Also known as conveyancing, the process of changing property ownership in the UK needs to be fully understood before both the buyer and seller enter into an agreement. Although not overly complicated, it is advised that each step is followed closely and pretty much to the letter. We’ve managed to capture the entire process within this short article. So, if you are thinking seriously about buying or selling a property in the UK, please take a few minutes to peruse the following advice.

Step one – The seller’s conveyancer needs to be instructed for the whole process to begin.

Step two – At this point, the seller’s conveyancer will send out a letter that contains the instructions including the business terms and the fees for the whole process.

Step three – This is where the proof of identity checks are carried out by the seller’s conveyancer and also the contents and fittings of the property are sent out for the seller to complete correctly. Leasehold properties will require more information at this stage.

Step four – Once the forms have been filled in and returned, the seller’s conveyancer then receives the title deeds and any official copies of the title register. These are required by the UK Land Registry and will include details such as any outstanding mortgage balance.

Step five – At this stage of the process, the draft contract is prepared by the seller’s conveyancer and is sent to the buyer’s conveyancer along with any supporting contract documentation.

Step six – The contract is now checked by the buyer’s conveyancer and thereafter the pre-contract inquiries are raised and sent to the seller’s conveyancer.

Step seven – Once these have been answered in full, the buyer’s conveyancer will confirm that they now have a set of results that are acceptable and the search process can be concluded. Also, at this point, a mortgage offer should have been received.

Step eight – This is the important stage whereby contracts are exchanged so long as the buyer and seller have agreed on a completion date that suits both parties. Also, the seller’s conveyancer will by now have a settlement figure that will be used to repay any outstanding mortgage amount to their lender. The transfer deed is drafted by the buyer’s conveyancer and this is then presented to the seller’s conveyancer.

Step nine – Once the transfer deed has been thoroughly checked by the seller’s conveyancer, it is sent to the seller and it is soon the time to transfer the legal ownership of your home. As agreed by the completion date, the seller must vacate the property by an agreed time and the keys will need to be handed over also. The buyer’s conveyancer sends the proceeds of the sale directly to the seller’s conveyancer and then the keys will be released to the buyer as agreed.

Step ten – This when the title deeds and transfer deeds are sent to the buyer’s conveyancer and any money left over from the sale is transferred to the seller, typically on the day of completion.

This step-by-step guide outlines all of the important points that take place when a property changes hands in the UK. Hopefully, it will help you to follow this vital process when you decide to buy or sell your home here in the UK.