Property Practice
The conveyancing sequence
Instructions → seller's pack and pre-contract enquiries (TA6, TA10, leasehold LPE1) → searches (local authority, water, environmental, drainage; and a Land Charges search for unregistered land) → investigation of title → report on title to the lender and client → exchange of contracts → completion → post-completion (SDLT return and payment within 14 days, registration at HM Land Registry within 30 days of completion).
Risk and deposit
Risk passes on exchange, not completion (Standard Conditions). The deposit is normally 10% of the price. Whether it is held "as stakeholder" or "as agent for the seller" is a classic trap: a stakeholder cannot release it without both parties' agreement. Late completion triggers a notice to complete, typically giving ten working days.
Registered title
Under the Land Registration Act 2002 the register is everything. A purchaser for value of a registered title takes free of interests not protected by notice, caution against first registration or overriding status (s 29). Always check for restrictions, charges and notices.
Leaseholds
Investigate the lease term, ground rent review clauses, service charge mechanisms, consents and forfeiture provisions. The lender will require a minimum unexpired term - usually at least 70 years remaining.
Client money
Deposits and completion monies are client money; hold them in a client account and account for interest where fair and reasonable. Undertakings given on completion bind the firm.
Rule of thumb: for every transaction, list what must happen before exchange, at exchange and after completion - the timing of SDLT and registration is heavily examined.