What Is Involved In The Conveyancing Process?

The conveyancing process involves several steps to legally transfer property ownership from the seller to the buyer.

The process can vary slightly based on the type of property (freehold or leasehold) and other factors, but the following is a general overview of the key stages involved in the conveyancing process in the UK:

Conveyancing process stages and timeline

1. Instruction of a solicitor or conveyancer

The buyer typically instructs a solicitor/conveyancer to handle the legal aspects of the transaction. The seller may also have their own legal representation.

It is important to research and choose a conveyancer who is experienced in property transactions. You may seek recommendations from friends, family, or your estate agent. Consider checking online reviews and ratings.

2. Pre-contract stage

The seller’s solicitor/conveyancer drafts the contract pack, which includes the draft contract, property information forms, and other relevant documents. This pack is sent to the buyer’s solicitor/conveyancer for review.

3. Title check and property searches

The buyer’s solicitor/conveyancer conducts searches to check for issues affecting the property, such as local authority searches, environmental searches, and other relevant searches. They also review the property’s title and related documents.

4. Enquiries and additional information

The buyer’s solicitor/conveyancer raises additional enquiries based on the information in the contract pack. The seller’s solicitor/conveyancer provides necessary clarification, and any outstanding issues are addressed.

5. Mortgage application and valuation

If the buyer is obtaining a mortgage, they apply for it at this stage if they haven’t already. The lender conducts a valuation of the property to ensure it is suitable as security for the loan.

The conveyancer will liaise with the lender, review the mortgage offer, and ensure all financial aspects are in order.

6. Signing of contracts and exchange

Once both parties are satisfied, contracts are signed, and the buyer pays a deposit (usually 5-10% of the purchase price). Contracts are exchanged, and at this point, the transaction becomes legally binding.

7. Pre-completion stage

The buyer’s solicitor/conveyancer prepares a completion statement, detailing the remaining balance to be paid, including all fees and expenses.

Final searches are conducted to ensure no issues have arisen since the initial searches.

8. Completion day

On the agreed completion day, the buyer’s solicitor/conveyancer transfers the balance of the purchase price to the seller’s solicitor/conveyancer. Once funds are received, the keys are released to the buyer.

9. Post-completion formalities

The buyer’s solicitor/conveyancer submits the Stamp Duty Land Tax (SDLT) payment to the relevant tax authority.

The buyer’s solicitor/conveyancer registers the change of ownership with the Land Registry, updating the official records.

10. Post-completion steps

The buyer’s solicitor/conveyancer obtains the title deeds and any other relevant documents from the seller’s solicitor/conveyancer.

Throughout the process, communication between solicitors/conveyancers, buyers, and sellers is crucial to address any issues promptly. It’s important to note that additional steps may be necessary in specific situations, such as leasehold transactions or new-build purchases.

Buyers and sellers are advised to seek professional advice from qualified solicitors/conveyancers to navigate the intricacies of the conveyancing process.