What is Conveyancing?
Conveyancing is the legal term used to describe the legal and administrative work that is required to be carried out when transferring a property from one party to another.
How long can the conveyancing process take?
The process can take between 8 and 12 weeks from the date of instruction, but in some circumstances, it can take less, or longer, depending upon on some issues that can arise within the conveyancing process.
Here is a simplified guide to the Conveyancing process.
What happens within a transaction?
Both parties to the transaction will have appointed a lawyer (either a solicitor or licensed conveyancer) to act on their behalf. Broadly speaking, the transaction will take the following steps:
- The estate agent confirms the details of the sale of the property
- The buyers’ conveyancer requests contracts from the sellers’ conveyancer
- The sellers’ conveyancer requests title deeds from the sellers’ lender, prepares contracts for the sale of the property and sends them to the buyers’ conveyancer
- The buyers’ conveyancer reviews contracts and title information, submit searches and raises any queries with the sellers’ conveyancer
- Search results and replies to enquiries will arrive with the buyers’ conveyancer. Depending on the replies to searches and enquiries, the buyers’ conveyancer may require more information. The Buyers Conveyancer will also report to their client at this point.
- The buyer’s Mortgage Offer arrives and is checked by the buyers’ conveyancer and a letter explaining the offer will be sent to the purchaser along with the Mortgage Deed for signature.
- A report is prepared for the buyers with Transfer and Contract for signature. Sellers are also now sent the Transfer and Contract for signature.
- Contracts are exchanged, any deposits monies are sent to the seller’s conveyancer and a moving date is fixed
- The buyers’ conveyancer pays the Stamp Duty Land Tax to the Inland Revenue and registers the buyer as the new property owner.
This is a short guide to the conveyancing process we recommend speaking to a qualified, regulated solicitor for further information regarding the conveyancing process.
Need to know more? Speak to a Solicitor
If you would like to speak to a Solicitor about the process you can find one here
We found this video from Jamie York a property investor with a superb youtube channel. Here’s his no-nonsense guide to what conveyancing is and whether you need to instruct a conveyancer.
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