020 7924 4181
lettings@markhillier.com
Mark Hillier’s Guide to the Conveyancing Process
Whether you are a buyer or the seller, our guidelines will give you an insight to help you to understand the key elements in the conveyancing process from the offer being accepted, right through to completion taking place.
The stages will identify what actions you need to do to ensure you keep the process moving forward and on track without jeopardising your purchase or sale.
The stages will indicate a guidance purpose only and are based on our experience over the past 19 years. Sometimes this process can be quick or in some cases slower, subject to circumstances or related chains involved. The key is to bring both the buyer & seller to exchange contracts as quickly, efficiently and stress free as possible.
We trust that our guidelines will offer a clear understanding and insight to the conveyancing process of buying or selling:-
Stage 1
Buyer:
Inform and instruct your solicitor and mortgage broker with the terms that have been set by the seller, so all parties are clear from the outset.
Vendor:
Inform and instruct your solicitor with the terms you have agreed with your purchaser and provide (if necessary) your mortgage lender details and managing agents details to request the (Information Pack), unless the property is Freehold.
Mark Hillier:
Once we’ve received solicitor’s details from both buyer & seller we will submit a Memorandum of Sale to all parties involved, with a set of property details and the EPC for both sets of solicitors for their reference.
Stage 2
Buyer:
Submit a mortgage application (if required) and pay the mortgage valuation survey to your mortgage broker.
Vendor:
Your solicitor will send you the necessary paper works (Property Information Forms) for you to complete and return to your solicitor as soon as possible.
Mark Hillier:
Once the survey has been paid we will receive a call shortly confirming when the survey will take place. We will inform both the buyer and seller when this will be carried out.
Stage 3
Buyer:
Your solicitor will confirm that the supporting documents & draft contract have been received; therefore you will need to transfer funds to your solicitors client account to pay & apply for the Local Authority Searches.
Vendor:
Subject to receiving the Property Information Forms, your solicitor will send the supporting documents and draft contract to the other side.
Mark Hillier:
We will liaise with both seller and buyer with regards to survey & draft contract.
Stage 4
Buyer:
Your solicitor will raise enquiries with the seller’s solicitor and your solicitor will receive a mortgage offer from your broker / lender. A copy of the mortgage offer will also be sent to you for your reference.
Vendor:
Replies to enquires sent back to buyers solicitor by your solicitor for their approval.
Mark Hillier:
Maintain regular contact with seller & buyer and including both sets of solicitors to ensure the conveyancing process is moving forward.
Stage 5
Buyer:
Replies to enquiries received and approved. Local Authority Searches received, however this may result in additional enquires (if any) as a result of receiving the searches.
Vendor:
May need to respond to any additional enquires raised (if any)
Mark Hillier:
Continue with close contact with all parties to ensure that any / final points are dealt with.
Stage 6
Buyer:
Your solicitor has approved the contract. Contract and report on title will be submitted to you for signing the contact and returned to your solicitor with deposit monies (10% of the purchase price) to be transferred to your solicitors client account. Agree completion date.
Vendor:
Contract will be submitted for you to sign and return back to your solicitor.
Mark Hillier:
Making sure both buyer & seller have signed and retuned their contracts and that the buyer has transferred the deposit monies (10% of the purchase price) agreed completion date with seller & buyer.
Stage 7
Buyer:
Instruct your solicitor to exchange contracts with the completion date agreed with the seller. Buyer’s solicitor contacts the seller’s to confirm that contracts are released holding cleared deposit funds on account with a view to exchange contracts with completion date agreed.
Vendor:
Instruct your solicitor to exchange contracts with completion date agreed with the buyer. Seller’s solicitor confirms they are holding a signed contract and contracts are released, with a view to exchange contracts with completion date agreed.
Mark Hillier:
Contact both sets of solicitors to confirm that they are holding signed contracts, completion date agreed with buyer & seller. Await confirmation that the exchange of contracts.
Stage 8
Buyer:
Your solicitor will confirm that the exchange of contracts has taken place.
Vendor:
Your solicitor will confirm that the exchange of contracts has taken place.
Mark Hillier:
We will receive confirmation from both solicitors that the exchange of contracts has taken place with completion date agreed. If you haven’t already heard from your solicitor first, we will also make contact with seller & buyer to confirm the good news!
Stage 9
Buyer:
Prior to completion, your solicitor will request the remainder of the monies to be transferred from your lender (if necessary) or other form of funds.
Vendor:
Your solicitor will request the TR1 Form to be signed and received prior to completion taking place.
Mark Hillier:
Seller’s solicitor will confirm with us that completion has taken place and to release the keys to the new buyer’s.
If you are thinking of selling or letting your property, please do not hesitate to contact us: –
London Office:
T: 020 7924 4181
E: sales@markhillier.com or lettings@markhillier.com
Norfolk Office:
T: 01508 218398
