Transfer of property ownership: Middleton’s step-by-step to the conveyancing process, from lining up your professional team to completion and beyond.
As professional property advisors, we are acutely aware that many people – even experienced buyers – find the transfer of property ownership, also known as the conveyancing process, drawn-out and frustrating. Advance understanding of transferring property ownership – and your own obligations within it – is always very much to your advantage.
We’ve teamed up with Mishcon de Reya to provide a comprehensive guide on all aspects of conveyancing.
Our 12 step guide to the transfer of property ownership
- Line up your professional team and your financing
- Submit offer and agree terms
- Heads of Terms
- Survey, searches & papers
- Property enquiries
- Draft contract
- Report on title and request of deposit
- Exchange contracts
- Between exchange and completion
- Your mortgage
- Completion
- After completion
Line up your professional team and your financing
Before the conveyancing process can start, you need to ensure you have the rest of your team ready to go – something that Middleton can assist you with. Having your lawyer and financing in place, in particular, will give the vendor and their representatives confidence. This could be the difference between the vendor accepting your offer rather than that of a competing buyer.
Submit offer and agree terms
Once Middleton have found a property you want to buy, we will negotiate the price with the seller. Often this is done verbally. For larger or more complex transactions, we may submit a formal offer letter on your behalf. This letter sets out: your offer and proposed terms, such as contents and equipment to be included; whether you wish to take on staff (if any); access you might need before and after exchange; target dates for exchange and completion.
Heads of Terms
Once terms have been agreed, the selling agent will issue ‘Heads of Terms’ or a ‘Memorandum of Sale’. This will be sent to Middleton, you as the buyer, the seller, and both parties’ lawyers. It will set out the proposed terms of the sale/purchase, details of each party’s lawyers, and usually a target timeframe.
Survey, searches & papers
Middleton will usually instruct a firm of surveyors to inspect the house before the transfer of property ownership. Your surveyor will attend the property and identify any physical issues which might affect your use and enjoyment of the property and its value. Your surveyor will report to you on their findings and may also identify other legal issues for your lawyer to follow up on.
Property enquiries
On most purchases, your lawyer will need more information based on the initial set of papers provided by the seller’s lawyer, search results, and your surveyor’s report. In this case, they will raise ‘additional enquiries’.
Draft contract
To find our more about how to draft a contract, or to receive our complete guide on transfer of property ownership in your inbox, please fill out your contact information below.