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In conveyancing, prior to instructing a conveyancing solicitor, you will have reached an agreement "Subject to Contract" for the sale or purchase of a property, most likely through an estate agent or through a conveyancing services agency, and you will have probably have started the finance process, usually through a building society or bank.

 

You then have to instruct a solicitor to do the legal work or conveyancing procedure on your behalf. Legally, nothing can stop only the other party withdrawing from the conveyancing process before "Exchange of Contracts" (this is known as Gazumping when the seller withdraws because he has accepted a higher offer from someone else), so most people want to exchange contracts as quickly as possible so as to be sure that they do not lose the property or lose fees on the conveyancing process.

 

When you instruct a solicitor or a conveyancing services firm to buy or sell a house on your behalf the transaction proceeds in various stages that differ according to whether you are buying or selling;

The conveyancing process will follow the following stages;

 

Instructions: This is where you tell the conveyancing solicitor what he needs to know to act on your behalf. If you instruct other firms of solicitors you will have to go to their office during business hours to talk to them in person. Convex does the entire conveyancing procedure electronically.

 

Pre-Contract Papers: The seller’s conveyancing solicitor, having taken his clients instructions, prepares a draft contract and sends this with all of the other papers relating to the property (contents, fixtures & fittings, etc) to the buyers solicitor or conveyancing services agency.

 

Pre-Contract Searches & Inquiries: During the conveyancing process the buyers conveyancing solicitor submits searches to the local authority asking about planning permissions and applications, road usage, electricity and water supply etc, to the Land Registry asking about the sellers title, and to such other agencies as may be required (coal board, water authority, environmental etc)

 

Investigation of Title: When the results to all of these searches are returned then the buyer’s conveyancing solicitor will advise the buyer accordingly.

 

Approve Draft Contract: The buyer’s conveyancing solicitor will make appropriate amendments to the draft contract submitted by the seller with the pre-contract papers, bearing in mind the searches.

 

Exchange of Contracts: This is when a legally binding contract is made. This is the point at which the conveyancing procedure cannot be "Gazumped" any more! It is also when you fix the day the sale will take place - when you will get the keys, if you are a buyer, or have to move out, if you are a seller. A very important date!

 

Prepare Purchase Deed: The buyer's conveyancing solicitor prepares the deed that will legally transfer the property from the seller to the buyer, and he will then send it to the seller’s conveyancing solicitor for approval.

Approve Purchase Deed: The seller’s conveyancing solicitor confirms that the purchase deed is acceptable.

 

Pre-Completion Searches: The conveyancing procedure has reached a stage at which title is formally acknowledged as being acceptable under the terms of the contract, after any further questions that the buyer has about it have been answered. It is also the point at which the buyer's conveyancing solicitor will have to give a report to the buyer's lender (bank, building society) as to whether the title gives sufficient security for the loan that is being extended.

 

Completion: The big day! The buyer's conveyancing solicitor sends the money to the seller’s conveyancing solicitor, who confirms receipt and releases the keys to the buyer. The buyer can walk in and relax (before starting re-decorating etc.), and the sellers solicitor confirms the money is in the bank! The conveyancing process is complete.

 

Post Completion Matters: The seller’s conveyancing solicitor discharges the seller’s mortgage, sends the discharge to the buyer’s conveyancing solicitors and the balance of the monies to the seller. The buyer’s solicitor or conveyancing services firm pays tax on the transfer ("Stamp Duty"), sends the discharge to the land registry to remove the entry relating to the sellers mortgage, and then registers the buyer as the new owner of the property, together with the buyer’s mortgage.

 

 

Normal solicitors do all of these stages of the conveyancing process by paper and post.

 

The Convex system allows our specialist conveyancing solicitors to do the whole process electronically, making it faster, less expensive, more efficient, and even more professional, all making a better conveyancing services to you.

 

Convex Conveyancing Limited comply with the Solicitor's introduction and Referal code published by the Law Society | © 2005 Convex Conveyancing Limited Registered Office: 1 Peterborough Road, Harrow, Middlesex HA1 2AX, telephone 0870 99 11 030. Registered in England with Company Registration number 4749622. Group VAT registration number 832 6732 26. Convex Conveyancing Limited is an Appointed Representative of Sennocke International Insurance Services Limited of London House, 77 High Street, Sevenoaks, Kent TN13 1LD, who is authorised and regulated by the Financial Services Authority (FSA). Our firm reference number is 436057 and Sennocke International's firm reference number is 309040. We may record and/or monitor telephone calls or intercept other telecommunications between us. This is to protect both of us and for training purposes.

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