What role does a conveyancing solicitor play during exchange and completion?

The seller’s conveyancing solicitor acts first, preparing the necessary documentation to facilitate the sale. This includes proving your ownership of the property in question, or your right to sell, defining the exact demise, or what you are selling, and providing a contract of sale and Energy Performance Certificate. Your buying conveyancing solicitor will receive these documents, and will then conduct a number of searches against the property, including Local Authority, Land Charges and Drainage and Water. The two sides will liaise to iron out any issues before agreeing terms. The buyer’s conveyancing lawyer will need to prove that you have any finance required in place.

Although the law does not permit a solicitor to act for both parties, a buyer’s conveyancing lawyer can also act for the mortgage company, saving time and money when arranging necessary finance.

At this point both sides should be ready to sign and exchange contracts. This is the vital stage in the property transaction, as it is legally binding on both sides and is generally irreversible. Exchanging contracts marks the beginning of the end of the transaction. At this point both sides will look to agree a completion date, when the move will take place, funds are transferred and keys handed over.

Your conveyancing lawyer will manage the transfer of funds, ensuring that disbursements are settled and providing a final statement of account. It is usual for solicitors to remove their fees from sale proceeds although it is possible that some elements of the transaction will be paid for in advance.

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