As you can imagine, the coronavirus pandemic had a harsh financial impact across a wide range of markets and industry niches.
These include the conveyancing market in the UK, which struggled during the first half of 2020 before residential property transaction volumes once again began to increase during H2. The overall result was a decrease of 11.2% in residential property transactions in the year to 1,045,080, although this trend is expected to reverse through 2022.
But what are the common stages of the conveyancing process? Here’s a brief guide to keep in mind:
#1. The Conveyancing Solicitor and Initial Meeting
The process starts by identifying and instructing a qualified conveyancing solicitor, who will play a critical role in helping you to buy a new home.
You’ll also have to follow this process when selling a property, just as soon as a buyer has been secured and you want to commence the transaction.
At this stage, your chosen solicitor will send you several questionnaires for completion, and as a prospective buyer, you’ll have to ensure that your information is entered accurately and in full. Make no mistake; incorrect or false replies may result in the buyer being entitled to future damages or compensation claims, while leaving any transaction potentially dead in the water.
When selling your home, a conveyancing solicitor will also prompt you to commission an Energy Performance Certificate (EPC) and collate similar documentation before you list your property on the market.
#2. Enquiries and Conveyancing Searches
From a seller’s perspective, the solicitor’s task is to obtain the certificate of ownership (title deeds), together with a large amount of financial information and data.
With this information, the solicitor will then prepare a contract for the sale of the property, before sending along the buyer’s solicitor data pertaining to the real estate.
This will include proof of ownership, a list of contents to be included in the sale and various other points connected to boundaries, planning and rights of way.
Conveyancing searches are also central to the buying process, in order to determine that there are no issues or structural defects to discuss. These include Chancel Searches, Draining and Environmental Matters, and carrying these out ensuring that you’re buying a property that’s fit for purpose.
#3. Securing Your Mortgage and House Survey
Once the results of these initial searches have been received, a comprehensive report for the property is created.
This provides a basis for the buyer to apply for a mortgage, with the lender requiring all the correct requested information relating to finances, income and monthly expenditure.
They’ll then carry out an independent valuation of the property too, to ensure that it’s worth the agreed sum and in the lender’s best interests to provide the cash.
At this stage, the money will be released into escrow, until the contracts are signed and the exchange of deeds is completed! At which point, you can buy your home and kick-start a new chapter in your life!