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Purchase or Sale

If you are looking to purchase or sell residential property, we pride ourselves on providing an outstanding conveyancing service that focuses on our customers. Communication is at the heart of what we do, we know that buying a property can be very stressful, so it is our job to guide you through the process and keep you updated every step of the way.

Conveyancing is the transfer of the legal title of a house from one person to another. There are normally two stages to this – the first being the exchange of contracts, the point at which the terms of the deal are fixed, and the second being the completion, where the legal title passes.

As with many things in the legal world, the conveyancing system has a process that has to be adhered to.

Once you have instructed RG Law, we will send you a link to our downloadable app for your Apple or Android phone. You can keep up to date with your transaction wherever you are 24 hours a day.

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Handing Over Keys

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The Conveyancing Process: how it works

Initial Paperwork and Draft Contract:

Once an offer has been accepted, the seller’s solicitor will draft the contract. The contract will outline the conditions of sale, the terms of the deal including the price and any particulars that need to be kept in mind. At the same time, the seller will provide a lot of information about the property and the seller’s solicitor will check and then provide details of the seller’s legal title to the property.

Introductory Enquires from Buyer’s Solicitor:

Once the buyer’s solicitor has checked all the initial paperwork and the contract it will be up to the solicitor to make some initial preliminary checks regarding the property and its current owner and then ask questions of the seller’s solicitor on issues arising out of the draft papers. Issues regarding the local area, rights of way and boundary disputes will also be included in these enquires.

Organising a Survey and Searches:

The survey is the next thing to be organised in the process by the buyer’s solicitor. This will check the state of the building, the condition of the surrounding land as well as the assessment of external factors such as drainage systems and whether there are any local developments planned in the near future. The buyer’s solicitor will also make various searches, including checking any outstanding issues with the local authority, including planning, and can also include searches about flood risk, contaminated land and other environmental issues.

Approval of Draft Contract:

While the survey of the property is being completed, both solicitors will negotiate terms on the draft contract. Once this has been finalised and each party happy, the contract can be made official and each party can sign a copy in readiness for exchange.

Mortgage Offer:

If you are getting a mortgage then you need a formal mortgage offer. The lender will also instruct a solicitor to act on its behalf. Usually, this is the solicitor acting for the buyer if that solicitor is approved by the lender.  The solicitor will check the mortgage terms and arrange for the buyer to sign the mortgage deed.

Exchange of Contracts:

This is the point at which the seller and buyer commit to the transaction and if they later back out or try and change the terms of the deal will suffer financial penalties and be liable to for any loss suffered by the other party. Thankfully it is very rare for a contract to be broken. The contract will require the buyer to pay a deposit and the date for completion of the deal is fixed. This date will be included in the contract. If there is a chain of transactions sometimes fixing the completion date require assistance from the Estate Agents who can talk to everyone in the conveyancing chain.

After exchange:

If it has not already been done the formal transfer deed is signed, final land registry and bankruptcy searches are done, the mortgage money is requested and sent to the buyer’s solicitor and the final financial statements are prepared. The seller’s solicitor will check how much is needed to pay off any existing loans and make sure everything is ready on their side. All the things that need to be done so everything is ready for the day of completion.

Completion:

On the completion date the seller’s move out of the property, the buyer’s solicitor sends the purchase money to the seller’s solicitor and the solicitors agree between them what papers have to be sent. When the money has been received completion takes place (but the buyer and seller do not need to attend) and the keys are released to the buyer who is then able to move in.

After completion and Registration of the Property Transfer:

After completion, although the buyer and seller will have moved there is still a lot of work for the solicitors to deal with. The seller’s solicitor has to deal with repayment of any mortgages on the property, pay the estate agents and pay over any balance to the seller.

The buyer’s solicitor has to check the deeds and papers they receive, report to HMRC and pay and Stamp Duty and register the purchase and the mortgage at the Land Registry. Once that has all been done the solicitor then has to tell the mortgage lender and the buyer and make sure the right papers and documents are sent to the right people.

Our Residential Conveyancing Services

For a no-commitment quote, click one of the links

Purchase or Sale

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Equity Release

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New Build

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Purchase & Sale

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Transfer of Equity

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Lease Extensions

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Use our handy stamp duty calculator.

STAMP DUTY CALCULATOR 

This stamp duty calculator allows you to easily calculate the amount of stamp duty land tax due on a freehold residential property. It will display the calculation in a table with a rundown of the different percentages that make up the total amount. There is also the option to specify whether you are a first-time buyer, a buy-to-let or you have a second property which changes the amount of stamp duty due.

Please note, this calculator assumes it’s a freehold residential property, it does not calculate commercial transactions or leasehold properties.

 

The calculator is built upon the residential property rates provided here as of 11/12/2017.

It has been updated with the temporary change announced here for the period of 8 July 2020 until 31 March 2021. A new update will be made reverting these changes in March 2021.

This calculator is provided as a guide only and will enable you to budget please seek further advice from us.

MORTGAGE CALCULATOR 

This mortgage calculator allows you to enter the amount you want to borrow over a number of years and the interest rate.

 

It will then calculate the monthly repayment and how much you’ll pay in interest over the term.

Use our handy mortgage calculator.

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© 2021 Renier Gillies Ltd – RG Law is a trading name of Renier Gillies Ltd registered in England & Wales No 6184931. A list of Directors is available from the registered office at 25 High Street Sidcup Kent DA14 6ED. The term “partner” if used denotes a Director of Renier Gillies Ltd. We are authorised and regulated by the Council for Licensed Conveyancers. CLC Practice Licence Number 11683. The Council’s rules can be accessed at www.clc-uk.org Renier Gillies Ltd are VAT registered under VAT No 911 4625 49.