A Guide to the Conveyancing Process When Buying a Home
Buying or selling a home is one of the biggest financial transactions most people will ever make. The conveyancing process—the legal transfer of property ownership from seller to buyer—plays a crucial role in ensuring that everything goes smoothly. While it might seem complex, having a clear understanding of what to expect can make the journey far less daunting.
In this guide, we’ll walk through the key stages of conveyancing, when you’re buying a property.
What is Conveyancing?
Conveyancing is the legal process of transferring property ownership. It involves various legal, administrative, and financial checks to ensure that the transaction is secure for both parties. A licensed conveyancer or solicitor typically handles this process, working on behalf of the buyer or seller to manage contracts, perform searches, and facilitate the transfer of funds.
- Instructing a Conveyancer or Solicitor
The first step, whether you are buying or selling, is to appoint a conveyancer or solicitor to handle the legal aspects of the transaction. You’ll want to do this early on in the process, as the conveyancer will play a key role from start to finish.
– What to Look For: Choose a licensed conveyancer or solicitor with experience in property transactions. Ask for recommendations, read reviews, and compare quotes. Remember, cheapest isn’t always best—look for reliability and clear communication.
- Conveyancing Process When Buying a Property
Step 1: Making an Offer and Getting it Accepted
Once your offer on a property has been accepted, the formal conveyancing process begins. Your conveyancer will:
– Request the contract pack: This is provided by the seller’s conveyancer and contains the draft contract and crucial information about the property.
– Apply for searches: These include local authority, environmental, and water and drainage searches. These searches are critical in uncovering any potential issues, such as planning restrictions or flood risks, that may affect the property.
Step 2: Survey and Mortgage Offer
While your conveyancer handles legal matters, you’ll need to arrange a property survey (to check the condition of the property) and finalise your mortgage offer if you are using a mortgage.
– Survey Types: Choose between a Condition Report, Homebuyer Report, or a Full Building Survey depending on the age and type of the property.
 Step 3: Signing Contracts and Exchanging
Once your conveyancer has received satisfactory results from the searches, they will go through the contract with you. This is a crucial stage, and your conveyancer will explain all legal obligations.
– Exchange of contracts: When both parties are satisfied, you’ll sign the contract. A deposit (usually a percentage of the property price) is paid, and contracts are exchanged. At this point, the sale becomes legally binding.
Step 4: Completion
Completion is the day you finally take ownership of your new home. The balance of the purchase price is transferred to the seller’s solicitor, and you receive the keys.
– Completion date: This is typically agreed upon when contracts are exchanged. It’s usually 1-2 weeks after the exchange, but this can be flexible depending on both parties.
Step 5: Post-Completion
After completion, your conveyancer will handle:
– Stamp Duty: This must be paid within 14 days of completion.
– Land Registry: Your conveyancer will register you as the new owner of the property with the Land Registry. Once this is done, you will receive your official title deeds.
- How Long Does the Conveyancing Process Take?
The conveyancing process typically takes between 8 to 12 weeks, but the timeline can vary depending on factors such as:
– Property chain: If you’re part of a long chain of buyers and sellers, delays in one transaction can affect the entire chain.
– Searches and enquiries: If issues arise during searches or the buyer has specific concerns, these can add time to the process.
– Mortgage approval: Delays in securing a mortgage offer can also slow things down.
- Costs Involved in Conveyancing
The costs of conveyancing include:
– Legal fees: Typically range from £800 to £1,500 depending on the complexity of the transaction and the property’s value.
– Search fees (for buyers): These vary but are usually between £200 and £500.
– Stamp Duty (for buyers): This depends on the property price and whether you’re a first-time buyer.
– Land Registry fees (for buyers): These also depend on the value of the property.
Tips for a Smooth Conveyancing Process
- Choose the right conveyancer: Research thoroughly and ensure they are responsive and have good reviews.
- Communicate clearly: Regularly check in with your conveyancer and respond to queries promptly.
- Be prepared: Have all documents and information ready to avoid delays.
- Understand the timeline: Be aware that delays can happen, especially if you’re part of a chain.
Final Thoughts
The conveyancing process may seem daunting, but with the right solicitor or conveyancer by your side, it can be straightforward and stress-free. Whether you’re buying or selling, understanding each stage will help you stay informed and feel more in control of the process.
Remember, while conveyancing involves a significant financial and emotional investment, it ultimately safeguards one of the most important transactions of your life: the transfer of your home.
At Kuavo, we have strong relationships with trusted conveyancers and are happy to connect you with them for no-obligation quotes. Whether you’re buying or selling, our recommended conveyancers can guide you through the process with professionalism and ease. Let us help make your property transaction as smooth as possible by introducing you to reliable experts who can meet your specific needs.