Many people wonder, ‘what does a conveyancer do?’ The answer to that is: a lot. The conveyancing process involves a number of steps which often have to be carried out in a particular order. Let’s take a look at a step-by-step guide of what the conveyancing process involves.
Step one involves instructing a conveyancer or a solicitor to begin the conveyancing process. While it’s not strictly necessary to work with an expert, it’s highly recommended that you do so — even in relatively straightforward property transactions, things can quickly become complicated.
Working with a conveyancer or a solicitor both have their advantages, but in general, it’s best to work with a solicitor. They can do everything that a conveyancer can do but also offer broader legal expertise that can be invaluable, especially when dealing with complex transactions. If you’re looking for an expert solicitor to help with conveyancing, then don’t hesitate to get in touch with our team here at TBI Law by calling 0333 210 1101.
If you’re new to the world of property buying/selling, then you’re probably wondering what is property conveyancing. In a nutshell: it’s a hugely important part of the property buying and property selling process. It’s this part that is responsible for the legal transference of the land title to the new owner. If you’re buying a house, it’s what ensures you’re the legal owner of the property once the sale has finally gone through.
It’s a complex process that involves multiple steps, and while it’s not legally essential, it’s recommended to work with a conveyancint specialist - like us. Even if you can answer ‘what is conveyancing,’ the scope of the process means it’s nearly always best to work with a professional. We'll be able to help tensure that all the steps are completed correctly, resulting in a smooth and legally binding handover.
You’ll need to complete some routine ID checks. This can involve checking details, providing identification, and providing proof of address. TBI Law can help you gather the necessary information.
You should have a mortgage offer in principle before undertaking the conveyancing process. At this stage, you should inform the lender that you’ve made an offer and the valuation. They’ll also want some details about the property.
Your mortgage lender will send their own surveyor to value your property. It’s recommended to arrange your own home buyer’s survey. A home buyer’s survey goes into significantly more detail than the mortgage lender’s survey and can help to identify any potential issues that may influence your buying decision.
Providing instructions to your conveyancer expert gives them the green light to begin the process. The information you need to provide will depend on whether you’re buying or selling the property. If selling, you’ll provide a form outlining details about the property and complete the fixtures, fittings, and contents form.
At this stage, the contact pack — which includes the property information forms, Land Registry documents, and the contact of sale — will be sent to the buyer’s solicitor. Once this is in their possession, the professional managing the buyer’s conveyancing process will perform property searches on various registries, including Environmental, Drainage, and Local Authority.
At this stage, you’ll receive a legal report from your conveyancer. This will outline all the enquiries raised between the two conveyancers during the process, as well as answers. You’ll also receive a draft of the contract and the transfer, which will be sent to both parties to sign. As this is a legal document, it must be signed in the presence of an independent, over 18 witness.
Buyers will receive a firm offer from their mortgage lender. They’ll ask the conveyancer to verify your details and check special conditions. Once they have, you’ll be sent the mortgage deed by your conveyancer. Simply sign it — again, in the presence of an independent, over 18 witness — and send it back to your conveyancer.
At this stage, the buyer is ready to pay the deposit. If you’re a seller who is buying another property, then the conveyancer will typically just use the received money to pay your outstanding deposit.
Buildings insurance will be required by your mortgage lender. Plus, it’ll also function to protect your investment. Make sure you have insurance from the date of the exchange.
The exchange of contracts marks a significant step in the homebuying process. This outlines that both buyer and seller have agreed to complete the purchase on completion day. This step is completed by both conveyancers, who usually use the telephone to exchange contracts. You’ll receive the completed contracts in the mail.
The outstanding money owed will be transferred from the buyer to the seller on completion day. Once the solicitor has been informed that the money has arrived, the keys will be released and the property will not be under ownership of the buyer.
Once the sale has been completed, your conveyancer will inform the land registry that you’re now the owner of the property, as well as provide details of the mortgage lender. They’ll also pay any Stamp Duty Land Tax if required.
Sometime after the sale — usually a few weeks — you’ll receive a copy of the deed of ownership, which shows you own the property. If you’re the seller, you’ll receive a document that confirms you are no longer in ownership of the property.
There’s no getting around it — you’ll need to go through the conveyancing process when buying or selling a property. How long conveyancing takes will depend on a variety of factors, but you’re usually looking at somewhere between 8 - 16 weeks.
One way to speed up the process is to work with a firm like TBI. In fact, if you’re asking yourself ‘what is a conveyancer there for?’ — the answer is not only to ensure all the paperwork is completed correctly but also that the process moves as quickly as possible. At TBI, our extensive experience means there are no unnecessary delays.
In general, each stage of the conveyancing process takes approximately:
• Pre-Contract: Two Weeks
• Mortgage Offer: Four Weeks
• Draft Contract: Two - Eight Weeks
• Contract Exchange - Completion: One - Two Weeks.
We’ve already outlined ‘what is a conveyancer’ and why you should use one when buying or selling a property. As with all professionals, conveyancers will charge for their services. How much it’ll cost you will depend on a number of factors. For example, whether you’re buying and selling a property, or if you’re just selling.
In general, you can expect to pay anywhere from £800-£2000. Click here to get a free estimate for our conveyancing services.
There are a lot of parties involved in conveyancing. In fact, you can think of it as involving everyone but the movers! Let’s take a closer look at the main players.
This refers to the person (or sometimes entity) that intends to purchase the property. They’ll undertake the conveyancing process once their offer has been accepted and they have proof of mortgage (or other funding).
This refers to the person (or, again, entity) selling the property. They’ll provide documentation and details about the property, including the title deed, to their conveyancer, who will act on their behalf.
The solicitor is the professional in charge of the conveyancing process, either on behalf of the buyer or the seller, each of whom will have their own conveyancing representative. The solicitor is in charge of ensuring that the property transference is legally binding.
Estate agents help sellers find buyers for their properties. They also assist with the sale negotiations. Buyers may hire an estate agent to find a property or act on their behalf.
A mortgage lender provides the money to buy a property, if required. The lender also performs their own checks to ensure the valuation of the property is correct. The mortgage lender typically imposes strict requirements on the buyer; for instance, having building insurance.
Conveyancing is a legal process that ensures the transference of property is done so in a legally compliant manner. Some of the key legal elements of conveyancing law include:
Some of the key legislation that dictates property transactions in the UK include the Land Registration Act 2002 and the Law Of Property Act 1925.
The Land Registry is in charge of recording all property ownership within the UK. This registry provides proof of ownership for all land and property in the country.
A conveyancer will perform various searches throughout the conveyancing process. These searches will be made with local authorities and environmental agencies to highlight any potential issues with a property.
Conveyancers prepare and review documents relevant to the property transference process. These ensure that their client’s rights have been correctly documented.
Property transactions typically involve the transference of large sums of money, which are managed by conveyancers. This includes how and when payment for the property will be made.
Conveyancers pay Stamp Duty Land Tax on the seller’s behalf. They can also help assess and minimise the seller’s SDLT liabilities, as well as submit forms to tax authorities.
Conveyancers do more than handle paperwork; they also act on behalf of their clients, ensuring that their interests are fully protected.
The Law of Property Act 1925 helped to modernise property transactions, as well as make them easier to process. The act was revolutionary at the time, and continues to have a big impact on the conveyancing process. Let’s take a look at how.
The Property Act of 1925 helped to develop various legal property concepts, including leasehold estates, and also outlined how properties should be transferred from one owner to another.
The act laid the pathway for the creation of The Land Registry, which functions as a centralised record of land ownership.
The act helped to clarify covenants and easements, which provided a clearer understanding of the obligations of and rights afforded to property owners in the UK.
The Law Of Property Act 1925 provided legal rights to both mortgage lenders and borrowers.
The Act made the conveyancing process more straightforward, allowing for deeds to be transferred in a more systematic way.
The Land Registration Act 2002 aimed to bring UK property law into the modern era. Some of the key features of the act include:
Following the act, it was mandatory for freehold land, long leases, and other property or land transactions to be included in The Land Registry.
The Act made it possible to perform many of the conveyancing steps via electronic means. For example, collecting electronic signatures.
The Land Registration Act determined priority for registered interests, in instances where there were opposing claims. For instance, mortgages and leases.
Overriding interests refer to matters that are not legally registered, yet still affect various parties. For instance, tenants who are living in a property being sold.
The Land Registration Act 2002 changed how long a squatter must live in a property before they are legally entitled to ownership.
Finally, the act impacted land registration rules, providing a more detailed and streamlined process about how and when property owners must register their properties/land with the centralised registry.
Conveyancing handles the legal side of property transference. Once everything is done and dusted, the property will be legally owned by the buyer — and it’ll be all thanks to the conveyancing process.
While individuals are free to go through the conveyancing process on their own, it’s best to work with a professional. That’ll ensure that everything is legally binding, you’re well protected, and there are no unnecessary delays that can hold up the process.
If you’re buying or selling a property, then don’t hesitate to get in touch with our team here at TBI. We have a department of expert conveyancing solicitors who can help you throughout the entire property purchasing or selling process. With offices based in Hartlepool, Barnard Castle, Stockton, and Wynyard, as well as being able to carry out remote appointments, we can help you no matter where you are.
You can contact our conveyancing team by calling 0333 210 1101 today.
