Conveyancing Process Explained For Buyers

Conveyancing can be an overwhelming subject, and it can be difficult to understand all of the stages of the conveyancing process. With all the legal ins and outs of buying a property, it's understandable why some individuals are unaware of how the process works.

The conveyancing process involves several steps, from buying and selling a property to the completion date when the keys are exchanged - luckily we're here to break each step down for you.

The conveyancing process can take anywhere from a few weeks to a couple of months to complete, depending on a range of varying factors and obstacles that could potentially come up. To gain a better understanding of the conveyancing process for buyers, read on.

What is Conveyancing?

What is conveyancing? Conveyancing is the legal part of buying a home, which is essentially the legal transfer of property ownership from the seller to the buyer.

Before starting the process, a conveyancer will need to know the property purchase price, proof of funding, and ID, to name a few. This information ensures a smooth process.

Conveyancing refers specifically to the legal side of moving houses and the purchase transaction of property from one person to another. A conveyancer’s job is to help with the legal process throughout while making it easy to understand. A typical conveyancing transaction has two major phases:

• Exchange of contracts
• Completion

The conveyancing process starts when your offer on a property is accepted and officially ends when the keys are handed over.

Who is Responsible for Conveyancing?

Usually, a conveyancing solicitor will conduct the conveyancing process. This is unless your mortgage provider works with a specific firm. It's up to you who you get to do your conveyancing, so it's important to do your research beforehand.

While all solicitors might be qualified to undertake this type of legal work, not all will be experienced in this area. We advise working with a specialised solicitor to deal with your conveyancing, such as a member of the Bell Lamb & Joynson team.

When it comes to conveyancing, you need someone you can trust who shows that they're an expert in the field and can take on any potential issues along the way.

The Conveyancing Process

The conveyancing process differs for buyers and sellers. We'll be going through the conveyancing process for buyers, making it easier for you to understand if you want to purchase a property.

The process can vary slightly depending on the conveyancing expert you choose to work with - however, the process typically follows a similar route.

At Bell Lamb & Joynson, we kickstart the process by assigning you one of our trusted conveyancing professionals before drafting contract terms and discussing our conveyancing costs.

A member of our team will then contact the seller's conveyancer to confirm they've requested a copy of the draft contract and any other vital details, such as the property information form. Let's go through the key stages of the conveyancing process for buyers.

The First Legal Steps

The first legal steps of the conveyancing process involve your solicitors examining the draft contract and supporting documents while raising enquiries with the seller’s solicitor. There will be several forms to be completed correctly before things can proceed further.

Property Search

Once the initial legal steps are complete, property searches are to be conducted. Your conveyancing solicitor will organise a legal property search to be completed by an expert.

There's a likely chance that you, the buyer, won't pick up on certain issues upon visiting the property. A legal property search helps to protect you from any liabilities the property might have. Typically, whoever completes the legal search will:

• Perform local authority searches
• Check the title register and title plan
• Check flooding risk
• Perform a water authority search (public drains affecting building works)
• Conduct an environmental search
• Optional and location-specific searches (mining)

Conveyancing for a Mortgage

You will need to have a mortgage in place to ensure you have the funds available to pay for the property, including the property deposit. Your solicitor will receive a copy of the mortgage offer and go through the conditions with you.

A mortgage valuation typically happens as part of the conveyancing process and is carried out on behalf of the mortgage company so they know that the property provides sufficient security.

Signing Contracts and Exchanging of Contracts

Upon receiving the draft contract from the seller's solicitors, you'll need to sign the document, providing that:

• All enquiries have been returned and are satisfactory
• The fixtures and fittings included in the purchase are what the buyer expects them to be
• A completion date has been agreed between both parties
• Arrangements have been made to transfer the deposit into your solicitor's account so that it's cleared in time for the exchange

Both you and the property seller will exchange contracts on the agreed date. If a housing chain is involved, then everything will be released when everyone in the chain is happy to move on. If one person changes their mind or pulls out at this stage, it will cause a domino effect, and everyone in the chain will get held up.

The Completion

Completion occurs when the seller's solicitor confirms that they have received the money that is due. Once the money that's due is received, only then will the keys be exchanged.

The keys to the property are collected from an estate agent by the buyer. After the conveyancing process has been completed, the buyer's solicitor will tie up a few loose ends. The remaining things left to settle include:

• Paying stamp duty land tax on your behalf
• Sending a copy of the title deeds to your mortgage lender
• Notifying the freeholder if the property is leasehold property
• Ensuring you receive the legal documents after completion (which can take roughly 20 days) after your solicitor has sent them to the land registry

Conveyancing Services at Bell Lamb & Joynson

In most cases, the entire conveyancing process takes a while to be completed from start to finish. This is due to several factors, such as waiting for the other party to take action before you can move on to the next step.

It's important to keep up with your side of the conveyancing paperwork, as it helps your conveyancer complete the process on time. On average, conveyancing will take 12–16 weeks from the time an offer is accepted to completion.

If you're looking for a reliable conveyancing professional to work with, look no further than Bell Lamb & Joynson. We aim to provide quality conveyancing services at a minimal cost. By choosing us, you can expect fast and efficient service and bespoke guidance and advice.

Our expert team will ensure that you're aware of both your rights and responsibilities before any property transactions take place. Our services include some of the following:

• Remortgages
• Equity transfers
• Conveyancing for first-time buyers (including shared ownership transactions)
• Buying and selling your home
• Deeds of trust
• Conveyancing for high-net-worth individuals

We deal with an array of properties. Whether you’re dealing with a freehold property or a leasehold property - we can help. If you have any questions about our services, feel free to get in touch. We will be happy to help you.