The conveyancing process can be daunting, but it shouldn’t be
It is natural to feel apprehensive when you begin the process of conveying a property from seller to buyer. You need to understand the steps you are taking whether you are buying or selling your Manchester house.
Following is a convenient guide to help you understand the steps you are about to take on your conveyance journey.
How long does the conveyance process take?
It depends on whether your transaction involves a freehold property or a leasehold property. A standard freehold conveyancing transaction takes an average of eight weeks from the initial paperwork collation step. If the property you are buying or selling is a Leasehold property, there is third party involvement extensive additional paperwork that will extend the process out to an average of twelve weeks.
Does the conveyancing process ever take less than the eight-week average?
Conveyancing Solicitors Manchester will review your conveyancing transaction as not all transactions fit into the average timescale. We take every conveyance transaction on an individual case-by-case basis. If there is a way to complete your conveyancing in a shorter timeframe, we are happy to take steps to make that happen. No matter how short or long of a time your conveyance takes, we will be in constant communication with you every step of the way.
Initial stages of the property conveyance process
The conveyancing process begins the moment your offer on a Manchester house is accepted. The process concludes the day you receive the keys to your house. The process can be performed by either a solicitor or a conveyancer. A property conveyance specialist will provide you with several added benefits. Conveyancers specialize in residential property law which gives them specific detailed knowledge in that area.
A good conveyancer will be able to:
1. Speed up your conveyance transaction.
2. Reduce the possibility of the deal failing.
3. Helping keep the conveyancing process from stressing you out.
When you have appointed your conveyancer, he or she will draw up your terms of engagement. This document will detail the charges and deposits that will need to be paid throughout the property conveyance process.
Once the rules of engagement are in place, your conveyancer will contact the seller’s conveyancer to confirm their appointment and to request a draft copy of the contract and additional standard forms. This initial stage is the same whether you are buying or selling a property. From this point forward, the process will vary depending on whether you are buying or selling a Manchester property.
Overview of the conveyance process for purchasing a property
- The contract pack is acquired from the seller’s conveyancer.
- The buyer’s conveyancer examines the contract pack, raises any questions, and obtains a copy of the mortgage offer.
- The seller must answer any pre-contract questions before the contract pack is returned to the conveyancer for the buyer.
- The conveyancer communicates to the buyer the details of the contract, any pre-contract inquiries, results of the research and the mortgage offer.
- Once the buyer is satisfied with the contract, the buyer pays a deposit to the buyer’s conveyancer in preparation for the exchange of contracts.
- The buyer and seller negotiate a completion date and officially ‘exchange’ the contracts.
- The conveyancer for the buyer prepares a draft transfer deed and submits it to the conveyancer for the seller for completion.
- The conveyancer for the seller approves the draft transfer deed and produces a final copy.
- Upon receipt of the draft transfer deed, the buyer’s conveyancer prepares a completion statement and applies for a loan from the mortgage lender.
- Once completed, the buyer’s conveyancer remits the proceeds of the sale to the seller’s conveyancer.
- The title and transfer deed are transferred to the buyer’s conveyancer and the keys are released to the estate agent.
- The conveyancer for the buyer takes care of the final details including sending the stamp duty and registering the property in the buyer’s name.
Overview of the conveyance process for selling a property
- The conveyancer for the seller performs the proof of identity checks and sends out property information forms.
- The conveyancer for the seller obtains the title deeds and any other documents required by the land registry and prepares the draft contract.
- The conveyancer for the buyer checks over the contract and answers any questions posed by the conveyancer for the seller.
- An exchange date is negotiated and the conveyancer for the seller obtains a settlement figure to pay off any outstanding mortgage.
- The conveyancer for the buyer drafts a transfer deed which is then transmitted to the conveyancer for the seller for review.
- Once completed, the seller vacates the property and turns the keys over through an estate agent
- The conveyancer for the seller transmits the title deeds and transfer deeds and pays the estate agent and mortgage lender if necessary.
- The conveyancer accepts payment for their services and transfers the remaining money to the seller.
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We hope that you have found this guide helpful. If you need more information about the conveyancing process, please contact our team of experts today.
Frequently Asked Questions
We will always offer you a fixed-fee quote at the onset so that you can budget. We also offer a no completion no fee service which guarantees that if your conveyance transaction falls through, you will not be charged for any Conveyancing Solicitors Manchester services, only third-party disbursements.
You can get your conveyancing quote through the website within 30 seconds, or by calling our Manchester office directly.
These two terms are frequently confused with one another. Here is the simple explanation:
Conveyancing is the process of legally transferring ownership of a property from an individual, couple, or group to another. This includes the transfer of fees. It also involves aspects of the property related to the land on which the property is built. Conveyancing checks factors such as vulnerability to flooding or subsidence. It considers whether there are going to be new buildings planned for the area and how that might affect the neighbourhood.
Surveying is the physical structure of the property itself. A surveyor will inspect the house, flat, and any outbuildings that you are purchasing to make sure that it is in as good a condition as it appears from the outside.
Stamp Duty is short for Stamp Duty Land Tax (SDLT). This is the tax on the purchase price of land and buildings. There are different charges for different sale prices. If you are buying a new Leasehold then you may also be required to pay Stamp Duty on the rent. Your solicitor will advise you of what you can expect to pay when they receive the contract paperwork.
You can visit the HMRC website to calculate your potential Stamp Duty.
No, you won’t need a local conveyancer. With today’s technology, you can choose the conveyancer who you are most comfortable with. They can be based anywhere in the country. We have discovered that most buyers prefer to communicate through phone calls or e-mails rather than be bothered to make a trip to our offices. We cater to this preference of work situation.
Whether or not you are buying in Manchester or anywhere across England or Wales, we will keep in continuous contact with you regarding the status of your conveyance. You can always phone us or send an e-mail whenever you want an update or have questions.
If you prefer to come to the offices, we don’t hide and we would welcome your visit. We at Conveyancing Solicitors Manchester are real people. We have no need to hide behind a call centre. We are the best conveyancing solicitors Manchester has to offer.
Once we are instructed we will send you an invitation to track your case using our new App. You will receive an e-mail giving you access to your file and you can easily track your case and communicate with your Conveyancer. Please feel free to call us if you have queries.