Conveyancing Process | What You Need To Know (UK)

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Are you thinking of buying a house or selling?
In this video, we will guide you through the different stages of the conveyancing process in the UK and explain everything you need to know about how it all works.
Conveyancing is an inevitable, legal part of the house buying and selling process and involves the need for conveyancers, estate agents, mortgage company and/ or financial advisors. Whilst it may seem like a complicated process, conveyancing can be broken down into three different stages.
It is best to arm yourself with as much information about the conveyancing process as possible, in this way it will seem far less stressful when it comes to selling or buying a home.
Make sure you get guidance and advice from a professional to help you along the way - if anything should go wrong, you can be covered by their insurance. Learn more here: www.moveiq.co.uk/buying-a-pro...
PRE-EXCHANGE
At this point, you need to instruct solicitors and provide their contact details to the selling agent. The estate agent should give your solicitors a memorandum of sale with details of the property you wish to buy, including the agreed price.
We can provide you with a quote from a solicitor for free: www.moveiq.co.uk/resources/bu...
You may also require a mortgage, so you will need to speak to a financial advisor or mortgage company and start the application process for a mortgage. The mortgage company will want to carry out a mortgage evaluation of the new property and it is advisable that you get a survey done on the property too.
We can help to connect you with an advisor here: www.moveiq.co.uk/resources/bu...
Your solicitor will draft contracts and will send you a Property Information pack, which will include a Fixtures & Fittings form for you to complete.
And finally, a completion date will be set and agreed by all parties in the chain. You should have your formal mortgage offer in writing also.
EXCHANGE OF CONTRACTS
By now you will have signed the mortgage deed and deed of transfer and these are sent to the seller's solicitor - this marks the exchange of contracts.
At this point, your deposit is sent to the seller's solicitor and your solicitor should give you a completion statement showing everything you need to pay on completion, including legal fees, land registry and stamp duty.
COMPLETION
At this final stage, your solicitor is in charge of transferring your mortgage money to the seller's solicitors and all final paperwork will be transferred to the appropriate party. Your solicitor will register you as the new owner with the land registry and informs your mortgage company. Now all that's left is for you to move in and enjoy your new home.
FIND OUT MORE
Learn what to expect in the conveyancing process here: www.moveiq.co.uk/buying-a-pro...
Discover our guide to surveys: www.moveiq.co.uk/buying-a-pro...
Learn what to expect in the Fixtures and Fittings form: www.moveiq.co.uk/buying-a-pro...
Find out how to manage a property chain: www.moveiq.co.uk/buying-a-pro...
Did you find this video helpful? If you have, make sure to subscribe so you don’t miss the next one! ru-vid.com?sub_...
Find all of our property advice and top tips over on our site: www.moveiq.co.uk/
#ConveyancingProcess #ConveyancingGuide #UKProperty

Опубликовано:

11 июл 2019

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Комментарии : 24

@0YourGuardian 3 года назад

Thinking of a career change into property conveyancer so this was a great early learning experience before deciding on enrolling onto a level 4 course

@braddams1932 3 года назад

as a new estate agent, (21st September) this was super insightful to watch! ill be looking back on this one for help and understanding the sales procedure.

@MoveiQ 3 года назад

Great to hear. Thank you and good luck in your new career.

@bencoates1726 3 года назад

Most helpful video I've seen on this topic, thank u!

@MoveiQ 3 года назад

You're very welcome!

@masudsaeediphysiotherapy8689 5 лет назад

Thanks for the video guys. What are your views on the influence of blockchain tech within the conveyancing/legal side of property? Could it affect the way we buy houses? what does it mean for the future? Would love to know your thoughts :)

@MoveiQ 4 года назад

Thanks for your comment. Well, change is coming , how quickly thats coming is another thing. Certainly, the way we buy and sell property in the UK is somewhat archaic HM Land Registry are looking into it - here's their blog on the trials: hmlandregistry.blog.gov.uk/2019/05/24/could-blockchain-be-the-future-of-the-property-market/

@robmarrin6720 3 года назад

Excellent

@MoveiQ 3 года назад

Thanks

@zeea6507 3 года назад

Great video thanks for sharing. I bought a property yesterday and I am getting stressed wuth completing by the end of the month. The property gives 6 weeks but allows earlier. I want to save stamp duty so might have to raise the cash and do the conveyancing myself, the searches and all the legal packs are already provided. I am wondering if i raise the cash can i then get a mortgage afterwards.

@MoveiQ 3 года назад

Glad it was helpful!

@katiem5110 3 года назад

I was told that I should wait until my mortgage has been agreed before proceeding with my solicitor. I "instructed them" without really realising what this means. They've sent me a pack and some things to return to them. Can I wait until my mortgage has been agreed before sending off the documents to the solicitor? Or will I be charged for returning them late? (It doesn't say anything about being charged for returning them late but they've slapped on some extra charges that they didn't inform me of in our initial call). I want to call them to try and understand more about the process but I'm worried about being charged for the call as it's getting very expensive. What can I do to avoid extra charges? I should have mentioned that the reason I don't want to proceed with them until my mortgage has been agreed, is because I don't want to lose more money if my mortgage gets rejected (already paid the broker and for the surveys). I feel like I'm going into this so blindly, I should have done more research but didn't know what to look for. Any advice appreciated. Thank you!!

@MoveiQ 3 года назад

These articles should help: www.moveiq.co.uk/advice/buying/understanding-property-conveyancing-process/ and www.moveiq.co.uk/advice/buying/conveyancing-fees/

@MoveiQ 3 года назад

We've also got a podcast epsiode that covers the conveyancing process: www.moveiq.co.uk/podcasts/buying/episode-6-property-conveyancing/

@taimoorhassan5727 3 года назад

Question: let's suppose an offer gets accepted and mortgage application has even made through the mortgage adviser. My question is who is responsible to do the valuation survey of the property? Is it the buyer who needs to find a person who can conduct this survey? If yes, what is this person called and how to find it? Many thanks in advance.

@xboxgamer7453 3 года назад

The buyers mortgage people arrange the survey which is added to the mortgage or paid up front ..

@Nyny.1000 3 года назад

Mortgage company will arrange their own valuation survey for their benefit, usually the buyer will have to instruct and pay for an additional RICS homebuyers survey, structural survey etc using a surveyor of their choice or from the mortgage lenders panel. This survey is for the buyers benefit.

@Fuckethead 2 года назад

The mortgage company will do a basic valuation survey but the buyer should do their own homebuyers surveyor through a RICS surveyor - level 2 for most properties but level 3 if it's a recently converted property (say from a barn, office or shop to a home or residential unit)