The Conveyancing Process: A Step-by-Step Guide with Cardwells Estate Agents

At Cardwells Estate Agents, with offices in Bolton and Bury, we take pride in trying to ensure every property transaction is as smooth and stress-free as possible. Once a sale is agreed upon, the conveyancing process begins. Conveyancing refers to the legal process of transferring property ownership from seller to buyer, and it’s a critical part of any property transaction in England, so property sales in Bury and Bolton are no different.

Below is a guide to the conveyancing process, from agreeing on a sale to handing over the keys to the new owner.

1. Sale Agreed

When an offer is accepted, Cardwells Estate Agents will issue a Memorandum of Sale to the seller, buyer, and their respective solicitors or licensed conveyancers. This document outlines the agreed price, the property details, and the contact details of both parties’ legal representatives. While this isn’t a legally binding stage, it formally begins the conveyancing process.

2. Appointing a Conveyancer

Both the seller and buyer must appoint a solicitor or licensed conveyancer to handle the legal aspects of the sale. At Cardwells, we can recommend reputable conveyancers in Bolton and Bury to help you make the right choice. The conveyancer will be responsible for tasks such as reviewing contracts, conducting property searches, and handling the transfer of funds.

3. Drafting and Reviewing Contracts

  • Seller’s Responsibilities: The seller’s solicitor drafts the contract pack, which includes the title deeds, property details, and information about any fixtures and fittings included in the sale. If the property is leasehold, details about the lease will also be included.
  • Buyer’s Responsibilities: The buyer’s solicitor reviews the draft contract and raises any initial questions or concerns with the seller’s solicitor.

If you are the seller of the property, you can help speed this work along a little bit by filling in as much paperwork and providing as much information as possible to your solicitor as early as possible. For example it may be useful to have the fixtures and fittings form fill-in And already with the solicitor whilst the property is being advertised for sale. Cardwell estate agents can provide you a property information questionnaire contained. There are very useful for both the sellers solicitor, the buyer and their solicitor too.

4. Conducting Property Searches

To ensure the buyer has all the necessary information about the property, their solicitor will conduct a series of searches, including:

  • Local Authority Search: Checks for planning permissions, building regulations, and any potential future developments that may impact the property.
  • Environmental Search: Identifies environmental risks such as flood zones, subsidence, or contamination.
  • Water and Drainage Search: Ensures the property is properly connected to water and sewer systems.

These searches are critical for uncovering any potential issues that might affect the buyer’s decision to proceed.

5. Securing a Mortgage (if applicable)

If the buyer is using a mortgage to purchase the property, their lender will arrange a property valuation to confirm its worth. Once the valuation is satisfactory, the lender will issue a formal mortgage offer. The buyer’s solicitor will review the offer to ensure the terms align with the buyer’s expectations.

6. Addressing Enquiries and Finalising Contracts

The buyer’s solicitor may raise further enquiries after reviewing the draft contract and search results. Common enquiries include:

  • Clarification on boundaries, rights of way, or shared access.
  • Confirmation of planning permissions for any alterations or extensions.
  • Leasehold details, such as service charges or ground rent (if applicable).

Once all enquiries are resolved and both parties are satisfied, the final version of the contract is prepared for signing.

Again from a sellers perspective providing as much information, as early as possible to your conveyancing solicitor can ensure that lots of these queries are answered without them needing to be raised, by providing thorough and comprehensive information at the beginning of the process.

7. Signing Contracts

Both the buyer and seller sign their respective copies of the contract. At this point, the sale is ready for the exchange of contracts, but it’s important to note that the transaction is not legally binding until the contracts are exchanged.

8. Exchange of Contracts

This is a key milestone in the conveyancing process. During the exchange of contracts:

  • The solicitors for both parties swap the signed contracts.
  • The buyer pays a deposit, typically 10% of the purchase price, to the seller’s solicitor.
  • A completion date is agreed upon by both parties.

At this stage, the sale becomes legally binding, and neither party can back out without incurring significant financial penalties.

9. Preparing for Completion

Between the exchange of contracts and completion, several tasks are completed:

  • The buyer arranges their finances, including transferring the remaining purchase funds to their solicitor.
  • The seller often vacate the property, leaving it in the agreed condition.
  • Final checks are made by both solicitors to ensure all paperwork and funds are in order.

10. Completion Day

On the agreed completion date:

  • The buyer’s solicitor transfers the remaining purchase funds to the seller’s solicitor.
  • Once the funds are received, the seller’s solicitor confirms completion, and Cardwells Estate Agents are authorised to release the keys to the buyer.
  • The buyer officially takes ownership of the property and can move in.

11. Post-Completion Steps

Although the sale is complete, the buyer’s solicitor has a few final tasks:

  • Registering the transfer of ownership with HM Land Registry.
  • Paying any Stamp Duty Land Tax (SDLT) owed to HMRC on behalf of the buyer.

For the seller, the proceeds of the sale are transferred to their bank account after deducting any outstanding mortgage or fees.

Why Choose Cardwells Estate Agents?

With years of experience serving the Bolton and Bury communities, Cardwells Estate Agents are committed to guiding you through every stage of the property journey. Our team works closely with trusted conveyancers to ensure a seamless process from sale agreement to key handover.

If you’re looking to buy or sell a property, contact us today for expert advice and support. With Cardwells, your property transaction is in safe hands!

Cardwells Estate Agents Bolton
01204 381281
[email protected]

Cardwells Estate Agents Bury
01617611215
[email protected]