What is conveyancing
The conveyancing process comprises all the legal and administrative work associated with transferring the ownership of land or buildings from one owner to another.
What does a conveyancing solicitor do?
Your conveyancer will ensure all the legal conditions and obligations are met and the new mortgage goes into place without a hitch. They will also act on behalf of your current lender, making sure your existing mortgage is repaid (if you are not a first time buyer).
They will liaise closely with your sellers’ solicitors to finalise the draft contract, resolve any pre-contract enquiries, obtain copies of any existing guarantees and planning consents, ensure details of fixtures and fittings are provided by the seller, and conduct local authority searches.
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What are the steps in conveyancing?
Instruct a conveyancing solicitor
Once your offer is accepted you will need to appoint a conveyancing solicitor. They do not have to be a local firm – in fact conveyancing solicitors can operate from anywhere in the UK, and online conveyancing has become very popular in recent years. You should scrutinise quotations for conveyancing work carefully, and do not always go for the cheapest option. Often you get what you pay for.
Enquiries and searches
Your conveyancing solicitor will conduct three main property searches after an offer has been accepted. These are mandatory if you are buying with a mortgage and are requested on behalf of the lender:
- Local authority searches – is the property listed? Does it sit in a conservation area? What is the property’s planning history?
- Environmental search – this enquiry will establish if there are any environmental issues relating to the property, such as flood risk, subsidence or evidence of toxic waste or radon gas
- Drainage search – confirming whether the property is connected to the public sewage system and mains water supply
Obtaining your mortgage
One of the most important parts of the conveyancing process is applying for and securing your mortgage.
To do this you will need to work out the amount you need to borrow, based on a number of factors such as the price of the house you are selling and any outstanding mortgage on that property, or, if you are a first time buyer, the size of your deposit. You will also need to choose a repayment period and calculate how much you can afford to pay per month.
A mortgage adviser will confirm these details, assess your finances and recommend a mortgage product. Once the lender is satisfied they will make a mortgage offer.
Signing contracts
Not long after your offer has been accepted, both you and the seller sign identical draft contracts which are held by each party’s solicitors until contracts are ready to be exchanged.
Exchanging contracts
When the mortgage conditions have been met and the sellers are ready to proceed, completion dates are agreed that suits everyone in the chain. Once a deposit is in place, exchange of contracts can now take place. The solicitor can call down the mortgage advance from your lender and send you a final completion statement. Exchange of contracts is a legally binding moment in the conveyancing process – you are now committed to the house purchase.
Completion
On completion day, your conveyancer pays the required amount to the sellers solicitors in exchange for the title deeds. You can now move into your new home.
After completion
Your conveyancer will now register your name and mortgage at the Land Registry and send the deeds to your lender to be held as security for their mortgage advance.
Documents required for conveyancing
- Proof of address (utility bill or bank statement within the last three months)
- Proof of identity (passport/driving licence)
- Guarantees for appliances or building work, boiler service records, electrical certificates
- Title deeds
- Fittings and contents form
- Energy Performance Certificate
How much does conveyancing cost?
Fees charged by conveyancing solicitors will vary, and will normally be between £700-£1,500 (excluding the cost of stamp duty). They will comprise charges for legal services, and the cost of disbursements such as local authority searches.
How long does conveyancing take?
From the time an offer is accepted the conveyancing process should take between 2-3 months to completion, but can take longer, especially if you are part of a chain.
Are you allowed to do your own conveyancing?
If you need a mortgage to buy a property then the mortgage lender will usually insist on the legal work being done by a professional solicitor. It may be possible, if you are a cash buyer, to handle the conveyancing yourself, but only for simple transactions. If you want to go down this route you should have a good understanding of legal language and not be afraid of lots of paperwork!
Thinking of selling? Get a free valuation here
Before any of this happens, however, and you have something to sell, you need a buyer for your property. If you want to know how much your house is worth, we can offer you a free, no obligation valuation .