The conveyancing procedure

Question 1

What are the 4 things that a seller’s solicitor would do pre-contract?

Answer 1

1. Deal with any pre-contract enquiries and queries on the title raised by the buyer’s solicitor.
2. Supply Energy Performance Certificate to you
3. Obtain instructions with regards to the exchange and completion dates
4. Receive the deposit and exchanges contracts

Question 2

What are the 6 things that a buyer’s solicitor would do pre-contract?

Answer 2

1. Carry out pre-contract searches and raise pre-contract enquiries with the seller’s solicitor
2. Checks the seller’s title to the property
3. Ensure that the buyer has adequate funding in place
4. Report to the buyer on the title to the property, the results of the searches and enquiries and the terms of the buyer’s finance.
5. Approves the draft contract
6. Obtain instructions with regard to the completion date, sends the deposit to the seller and exchange contracts

Question 3

What are the 4 matters that the buyer’s solicitor must consider?

Answer 3

1. The seller’s right to sell the property
2. Whether the property benefits from any rights –⁠ a right of way over someone else’s land to access the property
3. Whether the property is subject to any third party rights –⁠ a third party’s right of way over the periphery or a restrictive covenant which binds the property.
4. Whether the buyer will be able to use the property for its intended purpose

Question 4

Following completion of the purchase, what are the 4 things that the buyer will do?

Answer 4

1. Pay any Stamp Duty Land Tax payable on the purchase price
2. Apply to the Land Registry to cancel the seller’s registered mortgage/charge
3. Register the buying client as proprietor of the property
4. Register any new mortgages/charges

Question 5

What are the 5 steps that the seller’s solicitor would take post-completion?

Answer 5

1. Report completion to the client
2. Send the signed, dated Transfer to the buyer’s solicitor together with any other relevant deeds and documents–⁠ planning consents
3. Send the amount required to discharge the client’s mortgage to the mortgage company together with the form of discharge (receipt) for execution by the mortgage company
4. Send the balance of the sale price to the client
5. Upon receipt, send to the buyer’s solicitor the form of discharge duly executed by the client’s mortgage company

Question 6

What are the 5 steps that the buyer’s solicitor would take post-completion?

Answer 6

1. Report completion to client
2. Receive the signed, dated Transfer from the seller’s solicitor
3. Send the amount due in respect of Stamp Duty Land Tax to HM revenue and Customs
4. If acting for a company, register any mortgage at Companies House
5. Register the discharge of the buyer’s mortgage, the Transfer and the buyer’s mortgage at the Land Registry