The Conveyancing Process

What is Conveyancing?

Conveyancing is the legal process of transferring ownership of a property from one person to another. It involves a lot of paperwork and regulation so when buying or selling a property, you’ll need to instruct a conveyancing solicitor. Their job is to manage all the legal aspects of the property transition, right through from offer to completion.

How do I know which solicitor to choose?

Care should be taken when choosing a solicitor to ensure that the process goes as smoothly and stress-free as possible. It’s always worth making your choice based on experience, word of mouth and recommendation, rather than simply choosing the cheapest. A conveyancer can provide invaluable legal advice and support throughout the process, helping you avoid costly mistakes or delays. In contrast, a bad conveyancer can cause delays, add extra costs and even put your property transaction at risk!

When buying a property, you should have full autonomy over which solicitor to choose, so never feel pressure into using one recommended by your Estate Agent. Estate Agents often receive a referral fee for sending clients their way so it’s worth doing your due-diligence to ensure that if they are recommending one, they are doing so for the right reasons.

How much does it cost for conveyancing?

Conveyancing fees can vary significantly depending on factors such as the purchase price of the property and the complexity of the case. For example, generally speaking, the more expensive the property, the more the conveyancing costs. Furthermore, if you are buying a leasehold property or are using a Help to Buy Isa or being gifted a deposit, there may be additional costs involved.

It’s always worth asking for a full, comprehensive quote upfront and ensure that there are no hidden fees involved.

How long does the conveyancing process take?

The timescale for conveyancing can vary depending on a number of factors such as whether a property is freehold or leasehold, the complexity of the purchase and whether any issues arise during the conveyancing process.

The following guide outlines what you can expect to help you understand the process:

Stage 1 – Instruct Your Solicitor Once your offer has been agreed on a property, it’s time to instruct your solicitor. They will send you some initial forms to complete and return which are likely to include a sale and purchase questionnaire. They will also ask for identification and if purchasing a property, will ask you to provide evidence of there the funds are coming from.

At this stage, it is likely that your solicitor will request money on your account to cover the cost of any third-party disbursements. These include ordering property searches on a purchase and ordering a copy of title from the Land registry on a sale.

Stage 2 – The Contract Pack, Searches and Raising Enquiries Once your solicitor has received your instructions, the following steps are taken:

Sale – The seller will be asked to complete a property information form (TA6), fixtures and fittings form (TA10) and if applicable, a leasehold information from (TA7) as well as management information. These all form part of the ‘contract papers’ and provide vital information directly from the seller about the property to be sold. The contract papers will also contain evidence that the seller is the legal owner of the property. At this point, a draft contract will be drawn, detailing the terms and conditions of the sale.

If you already have a mortgage in place, at this stage, your conveyancer will also request a mortgage redemption statement from your current lender.

Purchase – Once the contract pack has been received from your seller’s solicitor, they will review all the documents and raise any necessary enquiries. The seller must provide adequate replies to these enquiries for the buyer to proceed. At this stage, all necessary searches (local, drainage and environmental) will be ordered.

If you haven’t already instructed a surveyor and wish to do so, this should also be requested at this stage.

Stage 3 – Your Mortgage If you are taking out a mortgage on the property, you need to inform your solicitor of the mortgage details. Your conveyancer will review your mortgage along with any special conditions attached to it. They will then send you the mortgage deed to you to sign which will allow your lender to register a charge over the title of the property.

Stage 4 – The Property Report

Once the buyer’s conveyancer is satisfied with all the enquires and results of the searches, they will report to the buyer on all the information received about the property and offer their legal advice on the transaction as a whole.

At this stage, both conveyancers will arrange for the buyers and sellers to sign their contract and you will agree a date for completion. Your conveyancer will also request your deposit in readiness for exchange of contracts.

Stage 5 – Exchange and Completion

Once the contracts have been signed, they will be formally exchanged to complete on an agreed date. Once you have exchanged, your sale is legally binding.

On the day of completion (moving date), monies will be released and transferred to the seller’s solicitor, signalling that legal completion has taken place and keys can be released.

Whilst the conveyancing process may appear daunting, her at The Mortgage Masters, we are there to support you every step of the way and guide you through the whole home-buying process.