A Complete Guide To Conveyancing
If you are considering purchasing a property, it’s important that you know the ins and outs of the process - including conveyancing.
But what exactly is conveyancing? What does a conveyancer do? And what does conveyancing entail? Read on for our handy guide to conveyancing, including all the information you need about the conveyancing process.
What is Conveyancing?
Conveyancing is the legal transfer of the ownership of a property from one party to another - from the seller to the buyer. Once you have agreed on the sale, you’ll need to hire a conveyancing solicitor to put the transaction together. A conveyancer is an integral part of the home purchase process.
If you’re selling a property in a non-traditional way such as at an auction, you will need to have a pre-arranged conveyancer before you list the property for sale. Likewise, if you’re purchasing a property at an auction, you will benefit from having a conveyancer to hand to avoid delays in the property-purchase process. This can also prevent unwanted costs when buying a house.
The conveyancing process begins once an offer has been accepted on the property, and ends once the property has been officially signed over to the buyer from the seller, and your property is registered with the Land Registry.
The two main stages of a conveyancing transaction are the exchange of the contracts and then completion - the stage where the property gets officially signed over. The exchanging of contracts can be a tedious process involving legal expertise, documents, and administrative work, which is why it’s best left to the experts - property lawyers/ property solicitors.
When you secure a mortgage, you will need to have discussions with your lender regarding the purchase. A conveyancing solicitor can act as the middle man between yourself (the buyer), and the lender - streamlining the process for you. To learn more about conveyancing, check out this post.
What Does a Conveyancer Do?
There’s no denying that the home purchase process can be overwhelming - especially if you’re a first-time buyer. However, a qualified conveyancing solicitor will complete the legal work on your behalf and take some of the weight off your shoulders. Transferring the title of a property from one person to another can be a complicated process which is best left to a professional.
A conveyancer deals with the complicated legal processes involved with purchasing a home, taking care of matters such as investigating the title to the property and local authority searches as well as analysing the results from these searches. This will result in ensuring that that you are buying a property without any issue that could impact upon your use and enjoyment of your new home. Your property conveyancer can also ensure that you’re paying the correct Stamp Duty to HMRC, meaning you won’t be fined for late or incorrect payments.
Conveyancers also work with the other parties involved throughout the process to arrange matters such as contract packs and completion dates. Having a qualified property solicitor to take care of matters such as requesting redemption information from your existing lender and submitting relevant tax returns can take a huge weight off your shoulders.
Some other things a conveyancer can help with include undertaking identification and anti-money laundering checks, confirming all relevant details, and handling any enquiries post-completion.
At Bell Lamb & Joynson, our dedicated team of property solicitors will be by your side throughout your property purchase journey, taking the stress of conveyancing out of your hands and into ours. We are the number 1 rated firm in Liverpool for conveyancing for a reason - contact us today to learn more about our services.
The Conveyancing Process
Buying a property isn’t always a straightforward process, and you may encounter obstacles on your journey to purchasing a new home. However, most home purchase journeys look like this:
Hire a Solicitor
First of all, you’ll need to find a solicitor to help you purchase a property. This is one of the most important stages of the process - as if you have a property solicitor to hand from the very start, then they will have a headstart which can speed up the sale.
A conveyancer can create a file early on and set their expectations with you. Providing all the relevant information early on can ensure that the process doesn’t drag on longer than it needs to.
Once you have found the right conveyancer for you and you have exchanged the relevant information with them, your solicitor will receive the contract. They will also receive copies of important legal documents such as the legal title.
Upon receiving these documents, your conveyancer will liaise with the other parties involved and raise enquiries to ensure that everything is in order. Something that may be raised by your conveyancer is planning permission.
Raising enquiries is an important aspect of buying a property - part of the reason being to keep your lender happy and to ensure nothing will impact your lender’s decision to give you a mortgage.
Applying for a Mortgage
You’ll then apply for a mortgage -Whilst you will probably have your decision in principal by the time that you have put an offer for the property you want to buy, your lender will need to issue a formal mortgage offer which involves providing your potential lender with your detailed financial information, personal details, and information about the property. Your lender will also carry out a valuation survey and you should at this stage consider having a home buyers survey or a full detailed survey.
Your conveyancer will confirm the information you provide to your lender, increasing your chances of being accepted for a mortgage. The conveyancer also acts for your lender and so will have to provide the lender with a report on the legal enquiries in line with the lenders requirements. However, the responsibility falls on you to ensure that your conveyancer has all the relevant information. If you withhold certain details or financial information, then your lender could withdraw their mortgage offer.
Once everything is in order and you have been accepted for a mortgage, you’ll receive the documents from your solicitor to sign - for example, the mortgage deed, title information, property information, and the fixtures, fittings and content form. You will also receive a full detailed report on title which details all you would need to consider before committing to buying the property.
Once you have signed the contract, you’ll pay your deposit. The conveyancers involved in the purchase chain will ensure that everything is in order - and then you’ll receive the completion date.
On the completion date, you will be given a designated time to collect the keys to the property. Most people will collect their keys from the estate agents - however, in some cases, alternative arrangements can be made.
You can then begin moving your belongings into the property - your new home. The conveyancer will then register your homeownership with the Land Registry, making you the official homeowner.