In this guide we are going to go through everything you need to know about conveyancing. From what it is, to how to make the process go smoothly.
What is conveyancing?
Conveyancing is the legal process of transferring ownership of a property from one person to another. A conveyancer deals with all the legal aspects of buying and selling property.
Once an offer has been accepted on a property the conveyancing process begins and it finishes when contracts have been signed by both the seller and buyer and the purchase has been completed by the money being transferred.
The conveyancing process can be complex and time-consuming, so it’s important to choose a conveyancer that you feel comfortable with and who you can trust to do a good job. We cover in our blog post what you need to know before choosing a conveyancer, which may help you make a decision.
Who can do the conveyancing?
A licensed conveyancer or solicitor can carry out the conveyancing process. A licensed conveyancer specialises just in property as that is what they are qualified in. Whereas, a solicitor is qualified in many aspects of the law. Both a conveyancer and solicitor are able to cover the legal side of selling a home so it is up to you which you decide but, if you are looking to save some money conveyancer’s can sometimes be the cheaper option.
What does a conveyancing do?
A conveyancer has a range of responsibilities these are:
- Preparing the contracts.
- Making sure the mortgage application is sorted for the buyer.
- Arranges the contracts to be exchanged and sorts a completion date.
- Organises the local authority, water and drainage and environmental searches.
- Transfers funds.
- Ensure the seller or buyer has all the right documents.
- Sorts out stamp duty for a buyer.
- Looks over any documents before having the buyer or seller sign them.
- Transfers ownership of a property.
How much does conveyancing cost?
Conveyancing fees can vary depending on the complexity of the transaction and the conveyancer you choose. However, conveyancing fees are usually between £400 and £1,500. This includes the legal fees and the disbursements. You can read more about the costs involved with conveyancing in our blog post.
Can you do your own conveyancing?
Although, it is not recommended you can do your own conveyancing. However, the conveyancing process is complex and there are many potential pitfalls that could end up costing you a lot of money if you’re not familiar with the process. We cover all about DIY conveyancing in our blog post here.
Steps involved in conveyancing
The steps involved in conveyancing are slightly different for a seller and buyer and can vary depending on the type of transaction and the conveyancer you use. However, as a general guide, the conveyancing process typically involves the following steps:
- The first step is for a seller and buyer to hire a conveyancer once an offer has been accepted. Their conveyancers will send them a letter outlining the terms and fees which will be signed and sent back. Identity checks will also be carried out and if you are a buyer you will need proof of where the funds are coming from.
- Next, the seller will need to fill out the property information and fittings and contents forms, which once completed will be sent to the buyer’s conveyancer. The conveyancer’s can get initial paperwork done and the seller’s conveyancer will prepare the draft contract.
- The buyer’s conveyancer will raise any questions they have and the seller and their conveyancer will have to answer the questions fully before moving on. At this stage the buyer’s conveyancer will carry out searches, the buyer might get a survey done on the home and the buyer’ conveyancer will make sure the buyer has arranged their mortgage offer.
- Once all of that is done the conveyancer’s can arrange for the contracts to be signed and for a completion date to be set.
- The contracts can now be exchanged through the conveyancer’s.
- The last thing is completion, this is where the money is transferred for the home, the keys are released and the seller has to move out so the buyer can move in.
If you would like to read more about the conveyancing process you can read our blog post here which covers a step-by-step timeline for both seller’s and buyer’s conveyancer’s.
How long does conveyancing take?
The conveyancing process can take anywhere from a few weeks to several months, depending on the complexity of the transaction. However, as a general guide, conveyancing typically takes around 8-12 weeks.
How to make sure the conveyancing process goes smoothly
There are things you can do to help the process go smoothly this includes:
- Having your ID ready, either in the form of a driving license or passport.
- If you are a buyer have proof of your funds ready.
- Always listen to your conveyancer and keep in contact with them.
- Get all your documents ready so when needed you aren’t looking for them.
- Sign any documents exactly the way your conveyancer tells you too.
Summary
The conveyancing process can take some time and be complex but it is a very important process when selling or buying a home. Hopefully you now understand more about the process and what you can do to help make the process go as smoothly as possible.
