What is conveyancing?
Simply put, conveyancing is the legal transfer of property ownership from one person to another.
We’ve aimed to provide a brief overview below to allow you to understand the process and plan accordingly – but this is by no means an exhaustive list of actions and we recommend you take advice and guidance from our friendly team of professionals.
If you are buying -
You cannot buy a home without going through the conveyancing process and we recommend using a specialist, property only, law firm to provide your conveyancing services.
Conveyancing refers to all the legal requirements and paperwork needed to ensure that all parties are protected during their property transaction.
Once you have instructed your conveyancer they will carry out a number of actions that are essential to the progress of your case. They will firstly send you a letter of engagement or welcome letter. This will contain their terms and conditions plus a buyer’s questionnaire and you’ll be expected to sign and return a copy to ensure work on your file can progress. You’ll also be asked at this stage to provide your ID documents to satisfy the Money Laundering Regulations together with paperwork to prove the “source of funds” and your ability financially to proceed with the purchase.
The conveyancer will also ask you to provide a sum of money on account to cover ‘third party disbursements’; these are costs your conveyancer will incur on your behalf for carrying out essential searches with local authorities and utility companies.
Your conveyancer will write to the seller’s lawyer to confirm they are instructed and request a contract pack. If you are also selling a property it’s very important to advise your conveyancer at this stage in order that the sale and purchase can be tied together.
Once received from the seller’s lawyer, your conveyancer will examine the draft contract and the title documents for the property (usually a Land Registry title document). Your conveyancer will also order the property searches and review details of your mortgage offer or funding and raise detailed enquiries of the seller’s lawyers on the documents supplied.
Once the property search results have been received and all enquiries properly answered, your conveyancer will start talking to you about exchange of contracts. On exchange, both parties are contractually committed to the transaction. A completion date will be agreed prior to exchange and that date will be inserted into the contract.
Completion is normally set to suit all parties and your conveyancer will do their best to take into account your requirements and keep you updated at this crucial point.
The final step is picking up the keys to your new property on the completion date whilst your conveyancer will prepare to officially register the property as yours with the Land Registry.
If you are selling -
As with the buying process you will receive a letter of engagement or welcome letter that you will need to review, sign and return.
As part of the contract pack you will be required to complete additional important forms namely the Property Information Form and the Fixtures and Fittings Form. There are additional forms if the property you are selling is a leasehold flat. Again if you are also buying a property it’s important to advise your conveyancer at this stage in order that the sale and purchase can be tied together.
Your conveyancer will review the paperwork and contact the buyer’s solicitor who will need to review all necessary paperwork and raise any enquiries as they see fit. This is quite normal and standard practice.
Contracts will be prepared and exchanged creating a legally binding transaction and at this point a completion date is agreed. Between exchange and completion all the money will be accounted for – whether via a mortgage or other funds. There’s still quite a bit to do for your conveyancer but at this point you will be concentrating on the completion date and getting ready to hand over keys before you move onto your new home!
For further information and to receive a quote for our expert and specialist conveyancing services please contact us.
Posted by Insight Law on
6 January 2018
Conveyancing, Expert Property Solicitors, House Purchase, House Sale, Residential Conveyancing, What is Conveyancing