Conveyancing

After you’ve accepted an offer, you’re responsible for drawing up a legal contract to transfer ownership.

Property Transfer Process (Conveyancing)

Upon accepting an offer, it becomes your responsibility to create a legal agreement for the transfer of ownership.

This agreement should outline:

  • The agreed upon sale price
  • Property boundaries
  • Inclusions such as fixtures and fittings (e.g., carpets, kitchen units)
  • Any legal constraints or rights pertaining to the property (e.g., public footpaths, usage regulations)
  • Planning restrictions
  • Services connected to the property (e.g., drainage, gas)
  • The scheduled completion date

If you’ve engaged a solicitor or conveyancer, they will:

  • Draft the initial contract
  • Address inquiries from the buyer’s legal representative (with your assistance)
  • Negotiate contract details if necessary

Contract Exchange
Once both parties are satisfied with the terms, final copies of the contract are signed and exchanged.

At this point, the agreement to buy and sell becomes legally binding. Typically, neither party can withdraw without compensating the other.

Completion
Following contract exchange and resolution of any outstanding checks requested by the buyer, their legal representative will transfer funds.

Your solicitor or conveyancer will then settle:

  • The mortgage
  • Any secured debts (if applicable)
  • Stamp duty (for the purchase of another property)
  • Outstanding estate agent fees (if utilised)
  • Service charges (if applicable)
  • Their own fees for legal representation

The remaining balance is transferred to your account. Additionally, you’ll need to furnish the necessary legal documents to transfer ownership to the buyer.

Upon vacating the property, it must be in the agreed-upon condition outlined in the contract.

Capital Gains Tax
Capital Gains Tax isn’t applicable when selling your primary residence if:

  • You’ve resided in it exclusively throughout your ownership
  • No part has been rented out or used solely for business purposes
  • The total area, including buildings, is less than 5,000 square meters

This is due to the automatic tax relief called Private Residence Relief. No action is required on your part.

Failure to meet these criteria may result in Capital Gains Tax liability.

Property Transfer Process (Conveyancing)

Upon accepting an offer, it becomes your responsibility to create a legal agreement for the transfer of ownership.

This agreement should outline:

  • The agreed upon sale price
  • Property boundaries
  • Inclusions such as fixtures and fittings (e.g., carpets, kitchen units)
  • Any legal constraints or rights pertaining to the property (e.g., public footpaths, usage regulations)
  • Planning restrictions
  • Services connected to the property (e.g., drainage, gas)
  • The scheduled completion date

If you’ve engaged a solicitor or conveyancer, they will:

  • Draft the initial contract
  • Address inquiries from the buyer’s legal representative (with your assistance)
  • Negotiate contract details if necessary

Contract Exchange
Once both parties are satisfied with the terms, final copies of the contract are signed and exchanged.

At this point, the agreement to buy and sell becomes legally binding. Typically, neither party can withdraw without compensating the other.

Completion
Following contract exchange and resolution of any outstanding checks requested by the buyer, their legal representative will transfer funds.

Your solicitor or conveyancer will then settle:

  • The mortgage
  • Any secured debts (if applicable)
  • Stamp duty (for the purchase of another property)
  • Outstanding estate agent fees (if utilised)
  • Service charges (if applicable)
  • Their own fees for legal representation

The remaining balance is transferred to your account. Additionally, you’ll need to furnish the necessary legal documents to transfer ownership to the buyer.

Upon vacating the property, it must be in the agreed-upon condition outlined in the contract.

Capital Gains Tax
Capital Gains Tax isn’t applicable when selling your primary residence if:

  • You’ve resided in it exclusively throughout your ownership
  • No part has been rented out or used solely for business purposes
  • The total area, including buildings, is less than 5,000 square meters

This is due to the automatic tax relief called Private Residence Relief. No action is required on your part.

Failure to meet these criteria may result in Capital Gains Tax liability.

Mortgages

First time buyers, Shared ownership, Remortgages, Moving house

Equity Release

Retirement interest only (RIO)

Life & Other Protection

For peace of mind when you need it most.

Tools & FAQ’s

Online calcuators, FAQ’s & helpful links

Because we play by the book we want to tell you…

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £295 and this will be discussed and agreed with you at the earliest opportunity.

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    • Impartial Financial Management
      24 Warminster Road
      Westbury
      Wilthsire
      BA13 3PE

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