A guide to the conveyancing timeline
Buying or selling a home can be a complicated and lengthy process. With different steps, stages and people involved, it is a good idea to familiarise yourself with how the Conveyancing process works.
To help you, we have prepared a step-by-step guide of the Conveyancing process for a typical property sale and purchase transaction.
Conveyancing process for buying a house
1. Choose a solicitor
Once your offer has been agreed on a property, we recommend your first step is to instruct an expert Conveyancing solicitor, preferably one that offers fixed Conveyancing fees. They will then send initial forms for you to complete, including identification requirements. Your solicitor will also request payment for searches to be carried out on the purchase property.
Care should be taken when choosing a solicitor. Simply picking the cheapest conveyancing quote is a recipe for disaster. It is important that you instruct a solicitor who specialises in property and has an established track record in Conveyancing. For most people their house is the biggest asset they will ever own, so it is vital to have a specialist solicitor dealing with this for you.
2. Contract, deeds and mortgage
Your solicitor will request the contract from your seller’s solicitor, who will proceed with drawing it up. This will include any issues raised in the documents, any discounts applicable and all of the forms that the seller has completed.
Your solicitor will also request a copy of the Land Registry title for the property.
If you are applying for a mortgage, the mortgage offer should now be forwarded to your solicitor.
3. Search and enquiries
The next step is to obtain searches, which is an essential part of the Conveyancing process, to ensure the property is not adversely affected by anything. A variety of searches may be needed, some specific to a location, but the most common are:
- Environmental search – checks for flooding predictions, ground stability, contamination hazards, the presence of landfill sites etc.
- Local authority searches – provides details regarding planning permissions granted and refused, building regulations certificates and information as to works carried out at the property. This also includes whether the property is in a conservation area and/or whether there is a tree preservation order connected to the property. The list goes on, but this search provides very important information.
- Water and Drainage search – checks that the property is connected to water and sewerage.
- Land Registry searches – the title register and title plan will confirm the seller’s right to sell the property.
Your solicitor will review the search results and the mortgage offer.
Your solicitor will then raise enquiries based on the Contract pack and search results.
4. Exchange of contracts
Once everything has been agreed, including the completion date, you will receive a final version of the contract. This will need to be signed by both parties. At the same time, you will sign the Transfer. You pay the deposit of 10% and your solicitor will request the mortgage funds from the lender, if applicable.
From this point, both you and your seller are legally obliged to buy/sell the property.
Once the contract is signed by both parties, the seller has until the completion date to vacate the property. This can happen at any point, as long as the property is available to the buyer on the day of completion.
5. Completion
Before completion, your solicitor will carry out final searches and lodge an interest in the property with the Land Registry. This will mean the deeds are frozen for thirty days, allowing you to complete and apply for registration. Your solicitor will also send a final statement of monies due, which must be cleared in the solicitor’s bank account by the day before completion.
On completion day, all outstanding monies will be transferred to the seller’s solicitor. Once this is confirmed, you can collect the keys to your new home from the estate agent, and the title and transfer deeds are forwarded to your solicitor. Your solicitor will then register the property in your name and forward all official papers.
All that then remains is the final step of the Conveyancing process, which is for all outstanding monies to be paid, such as solicitor fees and any outstanding mortgage balance.
Conveyancing is a complex legal process, but in the hands of experts, it will usually run as smoothly as possible.
For further information on the conveyancing process when buying a property, you can view our helpful infographic: 14 steps to buying a property.
Conveyancing process for selling a house
1. Choosing a solicitor
Despite many people waiting until they have accepted an offer on their property, we strongly recommended that you instruct an expert Conveyancing solicitor at the stage of putting the property on the market. With lots of forms to complete, including identification requirements, it is better to be prepared and proactive. If you can do this before you accept an offer, then we can be ready to send the contract out when this happens.
Once again, care should be taken when choosing a solicitor. Avoid going with the cheapest quote. It is vital to ensure you instruct an expert Conveyancing solicitor who specialises in property and has an established track record in Conveyancing.
2. Initial Documents
The next step is to obtain and complete a number of documents. Your solicitor can guide you through this process, but in general these documents will be:
- Proof of identity — a passport or driving licence, together with proof of address, such as a bank or utility statement.
- Fitting and contents form (TA10) — this needs to be filled in and will specify what is included in the sale, both inside the property and in the outdoors areas.
- Property information form (TA6) — this requires a declaration about a range of matters concerning the property, from defining the boundaries to environmental concerns. Your solicitor will advise you on what needs to be included.
- Copies of any documents specified in TA6 — e.g. a Building Regulations sign off.
- Leasehold or shared freehold documents — a copy of the lease, if appropriate, or documents such as the Share Certificate.
- Management Information Pack — in the case of a leasehold, this should be ordered from the freeholder or their agent. It must be ordered promptly, since it can take some time to arrive.
3. Contract, deeds and mortgage
Your solicitor will draw up the contract pack, which will include forms from step 2 above and send these to your buyer’s solicitor.
Title deeds for the property will be requested from the Land Registry, if they are not paper deeds.
If you have an outstanding sum remaining on any mortgage on the property, your solicitor will request confirmation of the amount from your lender.
4. Enquiries
The sellers solicitors will then write to us with any enquiries they wish to make from the information contained in the contract pack and their search results.
5. Exchange of contracts
Once everything has been agreed, your solicitor will draw up a final version of the contract, and this will be signed by both parties.
From this point, you are both legally obliged to buy/sell the property.
Once the contract is signed by both parties, you have until the completion date to vacate the property. This can happen at any point, as long as the property is available to the buyer on the day of completion.
6. Completion
The final step of the conveyancing process is on completion day. Monies will be transferred to your solicitor and the keys will need to be made available to the buyer. Your solicitor will forward the title and transfer deeds to the buyer’s solicitor.
All that then remains for the Conveyancing process is for all outstanding monies to be paid. This may include estate agent’s fees, solicitor fees and any outstanding mortgage balance. Your solicitor will then transfer any funds remaining to you.
For further information on the conveyancing process when buying a property, you can view our helpful infographic: 13 steps to selling a property.
Conveyancing questions answered
Even with thorough planning, moving house can be one of life’s most stressful events. Recent research shows nearly two in three adults believe it to be the most stressful life event, coming above a relationship breakdown, divorce and starting a new job.
Regardless of whether you’re a first time buyer or a seasoned professional mover, buying or selling a home can bring with it complications and potential pitfalls.
Having an experienced conveyancing solicitor can make all the difference in helping to avoid any last minute surprises which can be impossible for many to anticipate.
What Is Conveyancing?
Conveyancing is the legal term for transfer of ownership of property, whether you are buying or selling.
Why should I Choose A Conveyancing Solicitor?
As conveyancing solicitors, we are property specialists and our expert and friendly legal advice is offered at a fixed fee, meaning no hidden costs. We are also independent of estate agents.
Estate agents often have an agreement with a firm of solicitors to refer work to them in return for a referral fee (added to your bill).
What Happens After I Appoint my Conveyancing Solicitor?
Once you have chosen your conveyancing solicitor, they will draw up a draft contract (or terms of engagement) which set out their charges and deposits required. They will then write to your seller’s solicitor to confirm they have been instructed on your behalf and request a copy of the draft contract and any other details.
You are given a copy of the draft contract to go through and have the opportunity to raise any questions or concerns with your solicitor. They will, in turn, also review all the documents and raise any questions with the seller’s solicitor.
What Are Property Searches?
When buying a house or flat, your Conveyancing Solicitor will carry out various property searches. These are important as they highlight information about the property that you might otherwise be unaware of, such as whether a motorway is planned for near the end of your garden or if the extension you love is due to be pulled down because it did not have planning permission.
Property searches that are normally carried out include:
- Local Authority
- Land Registry
- Environmental (can include flood risk)
- Drainage and Water
- Planning Search
- Chancel Liability
We will clearly show your search fees, along with legal fees and disbursements, when we provide you with a quote.
What Happens At The Different Contract Stages (Signing, Exchanging & Completing)?
Signing – Before signing the contract your solicitor will need to ensure you have relevant funds available or a mortgage in place. They will make sure all questions have been answered and a completion date agreed.
Exchanging – Before you exchange you need to have buildings insurance ready to be put on risk and your deposit needs to be in your solicitor’s account. Your solicitor will exchange contracts on your behalf, once completed you are in a legally binding contract to buy the property. Your insurance will then need to be put on risk from the date of exchange.
After exchanging you’ll receive a statement from your solicitor showing the final amount owing, this needs to be paid (and showing as cleared) at least one day before completion.
Completion – this takes place on the agreed date of completion once the seller’s solicitor confirms they have received all monies due. At this stage the keys can be released and should be available for you to collect either from the vendor or the estate agents.
Your solicitor will then pay your stamp duty land tax. You should receive your legal documents approximately 20 days after completion and it is important to file these away safely for when you next sell your property.
Should I Make a Will When I Buy My House?
Yes! Even if you already have a will in place this should be revised after purchasing a new property to make sure everything is still applicable. Our specialist will solicitors can help you with making a will, or revising an existing one.
Redemption Figure
In a sale transaction, you may receive a redemption figure from your existing mortgage lender. This is the final figure for settling your mortgage (including charges and interest). Your Conveyancing solicitor will arrange to clear it when you switch to the new mortgage for your new property.
Next, funds will be received to allow for completion. Your existing mortgage will be redeemed and any estate agent fees will be due.
Osborne Morris & Morgan- the Conveyancing specialists
Here at Osborne Morris & Morgan, our Conveyancing team are experts in this field. From day one, you will be looked after by one member from our award-winning team and we promise to keep you fully informed from start to finish.
For your free conveyancing quote, call us on 01525 378177 or get in touch with us online.
