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Conveyancing Solicitors Loughborough

Buying or selling a house is not as easy as it sounds. Over and above getting or paying the right value for the home, you need to follow the due process and the law. As conveyancing solicitors in Loughborough, we can help you with the process in these seven simple steps.

Conveyancing process for buying a house

Step 1 – Initiate

Before we can act, we need to receive word from you regarding your process of buying the house. After your initiate contact, we will ask you to complete some paperwork. We will also need some form of identity. After all documentation is in place, what is left is for you to send the funds for any searches that you would like us to conduct.

Step 2 – Receive draft contract

Our conveyancing solicitors in Loughborough will complete a draft contract and send this to us. It will include; property forms, official copies (electronic deeds) and copies of any other relevant documents regarding the property you’re interested in.

Step 3 – Searches and investigation of title

Next, we will conduct the searches that you will have requested. We will also take a closer look and review the paperwork that we will have received from the seller’s solicitor. Any questions arising from this process will be addressed to the seller’s solicitors who can then seek clarification from the seller. Depending on the number of enquiries we need to make, the process could take some time to complete.

Step 4 – Report

After we have all the answers from the searches, we will put together a report and send it out to you. The report will include the mortgage offer. We will also set the finances straight. A completion statement will be availed to you and in it will be the total amount that you need to pay.

Step 5 – Signing

If all the paperwork is in order, we arrange for you to sign. All the parties in the transaction also agree on a completion date. At this point, you transfer the deposit for the purchase of the house to allow us to arrange the exchange of the contracts.

Step 6 – Exchange of contracts

With the exchange of contracts, the completion dates and transaction become legally binding. We will send the deposit to the seller’s solicitor after which a request to your lender for your mortgage advance will be paid. The balance of funds due on your end should be with us at least one working day before the completion.

Step 7 – Completion of Conveyancing process

Once the full purchase price of the house has been transferred to the seller’s solicitor’s, it’s moving day, completion happens. Once the funds have been transferred, the seller’s solicitor will leave the key with the estate agent and then to you.

Conveyancing process for selling a house

Step 1 – Initial instructions

Selling is a little different. We will need to have a sit-down and gather a couple of details regarding the sale. We will then start the process. First, we will require you to complete the initial paperwork. You will then provide us with your form of identity. The initial paperwork will also contain some protocol forms asking questions about the house you’re selling. We will also request you to send us funds for any copy entries.

Step 2 – Contact with your mortgage lender

Our conveyancing solicitors in Loughborough will contact your mortgage lender for you current title deeds and also request for a statement showing how much you’re yet to pay.

Step 3 – Obtain documents from the Land Registry

We will obtain up to date copies of the electronic deeds (official copies) from the land registry. It will cost you £12.

Step 4 – Preparation of draft contract

We will then proceed to prepare a draft contract for the sale of the house and send it to buyer’s solicitors. This contract will be paired with among other relevant documents, the protocol forms you previously filled out and the official copies. The buyer’s solicitors will need to go through the contract and paperwork and this might take some time.

Step 5 – Enquiries raised by buyer’s solicitor

The buyer’s solicitors have the right to seek clarifications and ask questions regarding the paperwork that they receive from us. Their questions will be directed to us and where necessary, we will ask you for clarification and answers on their behalf.

Step 6 – Agree on a completion date

If the questions have been answered to the buyer’s satisfaction, the next step is to determine a date when the signing of the papers and the completion will be done. The buyer will then be required to send a deposit (10%) of the buying price to their solicitor. This is a signal to us that we need to start arranging for the exchange of the contract.

Step 7 – Exchange of contracts

Exchanging contracts makes the transaction and the completion date legally binding. Once it has been done, the deposit is transferred to us by the buyer’s solicitor. We then get in touch with your lender to ask for a final redemption statement.

Step 8 – Conveyancing process for selling a house (finish)

On the ‘moving day’, the full balance of the sale price will be sent from the buyer’s solicitors. This marks the completion day. Once the funds are sent, you should leave the keys with the estate agent who then releases them to the new owner after we receive the money. We will then clear the pending mortgage balance and any other balances holding up the sale of the house and send the balance to you.

Kick start the conveyancing process and get a quick, instant conveyancing quote today: CLICK HERE

We have dedicated team members who cover Loughborough, Stockport, Syston, Lutterworth, Hinckley, Carlton, Hucknall,  Market Harborough, Beeston, Bulwell, Buxton, Leicester, Derby, Oadby, Lewisham

Other topics related to the conveyancing process:

Click on the links below to find out more about:

Buying a house

Selling a house

Right to buy

Unregistered properties

First-time buyer

Leasehold property or freehold property?

Shared ownership

New builds

Buy to let

Remortgaging

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Conveyancing Solicitors Loughborough

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Edward Hands and Lewis have been in business for well over 100 years and we understand our client's needs. Here are a few reasons why you should use us.
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