Conveyancing is the legal transfer of a property. Before the exchange of a property can be completed, there is a lot of legal and administrative work that must be finalised. For this reason, the conveyancing process can appear overwhelming for those who are purchasing their first home. In this article, we will break down the conveyancing process and answer the most common questions homeowners have.
What is Conveyancing?
The definition of Conveyancing is the legal transfer of a property, from one owner to another. If you are getting a mortgage, a conveyancing solicitor acts on behalf of the buyer and the lender. This process begins when an offer on a property is accepted and finishes when the exchange of keys is complete.
What is the Conveyancing Process?
A conveyancer solicitor will facilitate the buying process by managing a number of administrative and legal processes on behalf of the buyer. Some of these include:
- Organising and completing searches of the property
- Communicating with the seller’s legal parties to progress the transaction
- Registering ownership on the buyer’s behalf with the land registry
- Completing a tax return on behalf of the owner
- Transferring funds for stamp duty on behalf of the owner
- Providing buyer with key information and documents from transaction
In addition to the above, conveyancers can also check for the following issues that may be unknown to the potential buyer:
- Easements – the legal right of other individuals to access your land, for parking or other uses.
- Covenants – a formal agreement that certain activities will not be carried out on the property, e.g., paint colours or fence styles.
- Caveats – indication that there are issues with the buying process, such an interest from other potential buyers.
What searches will be carried out during the Conveyancing process?
While there are a number of searches that will be recommended by a conveyancer as being specifically needed for the buyer’s property, mandatory searches will be carried out on all properties during the conveyancing process that look to investigate the following:
- Local authority – planning issues that may affect your use of the property
- Water and damage – links to public sewers and mains drainage
- Environmental – possible land contamination and flood risk
- Coal mining – previous, current, and future coal mining activity
- Chancel repair liability – responsibility for contributing towards the maintenance of your local church
How much does Conveyancing cost?
There are two main costs in conveyancing. The first is the conveyancers legal fee, which can vary from property to property depending on its size and freehold/leasehold status. The second cost involve the activities undertaken by the conveyancer to complete the buying process, such as searches, land registry, and stamp duty land tax.
You will not be required to pay the full balance of conveyancing until the completion date is finalised.
How long does Conveyancing take?
The average time for a conveyancing process to be carried about is 2-3 months, however the timeline for this can be largely circumstantial as each transaction is likely to differ with the number of people involved in the chain and the searches required.
While the conveyancer will aim to progress the transaction as efficiently as possible, you can ensure this by responding promptly to any request, such as providing evidence of funds where necessary and signing legal documents.
It is important to choose an experienced conveyancing solicitor when completing the buying process on a property. Choice Mortgage Solutions have years of experience working with first-time buyers, home movers and buy to let investors. We pride ourselves on our in-depth knowledge of the property market and helping our customers to get the most from their investment. To find out more about our conveyancing services, get in touch today.