The ultimate guide to conveyancing

 

The ultimate guide to conveyancing

Property key in the front door with a silver house as a keyring.

Whether you are planning to buy or sell a property, the one word you will continue to encounter during the process is ‘conveyancing.’ In this blog, we take some of the information we shared with you here and expand on it, answering some of the most frequently asked conveyancing questions.

What is conveyancing?

In short, conveyancing is the term used to describe the legal transfer of a property from one owner to another, ensuring that the buyer is given full ownership of the property. Due to the nature of the exchange, it is highly recommended that the conveyancing is done by either a Conveyancing Solicitor of a Licensed Conveyancer, ensuring that the purchase is fair for both parties and completed correctly.

Choosing the right conveyancer

Once you have chosen your property and wish to proceed with the sale, you must take the time to choose the right conveyancing solicitor for your needs. As a face that will represent your needs in the sale process, it is essential that they have your best interest at heart.

As members of the Law Society’s Conveyancing Quality Scheme, Bookers & Bolton Solicitors pride ourselves on the quality and efficiency of our service, offering several services, including but not limited to:

• Experienced and qualified legal experts to work on your matter

• A secretary for every lawyer who can help with your enquiries

• Instant quotations without any hidden charges

• An excellent relationship with Estate Agents without paying referral fees

• Interim billing to help spread the cost

The first stages of the sale

Once you have established that a sale is taking place and have chosen your solicitor/conveyancer, they will sit with you to go through the draft contract and any supporting documents and read/complete the TA6 form, which describes the condition of the property at the point of purchase.

Before you sign your contract, your solicitor will need to ensure that:

• All enquiries have been returned and are satisfactory.

• Fixtures and fittings included in the purchase are what you expected.

• A completion date has been agreed upon between both parties, typically one to four weeks after the exchange of the contracts.

• The buyer has transferred their deposit into their solicitor’s account, ready for the exchange.

If you have any concerns about the sale or the contract, this is the perfect time to address them. At this stage of the sale, you are still able to withdraw from the purchase without being financially liable.

Exchanging contracts

The solicitors are then left to carry out various searches and legal tasks to confirm the property’s condition and the sale’s authenticity. After ensuring that both parties are happy with the agreement, the solicitors on each side of the sale will exchange contracts over a recorded telephone call, acting on behalf of the seller and the buyer, making the contract legally binding.

At this point of the sale, neither party can withdraw without financial consequences. If the buyer decides not to complete the purchase, the seller can keep their deposit and enquire for more money if the deposit amounts to less than 10% of the property’s value.

If the seller decides to withdraw from the sale at this point, the buyer is in a position where they can sue to get the property they signed the contract for.

Completion Day

On completion day, the buyer’s solicitor will arrange for the purchase money to be sent to the seller’s solicitor, who will then arrange the handover of the keys. Once this is done, the ownership of the property is officially transferred to the buyer.

Once the ownership of the property has been transferred to the buyer, their solicitor will complete the conveyancing transaction with the following steps:

• Paying Stamp Duty Land Tax on behalf of the buyer (for help on calculating how much Stamp

Duty you would need to pay, visit HMRC’s Stamp Duty Land Tax Calculator)

• Send the legal documents to Land Registry

• Send a copy of the title deeds to their mortgage lender

• Bill the buyer for their payment

How long does the conveyancing process take?

Although conveyancing processes vary depending on the people involved and the situation, most take around 8-12 weeks from appointing a conveyancer to completion.

If you are purchasing a home with your partner and you would like to include it in a cohabitation contract or a will, our team of experts will be able to assist you!

Need more information on this topic? Check out our comprehensive guide to conveyancing. Ready to speak to one of our solicitors about your own conveyancing process? Need an instant conveyancing estimate? Get in touch now on 01420 558 294/295 or email enquiries@bookersandbolton.co.uk.

SHARE THIS POST