Conveyancing

Conveyancing

Selling a Property:

1. Instruct Your Lawyer
   You can do this either before or after accepting an offer on the property.      When selecting a solicitor, consider not just the cost, but also whether they are the right fit to guide you through the transaction and meet your expectations. We offer free, no-obligation quotations and are happy to      discuss your needs.
2. Evidence of Identity
   At the start of the transaction, we’ll need to verify your identity and address with documents like a passport or photocard driving licence and a recent utility bill or bank statement. If you can’t visit our office, certified copies from another solicitor may be accepted.
3. Property Information Forms
   You’ll need to complete Law Society forms providing the buyer with details      about the property, such as boundaries, disputes, or additional charges.   You should also supply any relevant documents, like warranties or safety    certificates.
4. Title
   If the property is registered, we’ll obtain a copy of the Title from the Land Registry. If unregistered, you’ll need to provide the Title Deeds, which may be held by your lender if you have a mortgage.
5. Issuing Contract Papers
   Once the buyer’s solicitor has confirmed their instructions, we’ll send them a draft contract along with the Property Information Forms and any additional documents.
6. Searches and Enquiries
   The buyer’s solicitor will conduct necessary searches and raise any enquiries, which we will forward to you for responses.
7. Approval of Contract
   Once the draft contract is approved, we’ll send it to you for signing.      Remember, the contract is not binding until both parties formally exchange      contracts.
8. Exchange of Contracts
   After all searches, enquiries, and mortgage offers (if needed) are satisfactory, contracts can be exchanged. We’ll also agree on a completion date and obtain a redemption figure from your lender.
9. Transfer Deed
   This deed, which transfers ownership of the property, will be sent to you  for signing before completion.
10. Completion
    On completion day, you should be ready to move early. Once the buyer’s      solicitor transfers the funds, the property will belong to the buyer.   You’ll need to hand over the keys and we’ll handle any mortgage payments, estate agent fees, and transfer the remaining balance to you or your seller’s solicitor.

Buying a Property:

1. Instruct Your Lawyer
   You can do this before or after your offer is accepted. It’s crucial to choose a lawyer who can effectively guide you and meet your expectations. We provide free, no-obligation quotations.
2. Survey
   A survey is crucial as it identifies potential structural issues that could be costly if not discovered before exchanging contracts. A mortgage valuation, on the other hand, is primarily for the lender’s benefit.
3. Evidence of Identity
   As with selling, we’ll need to verify your identity and address at the start of the process.
4. Contract Papers
   We’ll receive a pack of documents from the seller’s solicitor, including      the draft contract, title, and property information forms, which we’ll      review.
5. Searches and Enquiries
   We’ll conduct necessary searches and raise any enquiries with the seller’s      solicitor. For leasehold properties, additional information about service      charges and planned works will be obtained.
6. Mortgage Offer
   Once received, we’ll review and report the offer to you, and send you the      mortgage deed for signing.
7. Report on Title
   We’ll prepare a comprehensive report on the property’s title, detailing any rights, covenants, or restrictions. You’ll receive the contract for signature, which does not become binding until contracts are exchanged.
8. Deposit
   Typically, a 10% deposit is required upon exchange. If you’re also selling a property, the deposit from your sale can often be used for your purchase. We’ll need to verify the source of the deposit funds.
9. Exchange of Contracts
   Once everything is in place, contracts are exchanged, and the completion      date is set. You’ll need to arrange buildings insurance from the day of      exchange.
10. Pre-Completion
    We’ll conduct final searches, request the mortgage funds, and prepare the      transfer deed. Any outstanding balance will need to be paid into our account before completion.
11. Completion
    On completion day, we’ll transfer the purchase funds to the seller’s solicitor, and you’ll collect the keys from the estate agent.
12. Post-Completion
    We’ll handle the Stamp Duty payment and register your ownership with the      Land Registry.

Remortgage:

1. Instruct Your Lawyer
   After agreeing to new mortgage terms, appoint a lawyer to guide you      through the process.
2. Evidence of Identity
   Standard identification checks will be required.
3. Property Information Forms
   Although you’re not selling, you’ll need to complete forms detailing any      works done on the property.
4. Title and Searches
   We’ll review the title and conduct any necessary searches as required by your lender.
5. Mortgage Deed
   We’ll report the mortgage offer to you and arrange for the existing mortgage to be redeemed.
6. Pre-Completion
   Once everything is in order, we’ll request the new mortgage funds and      complete the transaction.
7. Completion
   On completion day, we’ll redeem your existing mortgage, transfer any      balance to you, and register the new mortgage.

Transfer of Equity:

1. Title
   We’ll obtain the title from the Land Registry and prepare for any changes in ownership.
2. Evidence of Identity
   Identification checks will be carried out.
3. Mortgage
   If there’s a mortgage on the property, lender consent is required for the      transfer.
4. Transfer Deed
   We’ll prepare the deed, obtain signatures, and register the transfer with the Land Registry.
5. Stamp Duty
   Be aware of the Stamp Duty implications, as it may be payable depending on      the circumstances.

At Lloyd James Law, we understand that every case is unique. That's why we take a personalised approach to every case, tailoring your strategy to fit your individual needs and circumstances.