General Guide to Conveyancing
The stress of a sale and/or purchase never changes which is why you should find the right conveyancer for you. You should conduct research or take onboard recommendations to find the right firm, as you need to find someone who will make this process as stress-free as possible.
This guide outlines the general steps involved in a conveyancing transaction from start to finish, providing you with a clear understanding of your position in the transaction and what to expect next. The conveyancing process follows a structured protocol, and the conveyancer plays a crucial role in obtaining information, conducting searches, and advising their client effectively.
Key steps in a transaction (Buyer)
Taking Instructions
Upon receiving your instructions as our client, we will promptly send a letter to the relevant parties confirming our engagement, thereby establishing us as the primary point of contact.
The first step is that the Seller’s solicitor prepares a contract package that includes:
- A draft contract.
- The official title documents.
- Seller’s replies to standard property forms (which disclose key property details and history).
Once received, we will review and report to you on any points of which may be of concern.
Pre-contract searches and enquiries
Pre-contract searches will be carried out to identify any issues which may affect the property. These searches include:
- Local Authority Search - to check for planning permissions, building regulations compliance, and any notices or orders that may affect the property.
- Water and drainage searches – to confirm the property is connected to mains water and drainage and identify any maintenance responsibilities.
- Environmental searches – to highlight contamination risks, flood risks, or any past industrial use of the land.
The title documents will be reviewed as well as the seller’s replies to standard property information forms. This allows us to raise any important enquiries.
This is important to ensure that the property has all of the necessary rights, for example to use any parking areas or shared accessways as issues with these aspects could incur time and costs to correct at a later date.
Mortgage offer
Once your mortgage offer has been issued, your conveyancer will check that the property and information supplied meets the requirements of the lender by following either the UK Finance Mortgage Lenders’ Handbook or the Building Societies Association Handbook. These are standard instructions issued by mortgage lenders that all conveyancers will need to follow, in addition to any specific instructions issued by the particular lender.
The conveyancer will complete and/or prepare any documents required by the lender whilst providing you with a report containing all the information you need to be aware of before you accept your mortgage offer.
Draft and approve Contract and Transfer
Once the contract and transfer are ready for execution, we will provide a comprehensive letter explaining their contents and giving clear instructions on where to sign. Our aim is to ensure you understand the documents and the steps required for their completion.
Exchange Contracts
‘Exchange’ of contracts is the point at which the transaction becomes legally binding. Until this stage, either party can withdraw without penalty. At the point of exchange, both buyer and seller commit to completing the transaction.
A deposit of ten percent of the purchase price is paid at this stage, and a completion date is agreed upon. If you decide to withdraw from the purchase, you will forfeit this deposit.
Pre-completion searches
Before completion, we will carry out some pre-completion checks and ensure all funding is in place, including mortgage funds and funds required to pay any Stamp Duty Land Tax.
You will be provided with a completion statement detailing all costs associated with the transaction, ensuring full transparency over payments and fees.
Completion
On the day of completion, the funds required for the purchase will be transferred from us to the seller’s solicitor. Once the funds are received and completion has been confirmed, the seller is legally required to vacate the property, and you will be able to collect the keys.
This is a critical moment in the transaction and represents the official change of ownership.
Post-completion
All registration and applications to HM Land Registry will be managed on your behalf, and you will be provided with all title documents related to the property unless you prefer us to store them for you.
Summary
A conveyancing transaction can be complex and stressful. However, choosing a diligent and experienced conveyancer can make all the difference as they should guide you through the process and ensure you understand the implication of each stage before you consent to proceed.
A high-quality conveyancer will meticulously investigate the title, carry out thorough searches, raise the right enquiries, and keep you informed at every step by reporting to you with any updates or information which you should be aware of during the transaction.
This level of service prevents costly mistakes, giving you confidence and peace of mind throughout the process. Our goal is to ensure you fully understand each step and are comfortable with raising any questions and/or concerns which you may have during your transaction.
You will be given contact details for one of our conveyancers, so you have one point of contact throughout your transaction providing you with a tailored service of which you can rely and trust.
Should you wish to discuss any aspect of the process or have specific queries, please do not hesitate to contact us. One of our experts will be happy to assist you.
Daniel Francis is a partner in the firm’s conveyancing team and the firm’s Senior Responsible Officer for the Law Society’s Conveyancing Quality Scheme. Please contact Daniel for all your conveyancing needs on 01202 292424.
