When moving home brings a flurry of excitement, conveyancing can feel like a weight of admin.
But giving your full attention to this process is crucial to make sure the sale is legally valid and protected – in other words, there are no nasty surprises later on.
Here, we explain the key stages of conveyancing and share advice on dodging common pitfalls.
The definition of conveyancing
Conveyancing is the legal process of moving property ownership from a seller to a buyer. It starts when an offer is accepted and ends on completion day.
Here are the stages you go through:
1. Choose a solicitor or conveyancer
This person will play an important role in handling the legal aspects of the property transaction, so go for someone with experience and good reviews. Their responsibilities include:
- Conducting the property searches
- Communicating with the other party’s solicitor (or conveyancer)
- Making sure all documents are organised and ready
Here’s more on choosing a solicitor or conveyancer.
2. Provide the initial instructions
You need to give your solicitor the details about yourself and the property transaction. Yes, this is a fiddly admin job – but, excitingly, it launches the legal process. Meanwhile, sellers share details about the property, including any existing disputes or alterations. The buyer’s solicitor will contact the seller’s solicitor to request a draft contract and other relevant documents.
- Buyers need: photo ID, proof of address, mortgage documents, proof of income, and source-of-wealth declarations, among other documents.
- Sellers need: photo ID, proof of address, the property title deeds, and the EPC, among other documents. They also need to fill in a property information form along with the contents and fittings form.
Check out all the documents you need when selling your home.
3. Do searches
For buyers, the next step is overseeing a series of searches by your solicitor. These aim to uncover any potential issues with the property and often include:
- Local authority searches check for planning issues, nearby road schemes, and other local matters
- Environmental searches look at risks such as flooding or contaminated land
- Title searches verify the seller's ownership and any restrictions on the property
- Water and drainage searches confirm the property is connected to the mains water and sewer systems
These help spot anything that could affect the property's value or your ability to live there comfortably.
4. Review contracts and negotiate terms
All searches complete? Now, the buyer’s solicitor will review the draft contract and negotiate any necessary changes with the seller’s solicitor. It’s all about making sure the terms of sale are fair and protect each party’s interests. For sellers, this is when you reply to any questions raised by the buyer’s solicitor.
5. Arrange a mortgage and survey
At this stage, buyers need to get a formal mortgage offer from their lender. Also, it’s wise to arrange for a property survey to identify any structural problems. There are different types of surveys, such as a Homebuyer Report or a full structural survey; when deciding what’s suitable, factor in the property’s age and condition.
6. Exchange contracts
Once both parties are satisfied with the contract and all searches and surveys are complete, you’ll exchange contracts. At this point, the transaction becomes legally binding, and both parties commit to completing the sale. The buyer pays a deposit, typically 10% of the purchase price, which they’ll forfeit if they pull out of the deal without a valid reason.
7. Complete
You’re almost there! Completion is the final stage of the conveyancing process, where the ownership of the property is officially transferred from the seller to the buyer. On the agreed completion date, the buyer’s solicitor will transfer the funds to the seller’s solicitor, and in return, the keys to the property will be handed over.
8. Handle post-completion jobs
After completion, there are a few remaining tasks. For buyers, your solicitor will:
- Transfer payment for any Stamp Duty Land Tax due
- Register the transfer of ownership with the Land Registry
- Notify your mortgage lender of the completion
For sellers, your solicitor will confirm that any existing mortgage on the property is paid off and that the remaining balance from the sale is transferred to your account.
Final thoughts
Whether you’re a first-time buyer or selling your umpteenth home, understanding the steps involved in conveyancing can make the experience less stressful. Are you looking to move? Get in touch with your local Winkworth office to chat with a member of the team.
