The conveyancing process can be split into 3 main processes:
The first process involves both parties solicitors checking the paperwork. The seller's conveyancer will request the title deeds and further information on the property. They will then send the property information pack and a draft contract to the buyer's solicitor. During this stage the seller's solicitor will also establish how much of the current mortgage is still owed plus details of any loans secured on the property
The buyer's solicitor, once they have received the initial paperwork from the seller's solicitor, will organise searches with the local authority which include land and drainage searches plus new development plans for surounding areas. If any problems arise from the searches the solicitor deals with these on your behalf. Once all the paperwork and searches are complete the buyer's solicitor will request the deposit for the property.
The next process is the exchange of contracts. During this process the seller's conveyancer will confirm the completion date and receive the deposit from the buyer's solicitor. The seller's solicitor will organise the final accounts and both solicitors will prepare a final statement and collect and outstanding balances. The buyer's solicitor will then prepare the transfer and mortgage deeds and sends them to the seller's solicitor to be approved. The seller's solicitor then arranges for the transfer to be signed.
The final stage of the process is completion. The balance the buyer's solicitor sends to the seller's solicitor is used to pay off the remaining mortgage balance. Once confirmed the seller's solicitor will send the deeds to the buyer's solicitor who in turn will pay any stamp duty due and register the deeds with the land registry.