Conveyancing is defined as the legal process required to transfer ownership of a property to a buyer from a seller.
When you purchase a property, the conveyancing process begins when the seller accepts your offer and ends when you complete the sale, and your chosen conveyancer fulfils the final steps (like registering the house in your name). Here, we look at the conveyancing process from a buyer’s perspective.
Instructing a conveyancer
Finding the right conveyancer or conveyancing solicitor is the first step in the process. You can then instruct them to begin legal work on your purchase.
While estate agents representing the property you are buying may recommend a conveyancer, you aren’t obliged to use them. Often, you can find a better price and services by comparing quotes.
After instruction, your conveyancing solicitor will carry out the relevant anti-money laundering and identity checks. They’ll communicate with the seller’s solicitor and confirm that you have instructed them, and will request a draft contract copy along with other details, like the property’s standard forms and title.
Mortgage and survey
You’ll need to secure your mortgage, including having the financing available to make your mortgage deposit. A Mortgage Valuation is a vital part of obtaining this. It’s undertaken on behalf of the lender to ensure the property you’re purchasing supplies sufficient security for the sum you are borrowing.
You aren’t legally required to get a survey, but it is usually recommended, as surveys can identify major issues. Depending on the survey’s results, you may decide to go ahead with buying, pull out or renegotiate on price. As a result, it’s recommended that you conduct surveys in the early stages of conveyancing.
Property searches
You can’t learn everything there is to know about a house from surveys and visits with estate agents. As part of the conveyancing process, your conveyancing solicitor will perform legal property searches that make sure there are no outstanding factors you are unaware of.
While some searches are recommended for all purchases, others may be a requirement of the mortgage lender. Potential property searches can include Land Registry checks on titles and local authority searches to check there are no development plans impacting the property.
Contract and enquiries
The conveyancing process involves the conveyancing solicitor carrying out a detailed examination of the draft contract and its supporting documents. They will then raise enquiries with the property seller’s solicitor. As the buyer, you’ll be expected to review the forms and paperwork completed by the seller and inform the solicitor if you have concerns.
Signing and exchanging contracts
Understandably, exchanging contracts is a key stage in the conveyancing process. Once you and the seller and agree on the time and date to exchange contracts, your appointed solicitor will then exchange contracts on your behalf. This is typically conducted by a recorded phone conversation, with both conveyancing solicitors reading the contracts out to ensure they are identical. The contracts are then immediately sent to each other by recorded post.
Once contracts are exchanged, you’re legally bound to purchase the property with a set moving date.
Completion
Now in the closing stages of the conveyancing process, between exchange and completion, your conveyancing solicitor lodges an interest in the house. This involves the deeds being frozen for a 30-working day term to let your solicitor process the payment to the property seller, but also to lodge your application with the Land Registry so they can legally transfer the deeds to your name.
After the seller’s solicitor confirms that all money due is received, the seller leaves the keys with their estate agent for you to collect. This means that the conveyancing process is completed, and you’re entitled to move in.
Post-completion
Following completion, your conveyancing solicitor ties up the final stages of the conveyancing process. This includes paying Stamp Duty Land Tax for you and registering the property to your name with the Land Registry. If the property you are buying is a leasehold, they will notify the freeholder. Finally, they will issue you with their bill for payment.
Key considerations of the conveyancing process
Always consider the timeframe. Depending how complex the purchase is, the conveyancing process can take between several weeks to months. Ensure you are aware of all possible charges and fees associated with conveyancing before you start the process.
Choosing an experienced, well-reviewed and regulated solicitor that covers your area is always advised. For conveyancing solicitors in North Wales you can trust, connect with us today at Bennett Smith Solicitors.
