Chancel Repair liability:

In medieval times, rectors and parsons in the Church of England received tithes from parishioners instead of a salary (stipend). In return, they were responsible for repairs to the chancels of their churches, while parishioners were responsible for the rest of the building. When Henry VIII dissolved the monasteries and sold their rectories (also known as glebes) with land, the liability for chancel repairs passed to the new landowners and subsequent owners, known as lay rectors. 

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Property owners in England and Wales can find themselves liable for repairs to their local parish church without the information being available in title deeds. Therefore, a chancel repair search or insurance cover should be taken if the property is considered to be at risk.

 

In 2003 the House of Lords upheld the chancel repair liability claim in favour of the Aston Cantlow Parochial Parish Council against lay rectors Andrew and Gail Wallbank, who were faced with a £100,000 bills for repairs for their local parish church and were left with a £300,000 bill including legal costs. Aston Cantlow PCC v Wallbank

 

Prior to the registration deadline of 13 October 2013, the onus was on for individual parochial parish councils (PCCs) to register interests for repairs with the Land Registry. This lead to a number of homeowners receiving notifications from the Land Registry about registration of interests on their property.

 

New owners of land since October 2013 will not be liable for chancel repairs unless the interest had already been registered with the Land Registry prior to the October deadline.

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