Buying a house is not something you do every day. That’s why you have a right to not know how the whole process works and what every single term means. Many people are unaware of what a Conveyancing process is or what it entails. This is where we come to help you.
What is conveyancing?
Have you ever heard of conveyancing? If it’s your first time buying a property, it’s possible you don’t know what it is and how it works. That’s totally okay! Don’t worry and let us explain the process to you.
If you are buying a property, the conveyancing process begins as soon as you’ve had an offer accepted. It includes preparing legal documents for a property sale, remortgage or lease extension, and transferring legal ownership of the property is being sold.
How it works?
Conveyancing is usually carried out by a solicitor or licensed conveyancer. They deal with the Land Registry, draw up contracts, and transfer the money. They are also making sure that the legal ownership of the property passes from the seller to the buyer.
The conveyancing process differs for sellers and buyers.
First, the seller has to complete a number of detailed forms about the property and the items included in the sale. The seller also has to provide identifying information to their solicitor to prepare the sale contract. If the seller has a mortgage, the seller’s solicitor will request a repayment statement (a redemption statement) from the mortgage lender so that the solicitor can fully pay off the mortgage loan after completion of the sale.
The conveyancing process is different for the buyers. They need to organize a survey of the house and their finances. It is important for buyers to make sure that they will have sufficient money to cover the cost of the house, the Stamp Duty Land Tax (SDLT) payable, all of the moving costs. If the buyer takes a mortgage, then this also needs to be organized and a formal offer must be made by the mortgage lender.
Buyers should inspect the property at least once and check if everything works and that the legal plan of the property given to them by their solicitor correctly shows the property being sold. Then, the buyer’s solicitor reviews the paperwork supplied by the seller, the mortgage paperwork, and the conveyancing searches. The solicitor will also negotiate the sale contract. When everything is ready, the solicitor reports to the buyer and lets the buyer know that the pre-exchange legal work has been done. Sometimes the buyer and seller have further negotiations before exchange.
How long it will take and how much it will cost?
Buying property is an expensive process, so it’s good news that you don’t need to pay a fortune for your conveyancing. Exact costs vary and depend on the value of the property. Expect conveyancing fees for a standard freehold purchase to total up at approx. £500 – £1,500 (this does not include any stamp duty land tax liability).
The average process takes between 10-12 weeks. It can be quicker or slower, depending on the parties involved.
Please do not hesitate to contact us if you have any questions regarding Conveyancing or our services. Our mortgage specialists will be happy to help and explain every detail.