Buying, selling and remortaging a property can be a complex and time-consuming process for any home owner. This quick guide to conveyancing can advise you on what you need to do from start to finish.

Buying a property

If you are purchasing a property, these are the steps you will need to take:

  • Having found a property you want to buy, nominate BBH as your solicitor and apply for a mortgage
  • Once BBH receives the initial instruction, they will open the file and send you initial paperwork
  • You complete the paperwork and return it to us BBH
  • BBH speaks with the seller’s solicitors to receive the contract and mortgage offer
  • You send BBH their fees
  • BBH raises enquiries with the seller’s solicitors and, once satisfied, send your contract report to the property, alongside documents to be signed, mortgage deed and details of how to transfer your deposit to BBH
  • You sign and return the documents to BBH, and pay the deposit ahead of exchanging contracts
  • BBH discusses the date of completion with you – this is the day you can move into the property
  • BBH exchanges contracts on your behalf, meaning you are now legally bound to purchase the property
  • BBH requests money from you and the mortgage lender and, on the day of completion, funds are transferred to the seller’s solicitors. You are now the legal owner of the property
  • Finally, BBH registers you as the owner of the property with HM Land Registry.

Selling a property

BBH can help you sell your property. Here is a summary of the steps you’ll take:

  • You accept the offer and nominate a solicitor (BBH)
  • BBH will send paperwork for you to sign and return to us
  • Once you’ve returned this, BBH obtains office copies and a redemption figure for existing mortgages on the property
  • If the property is leasehold, BBH will request information from the freeholder management company
  • BBH will send a draft contract pack to the buyer’s solicitor and, once approved, send to you for approval
  • You sign the document and return it to BBH
  • BBH receives confirmation from the buyer’s solicitor that they are ready to proceed
  • BBH checks the completion date – when the new person moves into the house – with you and exchange contracts
  • BBH obtains any final redemption figures on existing mortgages
  • Once BBH receives the funds from the buyer’s solicitor, they can complete the sale. This includes redeeming existing mortgages, paying the estate agent and transferring the final funds to you.

Remortgaging a property

If you are looking to remortgage your property, here is the conveyancing process you’ll need to follow:

  • You will first apply for a mortgage and nominate a solicitor (BBH)
  • BBH will receive the initial instruction, open a file and send you the initial paperwork
  • You complete the paperwork and return it to BBH
  • BBH obtains office copies and check for potential issues with regards to the property
  • BBH requests a redemption figure for any existing loans on property
  • BBH awaits the mortgage offer from the new lender
  • Once the offer has been received, BBH sends a mortgage report and mortgage deed to you
  • You sign and return the mortgage deed to BBH
  • BBH applies for the final redemption figure, conduct final searches, arrange local search indemnity insurance and submit a Certificate of Title for research of funds
  • BBH receives a mortgage advance from the new lenders
  • On the day of completion, BBH redeems any charges secured on the property
  • BBH pays the proceeds to you by your preferred method
  • BBH registers the mortgage at HM Land Registry
  • BBH receives a Title Information Document (TID) from the Land Registry on completion of registration
  • Finally, BBH sends a copy of the TID to you and the lender.

 

This guide to the conveyancing process is not a substitute for expert legal advice. If you are planning on selling, buying or remortgaging your home, contact BBH Legal Services Ltd by calling 0800 051 4218.