Conveyancing
This page explains the conveyancing process and the stages and time involved in moving home. If you go to our conveyancing charges page on this website the fees we will charge are set out in detail.
what is conveyancing?
Most UK Solicitors, including this firm, are part of the Law Society Conveyancing Quality Scheme, See this link CQS client charter | The Law Society for information on how this can help you.
The UK conveyancing process is the legal procedure of transferring property ownership from the seller to the buyer. This process involves several steps to ensure the transaction is valid and that all legal requirements are met. Here is a detailed breakdown of the conveyancing process in the UK:
1. Instructing a Solicitor
Buyer and Seller: Both parties instruct a solicitor to act on their behalf. The buyer’s solicitor is responsible for conducting searches, reviewing contracts, and handling the transfer of funds. The seller’s solicitor handles the preparation of the contract and the transfer deed.
2. Drafting and Reviewing Contracts
Seller's Solicitor: Prepares a draft contract and sends it to the buyer's solicitor. This draft includes key information about the property, such as title deeds, property boundaries, and any restrictions or conditions.
Buyer's Solicitor: Reviews the draft contract, raising any queries or concerns. This process is known as “raising inquiries” and may include questions about the property boundaries, planning permissions, or any issues flagged by the buyer.
3. Property Searches
Local Authority Searches: The buyer's solicitor conducts several searches, including local authority searches to check for any planning issues, restrictions, or environmental concerns that might affect the property.
Land Registry Searches: Confirms the legal ownership of the property and checks for any restrictions on the title.
Other Searches: Depending on the property’s location, other searches may be required, such as drainage and water searches or flood risk assessments.
4. Mortgage Offer
Buyer's Mortgage: If the buyer requires a mortgage, they need to apply and get a formal mortgage offer. The lender will usually instruct a valuation survey to ensure the property is worth the amount being lent.
5. Review and Agree on the Contract
Negotiations: Any necessary changes to the contract are negotiated between the solicitors. This step ensures both parties agree on all terms before proceeding.
Final Contract: Once both parties are satisfied, the final contract is prepared for signing.
6. Exchange of Contracts
Sign Contracts: Both parties sign the final contracts. The buyer’s solicitor will also usually ask for a deposit (typically 5 to 10% of the purchase price) from the buyer.
Exchange: The solicitors exchange contracts, making the agreement legally binding. At this point, neither party can back out without incurring serious financial penalties. The completion date (the day the property officially changes hands) is set during this stage. And forms part of the contractual agreement. Once this has taken place no one can change their mind about anything, but the contract terms can be varied by mutual agreement.
7. Pre-Completion
Final Searches: The buyer’s solicitor conducts final searches, including a bankruptcy search (to ensure the buyer hasn’t become bankrupt before completion) and a priority search at the Land Registry to ensure no changes have been made to the title.
Transfer Deed: The seller’s solicitor prepares the transfer deed, which the seller signs to legally transfer ownership of the property.
8. Completion
Transfer of Funds: On the completion date, the buyer’s solicitor transfers the purchase funds to the seller’s solicitor.
Handover: Once the funds are received, the seller’s solicitor releases the keys to the buyer. The buyer can then take possession of the property.
9. Post-Completion
Stamp Duty: The buyer’s solicitor pays Stamp Duty Land Tax (SDLT) to HM Revenue and Customs on behalf of the buyer.
Registration: The buyer’s solicitor registers the new ownership and any mortgage with the Land Registry. The buyer then receives the title deeds, officially making them the property's new owner.
Key Considerations:
Time Frame: The entire conveyancing process can take anywhere from 8 to 12 weeks, though it can vary hugely depending on the complexity of the transaction.
Costs: Costs for conveyancing services include legal fees, search fees, Land Registry fees, and Stamp Duty Land Tax (for properties over a certain price threshold). Please see our pricing page for more details on costs.
Chain: If the property is part of a chain (where the sale depends on other property transactions happening simultaneously), this can complicate and lengthen the process.
The conveyancing process ensures that the buyer obtains good title to the property and that all necessary legal and financial matters are addressed.
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