Your Survival Guide to the Conveyancing Process
What is Conveyancing?
When a property is bought or sold, the legal ownership – or title – must transfer from the seller to the buyer. This process is known as conveyancing and can take on average 12 weeks, sometimes less time, sometimes longer.
Stages of the Conveyancing Process
- Both seller and buyer instruct a Conveyancing Solicitor
- Both the seller and buyers Conveyancing Solicitors will send out their initial documents to you, their clients.
- You must return the completed documents and any requested fees to the Conveyancing Solicitor as soon as possible. These are your formal instructions to your Solicitor to begin the legal process.
- The sellers’ Solicitor will then put together a set of papers called the contract pack and send these to the buyers Solicitor.
- The buyers Solicitor can then begin work on the conveyancing process.
- The buyers Solicitor will order relevant searches and raise any legal enquiries that they have about the property with the sellers Solicitor.
- The buyers Solicitor will send a legal report to the buyers about the title of the property, enclosing the legal contract and transfer for signing and returning.
- The buyer will receive a mortgage offer and will be sent a mortgage deed by their Solicitor to sign and return.
- The sellers Solicitor will send the legal contract and transfer for the sellers to sign and return as soon as possible.
- Once the Conveyancing Solicitors are satisfied that all legal aspects are in order, the buyers solicitor will request deposit monies from you.
- Both parties will then agree on a completion date and contracts will be exchanged between solicitors.
- The deal is now legally binding
- Sellers and buyers can then makes arrangements with removals and utility companies etc.
- On the day of completion, monies will be transferred between Solicitors and when receipt has been confirmed, keys can be collected form the Estate Agents.
Please note that this is a basic conveyancing guide only and as such is to be used for information only and not for specific purposes.
How you can help the transaction:
- Return all forms and documents as quickly as possible (as long as you are satisfied with them).
- Transfer your initial search fees to your Solicitor as soon as you can so that the conveyancing process can begin.
- Email or telephone your Solicitor should you have any queries or concerns.
- If you are selling, please send in any documents pertaining to the property with your initial documents. These may be guarantees, Fensa certificates, gas/electrical work certificates and any planning or building certificates.
- If you are purchasing, please ensure that you send in any documents relating to Money Laundering Requirements as soon as possible.
- If you are purchasing, please ensure that your deposit monies are ready to transfer as soon as they are required.
- If you are obtaining a survey, please arrange for this as soon as possible.
If you make a valid claim against us for a loss arising out of work for which we are legally responsible, and we are unable to meet our liability in full, you may be entitled to claim from the Compensation Fund administered by the Council for Licensed Conveyancers (from whom details can be obtained”).