The conveyancing process can be overwhelming, so we’ve created this helpful article to walk you through each individual step.
Quoting
The first step in the process is getting a quote. We provide a free quote with a full breakdown of all costs through the quote form on our website.
Make sure you have your details to hand when filling out the form, as it is comprehensive. This is to ensure that we capture all the information and provide you with an accurate and competitive quote.
Instruction
Once you have accepted our quote, the Instruction stage begins. This is where we prepare everything we need to do the exchange and completion, including:
- Gathering the paperwork and documents we need from you
- Completing ‘KYC’ or ‘Know Your Customer’ checks
- Carrying out searches on your property
- Information in anticipation of questions and queries from the other side if we are acting in your sale
Once we have accepted your instruction and completed the onboarding and collation of due diligence documents we will then carry out the searches. We require a small deposit of costs to use towards the payment of the statutory searches. This will be outlined in the quote.
Reporting Pack
Once we have completed the searches and received draft sale documents from the Vendors’ Advocate, we will send you a reporting pack that contains the results of the searches amongst other information. Once you have read through the reporting pack, get in touch with us to organise a time to meet, discuss, sign documents in anticipation and take further instruction from you. We will also discuss a provisional date for you and the other party to complete. Please note, dates are only fixed once the contract has been exchanged.
Contract Exchange & Preparing for Completion
Please note that prior to exchanging contracts we will require your property deposit, which we will forward on to the Vendors’ Advocate once the contracts have been exchanged. Please ensure you have building insurance in place from the date of exchange of contracts.
Once your completion date has been agreed we will produce a statement of account that outlines our fees and the recordal fees of the government. We will also arrange draw down of your mortgage directly with your mortgage provider (if applicable).
In order to carry out the completion we need to have received all your monies, including your mortgage finance if any. Typically, we request the balance of all monies the working day before the completion date so there is a contingency for any delay in the banking process.
Please note, if you are selling your property, we will need a set of keys to hand over to the other party on completion day. If you are buying, we will have a set of keys to your new place for you to collect on completion day.
Completion Day
The day is finally here.
There is no set time for the completion; however, we do aim for around lunchtime or just after. We will complete as soon as we can and keep you advised.
If you’re selling, the etiquette is to vacate your property as soon as possible – lunchtime would be ideal. We cannot ‘buy’ until we have ‘sold’ and neither transaction can complete until:
- The vendors have vacated the property.
- Monies have moved between the Advocates.
We’ll let you know as soon as the completion has gone through, and then it is time to collect your keys from us.
After Completion
There are a few final things we must take care of on or after the day of completion.
Before we can register your ownership with the Isle of Man Government, all new owners will need to sign:
- Deed of Conveyance or the IOM Land Registry Transfer Form
- Assignment of Lease
These documents need to be witnessed by us and the best practice is to get this done as promptly as possible.
Our last job for you, and your lender if applicable, is to formally report to you with your registered title in your name(s).
We will also forward original copies of any Building Control Completion Certificates and Planning Approval correspondence, together with any Guarantees or Certificates of Installation as passed to us from the Vendors’ conveyancers.
Ready to start the process?
Start the process now by getting a free quote with a full breakdown of all costs via the quote form on our website.
If you have any further questions on the conveyancing process, then please check out our FAQ guide, or get in touch and we’ll answer your query as soon as we can.
Completing Your Property Sale or Purchase: Everything You Need To Know