Conveyancing Process Explained For Buyers
The conveyancing process may seem overwhelming for buyers, but we’re here to help. Generally, the conveyancing process consists of several key steps, from buying and selling a property to exchanging keys.
For buyers, the conveyancing process timeline differs depending on a few factors. If you’re a buyer looking to gain more insight into the conveyancing process in the UK, continue reading.
What is Conveyancing?
Conveyancing refers to the legal process of transferring property ownership. As a buyer, it’s important to understand what conveyancing is.
Conveyancing begins when your offer is accepted and ends when keys are exchanged - ensuring a streamlined and legal transfer. A key part of conveyancing is identifying potential issues before completion, which is most accurately done by a conveyancing solicitor.
Who Handles Conveyancing?
A conveyancing solicitor typically handles the conveyancing process. Their job is to ensure legalities are managed correctly, making conveyancing easy to understand from a buyer's perspective. All solicitors must be qualified to undertake this type of legal work, so it’s important to research beforehand.
The Stages of the Conveyancing Process
Buying a property is one of the biggest financial decisions you can make. That's why it's so important to understand the conveyancing process and why it takes place. Today, we’ll be going through the conveyancing process for buyers.
Stage 1 - Initial Legal Steps
The first legal steps of the conveyancing process for buyers involve your chosen solicitors examining the draft contract and supporting documents while raising enquiries with the seller’s solicitor. Before the process can continue, you, the buyer, must provide key information regarding your mortgage and review the draft contract.
Stage 2 - Property Searches
Next, your conveyancing solicitor will organise legal property searches. You’re likely not to pick up on property-related issues the same way a conveyancing solicitor would, which is why they complete this stage on your behalf.
Your solicitor will perform the main searches, including local authority, water and drainage, and environmental searches. Other types of searches may need to be carried out, depending on the property you’ve bought.
Stage 3 - Obtain a Mortgage
You must have a mortgage in place to ensure the funds are available to pay for the initial deposit and the property as a whole. Your solicitor will receive a copy of the mortgage offer and go through the conditions with you.
Typically, a mortgage valuation happens as part of the conveyancing process. It’s carried out on behalf of the mortgage company so that they know that the property provides sufficient security.
Stage 4 - Signing and Exchanging of Contracts
Upon receiving the draft contract from the seller's solicitors, you'll need to sign the document, providing that:
- All enquiries have been returned and are satisfactory
- The fixtures and fittings included in the purchase are what the buyer expects them to be
- A completion date has been agreed upon between both parties
- Arrangements have been made to transfer the deposit into your solicitor's account so that it's cleared in time for the exchange
Both you and the seller of your property will exchange contracts on the agreed date. If a housing chain is involved, everything will be released when all parties within the chain are happy to move on. If one person changes their mind or pulls out at this stage, it will cause a domino effect, and everyone in the chain will likely be held up.
Stage 5 - Completion
Upon completion, the seller's solicitor should confirm they’ve received any funds that are due. Once any money due is received, the keys will officially be exchanged. The keys to your new property will either be passed over by the seller's solicitor or can be picked up at your estate agent's.
What Happens After Completion?
After the conveyancing process is complete, your solicitor may have to tie up a few loose ends. The remaining things left to settle usually include:
- Paying Stamp Duty Land Tax on your behalf
- Sending a copy of the title deeds to your mortgage lender
- Notifying the freeholder if the property is leasehold property
- Ensuring you receive the legal documents after completion, after your solicitor has sent them to the land registry
What is the Timescale for the Conveyancing Process?
The conveyancing process can take up to 16 weeks to complete. However, this varies depending on several factors, like whether there are issues with the property that may potentially hold up the chain.
It’s typically the pre-exchange stage that can take the longest. Keeping up with your side of the conveyancing paperwork can help your conveyancing solicitor complete the process on time.
Key Takeaways
- Conveyancing is the legal process of transferring property ownership
- Conveyancing is best completed by a conveyancing solicitor
- The process can take up to 16 weeks from start to completion
Do You Require a Conveyancing Solicitor?
At Bell Lamb & Joynson, we have a trusted team of conveyancing solicitors. We work closely with property buyers, ensuring all legalities of purchasing a property are handled correctly. With over 200 years of experience, you can rely on us.
We kickstart the process by assigning you one of our trusted conveyancing professionals before drafting contract terms and discussing our conveyancing costs. As part of our expert service, we can specifically assist first-time buyers. We’re highly experienced in all aspects, including residential conveyancing.
If you have any questions about our service, please get in touch. For fees, get an instant conveyancing quote from us. We look forward to speaking!