From first-time buyers to those looking to sell up and move elsewhere, conveyancing is the common denominator in any property transaction.
We are often well-informed about how to find a house to buy, explore mortgage options, and determine how much we can borrow, but conveyancing can sometimes be left unconsidered after an offer is accepted – resulting in a mad rush to find a reputable conveyancer.
This could be because the conveyancing process isn’t understood as easily as other stages of buying or selling a home (it is, after all, the unglamorous, somewhat boring phase).
So, to keep you informed, we’ve written this guide to explain everything you need to know – from the role of conveyancing in the house-buying process to finding a conveyancing solicitor.
What is conveyancing?
Conveyancing is the legal transfer of home ownership from one party, ‘the seller’, to another, ‘the buyer’. Essentially, it is the legal process of buying a house.
As soon as you have had an offer accepted on a house, you will need to instruct a solicitor or a licensed conveyancer to manage the conveyancing process on your behalf. You can meet our conveyancing solicitors here.
Whether you’re working with us, or someone else, the role of a conveyancer normally includes:
- Legal Expertise: Dealing with all of the legal aspects of the transfer, running searches to check on the state of the property, addressing any concerns and answering your questions.
- Coordination: Liaising with various parties involved, like mortgage lenders and the other party’s solicitor.
- Document Management: Reviewing and handling all necessary documents, including those dreadfully complex contracts.
- Financial Transactions: Overseeing the transfer of funds, including deposit and balance payments, ensuring money moves to the right accounts at the right time.
Overall, a conveyancer manages the legal side of things to ensure that your rights are protected. So finding someone you can trust and rely on is important – the right individual will remove much of the stress associated with buying a home.
How long does conveyancing take?
Generally, the conveyancing process takes around 8-12 weeks. This will vary on a case-by-case basis, but if you choose to instruct reputable conveyancing solicitors, this is the sort of timeframe you can expect.
If you are involved in a chain, it may take up to 6 months to complete the process.
Here’s a tip: If you have a mortgage agreement in principle before you start house hunting, it can take less time for your offer to be accepted. This means that you can start conveyancing (and move the whole transaction along) faster.
What does the process involve?
The conveyancing process is sliced into several key stages, starting with the instruction of a conveyancer or solicitor after your offer on a property is accepted. Here’s a snapshot of what they do following that point:
- Legal work and searches: Your conveyancer will carry out necessary legal checks and property searches, ensuring there are no hidden surprises that could affect your purchase.
- Reviewing reports: Your conveyancer will gather detailed reports about the property, including, for example, a ‘report on title’, which highlights any issues with the property’s legal title or the land it sits on.
- Mortgage agreements: If you’re getting a mortgage, your conveyancer will check the offer and related conditions. They’ll also liaise with the mortgage lender for the funds.
- Exchange of Contracts: The drafting, reviewing, and finally, exchanging contracts with the seller is where things get official—this is when the agreement becomes legally binding. Your conveyancer will guide you through this stage.
- Completion date arrangement: Your conveyancer will arrange a completion date with the seller’s solicitor. On the day of completion, the conveyancing solicitors will manage the transfer of funds, and you can have the keys to your new property.
- Post-completion: There’s still work to be done even after you’ve gotten the keys. Your conveyancer handles the transfer of funds, updates the Land Registry to ensure the property is legally yours, and manages the payment of Stamp Duty Land Tax (SDLT), if applicable. They will stay in touch to ensure that all of the paperwork and legalities are sorted.
How to find a conveyancer
Conveyancers are pivotal to smooth property transactions – you should choose someone you’re comfortable working with, and you’ll make your entire journey a lot easier.
But this begs the question, how do you find the right person?
You can:
- Ask your friends and family. Have they had any good experiences with a particular conveyancer that they could recommend? Perhaps they have had a bad experience somewhere, which you can then avoid!
- Look at local firms. If there is a respectable local firm in your area, it is highly likely that they will have dealt with similar houses to yours, or even your new house, in the past. Local knowledge can be very helpful in overcoming any barriers in the conveyancing process.
- Check online directories. Websites like the Law Society’s Find a Solicitor can help you locate qualified conveyancers near your area.
Estate agents may make a recommendation for a conveyancer. Keep in mind the estate agent likely receives a commission from the conveyancer for the recommendation. Do your own background research before committing.
As for choosing between the firms you find, here are a few key considerations:
- The more great reviews a company has, the more comfort you can take that it is a respected, legitimate firm. You could, for example, look at Review Solicitors for feedback. We are rated 4.9 stars out of 5 for housing and property services.
- Check the company is on your mortgage lender’s panel. If it isn’t, this could lead to unnecessary complications and a longer conveyancing process.
- You get what you pay for.
- Look for professional memberships and accreditations. Conveyancers who are members of professional bodies or hold accreditations, such as the Conveyancing Quality Scheme (CQS), are bound by certain standards and practices, ensuring a level of professionalism.
How much does conveyancing typically cost?
The cost of conveyancing will vary depending on the purchase price of the property and the complexity of the transaction. Generally, you’re looking at two types of fees:
- Fixed fee: A set amount for the conveyancer’s time and expertise. This will vary based on the price of the property, and whether it’s freehold or leasehold. Generally speaking, most houses are freehold, as you own the building and the land it is on. Most flats or maisonettes are leasehold. While you own the flat, you don’t own the entire block, and so the lease of the entire building must be considered.
- Disbursements: There are several different checks which need to be done as part of the conveyancing process. These can include environmental searches, water and drainage searches, mortgage handling fees, Land Registry charges, and more. You’ll be billed for these in addition to the fixed fee.
Stamp Duty is another factor to consider. Again, as the price of the property increases, so does the value of the Stamp Duty required.
Your quote should give you a breakdown of each fee.
Should I compare conveyancing quotes?
It is important to shop around, whatever service you are looking for. It is equally important to consider more than just price when comparing conveyancing quotes. Often, the cheapest option will not be the best. If it looks too good to be true, it probably is.
Be wise and realistic in your judgement of conveyancing quotes. If the transaction is to be more complex than usual, you should expect a higher cost.
You can get an instant conveyancing quote from us to compare with others.
Get in touch
Whether you want to kick-start the process, get a quote, or have an enquiry for our conveyancing team, get in touch.
You can call us on 0161 969 3131, fill out our contact form, or speak with us on live chat at the bottom of your screen.