Conveyancing Explained

What is Conveyancing?

Conveyancing is the legal process of transferring property ownership from the seller to the buyer. It involves various stages and legal paperwork to ensure a smooth and lawful transaction.

Who Does the Conveyancing?

Conveyancing is typically carried out by a qualified conveyancing solicitor or a licensed conveyancer. They act on behalf of the buyer and handle all legal aspects of the property purchase.

Written in August 2023 by:

Sam Chester

Stage 1: Instruct a Conveyancing Solicitor:

Once you’ve found a property you want to buy, the first step is to instruct a conveyancing solicitor. They will represent you throughout the process, ensuring your interests are protected.

Stage 2: Draft Contract and Raising Enquiries:

The solicitor will draft the contract of sale and send it to the seller’s solicitor. They will also raise enquiries to gather essential information about the property, such as boundaries, fixtures, and any ongoing disputes.

Stage 3: Arranging a Property Survey:

Though not a legal requirement, arranging a property survey is highly recommended. It helps identify any hidden issues with the property, giving you the chance to renegotiate the price or withdraw from the purchase if significant problems are found.

Stage 4: Conducting Property Searches:

Your solicitor will carry out property searches, such as local authority, environmental, and water authority searches. These searches provide vital information about the property and the area it is situated in, including potential planning restrictions or environmental risks.

Stage 5: Conveyancing for Your Mortgage:

If you’re obtaining a mortgage to finance the purchase, your solicitor will work with your lender to ensure all necessary paperwork is completed. They’ll verify the terms of the mortgage offer and handle the funds for the transaction.

Stage 6: Arrange Buildings Insurance:

Before the exchange of contracts, it is essential to arrange buildings insurance for the property. This protects both you and the lender in case of any damage to the property’s structure.

Stage 7: Signing Contracts:

Once all legal checks and searches are complete, and both parties are satisfied, you will sign the contract. This commits you to the purchase and sets a date for completion.

Stage 8: Exchanging Contracts:

On the exchange day, both parties’ solicitors will swap signed contracts, making the sale legally binding. At this stage, you’ll typically pay a deposit (usually 5-10% of the property price) to the seller’s solicitor.

Stage 9: Between Exchange and Completion:

During this period, your solicitor will finalise the transfer of funds and arrange for the property’s transfer of ownership. Any credit checks you make during this time could potentially impact your mortgage application.

Stage 10: Completion Day

On completion day, the balance of the purchase price is transferred to the seller’s solicitor. Once received, you will receive the keys to your new property, and the transaction is complete.

Conveyancing is a complex but crucial process that ensures a secure property transaction. Hiring a professional and experienced conveyancer will greatly simplify the process and provide you with peace of mind throughout the journey of becoming a homeowner.

Conveyancing Process Steps and Approximate Timeframes:

Pre-contract work:

Appoint a conveyancer, Instruct local searches, Obtain a property survey, Draft contract

Approximate Time: 2 weeks

Time to arrange mortgage:

Gather necessary documentation, Apply for a mortgage, Await lender’s decision

Approximate Time: 4 weeks

Draft contract:

Review survey report and local searches, Address any outstanding questions or issues.

Approximate Time: 2-10 weeks

Time between exchange and completion:

Finalise funds transfer and paperwork, Prepare for completion day

Approximate Time: 1 week

Total time from an offer being accepted to completion:

Sum of all the above stages

Approximate Time: 12-16 weeks

Please note that the timeframe provided for each stage is approximate and can vary depending on various factors, including the complexity of the transaction, responsiveness of involved parties, and any unexpected delays.

It’s essential to stay in communication with your conveyancer throughout the process to stay informed about progress and any potential changes in timelines.

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Attention Please!!!

The content within this article is as accurate as the date it was written. To ensure the most up to date information, you should consult with one of the experts that we work with as every lender and their polices are different and can be changed or amended without notice.

This website is for information only and does not constitute financial advice. Our mortgage advisers are all fully qualified to provide mortgage advice in accordance with the Financial Conduct Authority (FCA) regulations. We only exclusively operate with businesses that are authorised and regulated by the FCA. All advice offered will be unique to your individual circumstances.

Some Buy to Let mortgages are not regulated by the FCA. You should carefully consider securing other debts against your home. If you do not keep up your mortgage repayments, your home may be repossessed. Equity released from your home will also be secured against it.