CONVEYANCING

Conveyancing is the process by which legal ownership of property is transferred from one owner to another.

Buying your property
Your solicitor at Milburns will ensure that:

• The contract and title deeds are checked for any restrictions or rights affecting the property.
• Appropriate searches are carried out which can include a local authority search, drainage or envoronmental search.
• Historical mining records are checked for shafts or mineworkings near the property.
• Satisfactory arrangements are made by the seller's solicitors to cancel any previous mortgages registered against the property.

If you are buying a property with the assistance of a mortgage, your lender will:-

• Appoint a valuer to determine the value of the property. Note: the basic mortgage valuation report is not a full structural survey, you may wish to appoint a surveyor to do a more detailed report for you or obtain specialist reports e.g. on electrical systems, central heating etc.
• Send you written confirmation of the mortgage when their formalities have been completed. This is usually known as the Mortgage offer.

When the searches and enquiries are complete and you have your Mortgage offer, the following steps are taken:-

• A COMPLETION DATE IS AGREED
• EXCHANGE OF CONTRACTS
  This is when your deposit (usually 10% of the selling price) is paid. Once contracts are exchanged, the sale is legally binding
• MORTGAGE FUNDS ARE REQUESTED
• COMPLETION TAKES PLACE
  i.e. the rest of the purchase price is paid and ownership is transferred to you.
• STAMP DUTY LAND TAX
  The forms are completed and sent to the Inland revenue with the appropriate fee (if applicable).
• LAND REGISTRY
  Ownership of the property is registered at the Land Registry.

Selling your property
Your solicitor at Milburns will:

• Obtain title deeds and up to date ownership information from the Land Registry.
• Prepare and send a contract to the buyer's solicitor.
• Deal with any queries made by the buyer's solicitor.
• Agree a completion date with you and your buyer's solicitor.
• Exchange contracts
• Approve transfer deed
• Obtain a redemption figure for your mortgage if any.
• Receive the sale price from your buyer's solicitor.
• Redeem your mortgage and send the net proceeds of the sale to you (or put them towards the purchase of a new property).