Are you buying or selling a house? If the answer is yes, then it’s time to get familiar with the term ‘conveyancing’. What does conveyancing mean? Don’t worry – you’re in the right place! In this blog post we’ll explain exactly what conveyancing is and why it’s such an important part of buying or selling a property. We’ll also provide helpful tips on getting started with conveyancing and avoiding common pitfalls along the way. So, grab yourself a coffee and get ready because buying or selling your property can be an exciting journey – let’s start learning about it now!
Conveyancing is a legal process that takes place when you buy or sell a property. It involves conveyancing solicitors or qualified conveyancers providing legal advice on the transfer of ownership, with the aim of ensuring that all documents, fees and taxes are in order and up to date. The conveyancing solicitor deals with exchanging contracts, conducting searches, and ensuring both parties have the support they need to complete the sale or purchase.
They are important advisors throughout the entire conveyancing process helping buyers and sellers confidently get through all legal aspects of buying and selling property and protecting the client’s interests in the property.
What is a Conveyancer?
If you are looking for conveyancing support for the purchase of your new home, conveyancing solicitors are highly trained professionals who can help you through the conveyancing process. They deal with exchanging contracts, asking legal questions to the conveyancing solicitor about the property based on the information provided in the contract and searches. Conveyancing solicitors also ensure that their clients’ investments are legally protected by following all of the necessary protocol steps during this time, ensuring that conveyancing is done quickly and efficiently. With their expert knowledge and guidance, conveyancing solicitors make sure all parties involved have a smooth transition, safeguarding any investments made in order to provide peace of mind when handling such an important property transaction.
How long does conveyancing take?
Undertaking conveyancing in England can seem like a daunting task and it’s important to be aware of the workings of the conveyancing process. The right conveyancing team and solicitor can really help make the proceedings smoother, quicker and more efficient. On average the conveyancing process, from instructing a solicitor to completing legal transaction, takes on average 20 weeks according to the latest figures released by Rightmove.
While some websites advertise timeframes of 8-12 weeks, much depends on other parts of the housing chain and how quickly they are able to complete the legal work so it is more realistic to work off the average timeframes confirmed of 20 weeks, rather than the pre lockdown numbers of roughly 12 weeks.
As part of any conveyancing process, you will need to confirm your identity with an Advanced Anti Money Laundering check (AML Check), complete initial questionnaires to give your solicitor a good overview of the property and your circumstances, complete protocol forms if you are selling property and provide proof of funds if you are buying. If you are buying you will also need to order Searches, which can take weeks to be completed by the local council. Each council varies in their response times but ordering your Searches as early as possible is vital to keep your transaction moving at a good pace.
By making sure you are legally ready for your conveyancing solicitor you stand a better chance of having a quick conveyancing experience.
What are Property Searches?
Property searches are a vital part of conveyancing, the process of purchasing a home or commercial property. During conveyancing, a conveyancer will conduct a few different types of searches relating to the land and property you are looking to buy, such as Local Authority Searches, drainage and water and environmental. These searches will ensure that both the buyer and seller are safe in their deals – they will uncover any potential issues with the property that could otherwise lead to problems down the line.
Once your search results are returned, the solicitor will thoroughly review them and then carefully raise any legal questions to the seller’s solicitor if needed. This is a very important step and ensures that any potential problems with the property are brought to light and addressed prior to completing the transaction. It also provides an opportunity for further negotiations or adjustments to take place in order to ensure the sale can go ahead without unexpected surprises. The solicitor’s expert analysis of the search results helps to make sure all parties involved in the transaction have full knowledge of what they’re getting into.
What are the stages of conveyancing?
Conveyancing is a complex but necessary process when buying or selling a property. It involves many steps and stages, which can seem overwhelming at first – however they are designed to ensure that all parties involved in the transaction move forward knowing that everything has been done correctly and safely. The main stages of conveyancing are making an offer, exchange of contracts, pre-completion checks, completion and registration with the Land Registry. Once you’ve instructed a solicitor to take care of your property transfer, they will guide you through each step of the process and ensure it happens as quickly and efficiently as possible.
The steps are explained below depending on whether you’re buying or selling the property:
Steps for selling a property
1 – Customers details gathered
You have completed the documents to give full information about you, your property, the financial details, completed your AML ID Checks and signed and completed the documents confirming you would like to instruct your solicitor. The legal work cannot legally start until this vital step is completed.
2 – Contract of Sale sent to the buyers Solicitor
Your conveyancer creates a draft contract based on the information you have completed and this is then sent to the solicitor acting for the buyer of your property.
The buyers solicitor will now review all of the information you have completed and it will take roughly 2-3 weeks for them to send the legal questions “enquiries” to your solicitor.
3 – Request redemption statement from your bank (if you have a mortgage)
Your solicitor will ask your lender for an initial statement to check what monies are owing and whether your sale price will cover this cost. The lender must provide this information directly to the solicitor for the information to be acceptable.
4 – Enquiries Received from the buyers Solicitor
These are the legal questions the buyer’s solicitor will ask about your property and your solicitor needs to answer all of the questions raised.
Replying to enquiries can take on average between 5-8 weeks as there will be multiple questions and answers going back and forth between the solicitors. More questions may be raised when the results from the Searches are received.
The best way to keep this stage moving quickly is to return any requested information to your solicitor as quickly as possible. This is now the main section of your legal work for the sale of your property.
5 – Exchange
Your solicitor and the buyer’s solicitor exchange information to form a legally binding agreement to complete the sale of your property.
6 – Completion
Wahoo, you have now legally sold your house and you’re ready for the next exciting chapter in your life.
Steps for buying a property
1 – Customer Details Gathered and Searches Ordered
You have completed the documents to give full information about you, your new property, your financial details, completed your AML ID Check, Proof of Funds checks and Searches ordered.
All documents are now sign to confirm you would like to go ahead with your legal work.
The time frame for receiving the contract is very much dependant on the seller’s solicitor but on average it can take between 2-4 weeks to receive the contract of sale.
2 – Memo of Sale (MOS) received from sellers Estate Agent
The MOS introduces the solicitors to each other and confirms details of solicitors acting, contact details, and purchase property details so that the solicitors can liaise to start the legal work.
3 – Draft Contract of sale received
The seller’s solicitor will send in the draft contract based on the information collected
from the seller about the property.
There is a lot of information for your solicitor to consider when reading the contract so expect 2-4 weeks before the next stage of the enquiries is ready.
4 – Send enquiries to seller solicitor
These are the legal questions your solicitor will ask about the property to check your investment is protected.
During the Enquiries stage your solicitor will be asking numerous questions to legally protect your investment. There will be multiple sets of questions raised and answered so expect the Enquiries stage to be anywhere from 5-8 weeks based on average time scales.
5 – Receive replies to enquiries
The sellers solicitor will answer the enquiries raised by your solicitor to make sure that every question has a response.
Once the Search results are received, there may be more questions raised dependant on the information within the reports.
6 – Exchange
Your solicitor and the seller’s solicitor exchange information to form a legally binding agreement to complete the sale of your new property.
7 – Completion
You own your new home!
So, there you have it! You are now clued up on the conveyancing process and what it involves. If you would like to get started with your legal transaction, then simply give us a call on 0161 710 1225 and we will be able to help. We pride ourselves on being approachable and friendly so please do not hesitate to pick up the phone. Alternatively, if you would like more information about any of the services that we offer, then please click here to take you to more information about our services.
