National Conveyancing Week: Documents
Written by Donna Taylor & Beth Bradshaw | Residential Conveyancing Team | 11 March 2024
It’s National Conveyancing Week and our Conveyancing team have each written a blog to explain their role in your property transaction.
Next up is Donna Taylor, Trainee Chartered Legal Executive, and Beth Bradshaw, Legal Assistant.
We both work within the Conveyancing Department and have a number of years’ experience within this area. Beth primarily assists Amy in her matters and Donna works alongside Alex in his matters.
When purchasing a property, one of the key bundles of information we await is the contract pack from the seller’s solicitor. Once we are in receipt of this, we will ask the buyer to confirm the boundary plan to ensure this looks correct and we will then proceed to order searches for the property.
With the information we have been given from the Title Register, we will then produce a Transfer document which is the document that will be submitted to the Land Registry. This will transfer the ownership of the property from the seller’s names to the buyer’s names.
A stamp duty land transaction form also needs to be compiled as this needs to be submitted to HMRC once the matter has completed. A stamp duty form has to be prepared and signed by the buyers even if stamp duty is not payable as the buyers are first time buyers or the property is under the threshold for the payment of stamp duty. The stamp duty document will have the information of the sellers’, the buyer’s, the value of the property, the address and the purchase price. The amount payable for stamp duty if anything, is then calculated and input on the form. This payment must be made to HMRC within 14 days of the transaction completing.
Throughout the transaction, a completion statement is drawn up and updated as and when necessary. The statement will include our fees, estate agent fees if you are selling, the purchase/sale price, the cost of searches and land registry downloads, any indemnity documents that need to be purchased, a mortgage advance that is sent to us from the lender or, if selling, a mortgage redemption amount.
If you are obtaining a mortgage, then the mortgage offer once sent to us is reviewed and a report is produced. This report will highlight the significant areas of the mortgage offer, such as, the fixed or variable rate of the mortgage, the mortgage advance, any fees that are added to the offer, any special conditions imposed upon the offer and the duration of the mortgage. This report is then sent to you to read and review. At this point we will enclose the Mortgage Deed and ask that this be signed by you and returned to us.
All of the above then play a part in the Title Report being produced. You can read more about this here.
If you would like to get in touch with our Conveyancing team to discuss your purchase, sale or anything else relating to your property, you can speak to the team directly by calling 01752 827069 or clicking here. You can also get an instant, no-obligation quote by clicking here.
