Conveyancing for Buying and Selling

Feb. 22, 2011 - PRLog -- Buying a home is thought to be one of life’s most stressful experiences. Buying and selling a home at the same time is doubly so. This is not because of any additional legal requirements or changes to the conveyancing processes but, because a more complex chain of people and transactions develops. You may for example be selling your home to a private buyer but buying a new home from a builder or developer. If you are buying and selling to private buyers, there may be hold ups at either end of the chain which are out of your control – if your buyer has to sell their home and is held up in their own buying and selling chain throwing your completion and exchange dates off too.
Property services price comparison web site, Local Surveyors Direct can take away some of the stress by offering a go to service for finding local property professionals experienced in all aspects of the buying and selling processes. From estate agents to conveyancing, you can quickly and easily get instant estimates from local firms and then liaise with them directly to obtain further information and appoint them to your buying or selling team.
Being fully aware of the various stages and having a clear understanding of what happens at each step can make the entire buying and selling experience a much less stressful one. Here, the web site sets out the conveyancing for buying and selling process in an at-a-glance guide.
Conveyancing for Buying
It obviously makes the chain of buying and selling simpler if you appoint one single conveyancer for buying and selling. On the buying side, your conveyancer will:
1.   Obtain a contract of sale from the vendor.
2.   Carry out a number of searches relating to the property and its surrounds. This will include reports such as a mining report, drainage report, local authority search, mining search and an Energy Performance Certificate (EPC).
3.   A copy of the mortgage offer from your lender will be requested and you’ll be invited to sign the contract.
4.    When the contract is signed, you’ll put down a deposit (not always the full amount of the deposit on the balance of your mortgage) and contracts will be exchanged.
5.   A date for completion will be given.
6.   On moving day, you’ll receive the keys, the funds will be transferred to the seller and you are free to enjoy your new home.
7.   Your conveyancer will outline any stamp duty to be paid within a 28 day period and will register your ownership at the land registry.
Conveyancing for the Seller
For the sale part of the transaction, you’re simply on the other end of the process and will deal with the buyer for your property. Conveyancing for selling your home is straightforward:
1.   Your conveyancer will request pertinent documentation about the property you are selling and may send a number of questionnaires for you to complete. A copy of your property’s Energy Performance Certificate will be needed.
2.   Your conveyancer should receive a memorandum of sale from your estate agency which sets out the agreed price and buyer (and seller) details.
3.   A copy of the title deeds will be requested and sent to the buyer to demonstrate you are authorized to sell the property.
4.   A contract will be prepared setting out the terms and conditions of the sale including the agreed price.
5.   The buyer signs their copy of the contract and provides a deposit and contracts are exchanged (each getting a signed copy from the other party). The sale is legally binding and a completion date is agreed.
6.   On completion day, the funds are transferred and the keys handed to the new owner.
7.   Find out more and get an instant online estimate at http://www.localsurveyorsdirect.co.uk