The Process | Perna Property Conve

The Process

The conveyancing process can often feel complex and overwhelming, whether you’re selling, buying, or remortgaging. There are many moving parts happening at once, which is why clear guidance is so important.
Below is a simple overview of the key stages involved in a typical sale or purchase transaction, designed to help you understand what to expect at each step.

ID & Onboarding

Initially required after accepting your Quote is to provide the necessary ID for those involved in the sale and onboarding with us.

Deeds

Next is for your Conveyancer to obtain your deeds. If registered this will be available from the Land Registry for your Conveyancer to retrieve, however if your property is unregistered, you will need to provide the original deeds to your Conveyancer. Once received, the Conveyancer will draft the contracts to the buyers solicitors.

Enquiries

Following receipt of the draft contract, the buyers solicitors will order their searches (if required) and raise the necessary enquiries with your Conveyancer. Your Conveyancer will review these enquiries and liaise with you to answer any enquiries that need your input.

Other Aspects

Whilst enquiries are being dealt with your Conveyancer will request redemption figure(s), to redeem any mortgage you have on your property, along with contact any Management Company or Landlord that may be involved in your transaction who will provide the necessary sales information/pack, for a possible fee, to aid in your sale.

Signing

Once all enquiries are satisfied. All parties will sign.

Exchanging Contracts and Completion

When all parties are signed up and ready, your Conveyancer will liaise with you to agree a completion date and make it legally binding by exchanging contracts.

Post Completion

Following completion, your Conveyancing will deal with any post completion matters, such as the removal of your charge(s).

ID & Onboarding

Initially required after accepting your Quote is to provide the necessary ID for those involved in the purchase and onboarding with us.

Source of Funds

It is essentially that you provide sufficient funding evidence to your Conveyancer for your purchase. Please ensure you work with your Conveyancer to provide the relevant trail of the origin of monies to where it is held now. This is one of the least favorite parts of the job but due to being bound by strict regulations, this is essential and your Conveyancer is under an obligation to ask for what they need to comply with their duties.

Surveys

It is recommended that you obtain a Survey as soon as possible in case anything adverse is revealed. Please note that whilst your Conveyancer cannot read your Survey, if there is anything in there you wish to raise with the sellers solicitors, please let you Conveyancer know immediately so that they can do this on your behalf.

Draft Contract/Title Report

The sellers solicitors will provide the deeds, draft contract and accompanying documents to your Conveyancer. These will be reviewed, and the report on these Title Deeds and other documents will be sent to you. Enquiries will also be raised with the sellers solicitors to answer. On receipt of replies to enquiries, these will be reported to you along with our detailed advice.

Searches & reporting

On receipt of the draft contract documentation, searches will be applied for (if required and especially if you are having a Mortgage to fund your purchase). On receipt of the results, these will be reported to you, along with any additional enquiries that may be required as a result of the searches.

Mortgage Offer

Upon receipt of your mortgage offer, your Conveyancer will review this, report to you on it so that you can sign the mortgage deed and raise anything with the lender that they may need to know about during the transaction.

Pre-Completion Searches

Once the above is satisfied, your Conveyancer will do the necessary pre-completion Searches known as an OS1/OS2 and bankruptcy search to ensure all is in order to proceed.

Requesting of Deposit/Balance of Funds

Once all enquiries are satisfied, the mortgage offer is in (if required), all signed documents are received, search results are back and ID & source of funds are satisfied, your Conveyancer will look to request monies from you in order to proceed to exchange of contracts.

Exchange and Completion

When all parties are signed up and ready, your Conveyancer will liaise with you to agree a completion date and make it legally binding by exchanging contracts.

Post Completion

Following Completion, your Conveyancer will deal with the payment of Stamp Duty Lax Tax & liaise with the Land Registry for registration of your Property.

ID & Onboarding

Initially required after accepting your Quote is to provide the necessary ID for those in involved in the purchase and onboarding with us

Deeds

A copy of your deeds will be obtained and checked, along with any relevant information obtained from the Management Company and/or Landlord if the property is Leasehold and advise them of the new lender. All the requirements of the new lender must be checked to ensure they are complied with.

Review Existing Mortgage

A redemption figure will be obtained from your existing lender along with any early repayment charge that may be applicable. If you have any other secured loans or a second mortgage, they may need to consent/ be postponed before your new mortgage is completed.

Property Searches/Indemnity

Some lenders accept indemnity insurance in place of searches being undertaken, however some lenders do not. If your new lender requires searches to be taken out, the results will have to be awaited which does make the transaction take a little longer to complete. Therefore always keep this in mind.

Check New Mortgage Offer/Property Valuation

The new terms of your mortgage offer will need to be checked to ensure these have been complied with, including providing a copy of the lender’s valuation to your Conveyancer as they will need to check this as well. For example the Valuation may require a copy of building regulations completion certificate for an extension to be provided.

Mortgage Offer Report and Signing

You will be provided with advice on your new mortgage offer, along with a mortgage deed to sign and return to your Conveyancer.

Funding Evidence Check

If any additional monies are required from you, you will need to provide proof of the funds in your account as well as a trail and evidence of where this money has come from. Any funds required from you will need to be provided before completion.

Pre-Completion Checks

Before completion can occur, your Conveyancer will carry out pre-completion searches and request the funds from the new lender for the specific completion date.

Completion

On receipt of your mortgage advance from the new lender, your existing mortgage will be redeemed. If any money is due back to you, your Conveyancer will advise and send these funds back to you following completion.

Post Completion

Following completion of the new mortgage, the Land Registry are notified of the new lender and this will be registered onto your deeds as well as sending evidence of this to your new lender. Please note that registration can take time for the Land Registry to complete.