Buying or selling a home is one of the most significant financial transactions you’ll ever make, and conveyancing plays a crucial role in ensuring the process is carried out legally and both buyer and seller are protected. Conveyancing refers to the legal transfer of property ownership from one party to another, and this process requires extensive paperwork including: title deeds, property information forms, contracts of sale and local authority searches. It is very important for buyers and sellers to use a qualified residential property solicitor during this time as each aspect of the transaction needs to be carried out accurately to prevent legal issues and setbacks.
This guide will detail the conveyancing process step by step, helping buyers and sellers understand what to expect at each stage. Whether you’re purchasing your dream home or selling a property, get in touch with Merriman Solicitors today. We help to simplify the process and will offer expert legal support every step of the way.
Conveyancing Process for buying a Property
Step 1: Choosing a Solicitor
Involving a qualified conveyancing solicitor early in the process is important because they can initiate legal proceedings and it helps avoid delays. The first things they will do are: verify your identity, confirm basic details about the property with the seller’s solicitors, and begin instructing searches on the property. All of these things can take time so it is good to get a solicitor involved as soon as possible.
Step 2: Contract, Deeds, and Mortgage
Your solicitor will contact the seller’s solicitor to obtain the draft contract and title deeds. If you’re taking out a mortgage, your solicitor will also liaise with your lender to ensure the necessary financial arrangements are in place.
Step 3: Searches and Enquiries
To protect your investment, your solicitor will conduct key property searches, including:
- Local authority searches: Checking for planning permissions, restrictive covenants, or planned local area changes which may affect the property or future resale price.
- Environmental searches: Identifying any potential risks of a property and the surrounding land such as flood risks or land slips.
- Water and drainage search: Confirming whether the property is connected to public drainage systems.
Step 4: Exchange of Contracts
When searches are back, all enquiries have been answered and both parties are satisfied, exchanging contracts is the next step. This makes the transaction legally binding. At this stage the buyer will pay a deposit (often 5 to 10% of the property price) and a date for completion will be set.
Step 5: Completion
On the agreed completion day:
- The buyer’s solicitor transfers the remaining balance of the purchase monies to the seller and the property ownership officially changes hands.
- The buyer receives the keys to their new property.
- The solicitor registers the property with the Land Registry and handles Stamp Duty (if applicable).
Conveyancing Process for Selling a Property
Step 1: Choose a Solicitor or Conveyancer
When selling a property, enlisting a qualified residential property solicitor early in the process is important to ensure all the legalities are handled accurately and you can avoid delays.
Step 2: Prepare the Property Information and Documents
The solicitor will organise providing the buyers with completed title deeds, property information forms and fittings and contents forms. Providing complete and accurate information up front helps prevent delays later in the process.
Step 3: Agree on a Sale Price and Prepare the Draft Contract
Once an offer is accepted, your solicitor drafts the sale contract and shares it with the buyer’s solicitor for review. This stage involves addressing any pre-contract enquiries.
Step 4: Handle Buyer’s Inquiries
The buyer’s solicitor may raise questions about the property’s legal status, boundaries, or planning permissions. Responding promptly helps avoid delays and reassures the buyer.
Step 5: Exchange of Contracts
When all of the buyer’s enquiries have been answered, exchanging contracts is the next step. This makes the transaction legally binding. At this stage the buyer will pay a deposit (often 5 to 10% of the property price) and a date for completion will be set.
Step 6: Completion and Transfer of Ownership
On the day of completion, the property is transferred to the buyer, they take ownership of the keys and the seller receives the proceeds from the sale.
Key Differences Between the Conveyancing Process for Buying and Selling a Property
Roles and Responsibilities of Solicitors:
- Buyer’s solicitor: Conducts property searches, reviews title documents, secures mortgage financing, and ensures the purchase is legally sound.
- Seller’s solicitor: Prepares sale documents, responds to buyer’s enquiries, and facilitates the legal transfer of ownership.
Focus of the Process:
- Buyers: Focus on verifying the legal status of the property and securing financing.
- Sellers: Ensure all documentation is in order and facilitate a smooth transfer of ownership.
How Long Does the Conveyancing Process Take?
On average, the conveyancing process takes 12 to 16 weeks, but timescales can vary depending on factors such as:
- How quickly the lender approves the mortgage
- The efficiency of solicitors in any chain and how quickly third-party searches can be completed
- How quickly the property chain can be completed, and how quickly each of the solicitors, searches and mortgages are approved at each stage in the chain. You are often dependent on other parties for how quickly the entire transaction can move.
Working with experienced residential property solicitors like Merrimans will help accelerate your property sale and/or purchase because our team works efficiently and accurately to minimise stress and ensure a smooth process.
Conclusion:
Navigating the conveyancing process can be complex, but having an expert solicitor by your side can make the whole process smoother and more efficient. Whether you’re buying or selling or both, Merriman Solicitors provides professional and reliable conveyancing services, ensuring your property transaction is as stress-free as possible.
Need support with conveyancing? Get a free, no obligation instant quote or contact us today.
