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What is conveyancing?
Conveyancing is the process of buying and selling residential property via the legal and administrative transfer of a property from one owner to another. Our experienced team understand that this is a stressful time and one of the most significant financial transactions for any individual or family. Our team aim to make the process as straightforward and pain-free as possible.
Our experienced and qualified Norwich city centre conveyancers work pro-actively with our clients to effect the transfer of the property’s title deeds and the land it sits on so the property purchase is valid under law.
The process follows set detailed steps once we have been instructed to act for the buyer or seller with proof of identity checks completed; which can include:
- Arranging for a property information form and fitting and contents information to be collated
- Liaising with the Solicitor for the other party in the sale to arrange a contract pack and raise/ answer any pre-contract enquiries
- Obtaining the title deeds and other required documents required by the Land Registry from the deeds holder
- Liaising with the bank or building society to request and obtain a copy of the mortgage offer
- Carrying out local authority searches and review the results
- Agreeing dates with other parties to the sale or purchase (sometimes called the ‘chain’) particularly the completion date
- Exchanging of signed contracts – legally committing the buyer and seller of the property to the sale and the agreed terms of the sale. A deposit towards the property purchase price is due at this point – typically at 10% of the total price which we will arrange to be transferred to the seller’s conveyancing solicitor.
- Arranging the completion statement and signed transfer deeds
- Liaising with the mortgage lender to request mortgage advance payment
- Arranging for the purchase price balance to be paid to the seller’s solicitor
- Liaising with HMRC to pay Stamp Duty Land Tax and submit a tax return accordingly
- Arranging the Land Registry transfer of ownership paperwork
- Submitting title deeds to the mortgage lender
- On completion, liaising with the estate agents to arrange for keys to be handed over and the agreed time for the properties to be vacated
Visit the Residential Property pages of the site to find out more.