Here’s a quick reference guide to the various stages of the Conveyancer Process:
Memorandums of Sale
Once a formal offer is agreed, OASiS will write to the seller, the buyer and both sets of conveyancers to give details of the property, the price and all the parties involved.
Confirmation of Instruction
Your conveyancers will then write to you confirming their terms of business. The buyer’s conveyancers will ask the seller to complete a range of client and property information forms, including topics such as boundaries and ‘Fixtures & Fittings’.
Contract of Sale
The seller’s conveyancer will produce the draft Contract of Sale which will be sent to the buyer’s conveyancer along with the Land Registry documents or, if unregistered, the original deeds, along with the Transfer of Deed form. From this information they will raise enquiries. It is likely that the seller’s conveyancer may require further information in order to reply to some of these.
The buyer’s conveyancer will then request a number of searches to be carried out, including: Local Authority Search, Water & Drainage Search, Environmental & Flooding Search and Chancel Search.
If the seller has a mortgage secured against the property, arrangements must be made for this to be repaid upon completion.
Exchange of Contracts
Once exchange and completion dates have been agreed between the seller and the buyer, the contracts can be exchanged, with everyone selling within a chain also agreeing these dates and exchanging at the same time.
On the day of completion, the seller hands over the keys to the property (the easiest way to do this is to ensure that we at OASiS already have a set) making sure that all other sets of keys are left inside the property. Once the buyer’s purchase money has been received by the seller’s conveyances, any outstanding monies will be sent to mortgage lenders and any remaining balance to the seller.