What is conveyancing?
Conveyancing is the legal process of transferring the ownership of land or buildings from one person or company to another person or company. The word conveyancing is an umbrella term, which includes several different elements of legal practice which come together when exchanging property.
Why is conveyancing important?
Conveyancing is a recognised system to ensure the transaction is both legal and binding, and that there are no hidden issues with a property. It is designed to safeguard the property sellers and buyers with clear documentation and records to avoid any potential legal disputes.
Legislation governing conveyancing in the UK
In the UK, conveyancing is regulated by several legislations, including:
- Law of Property Act 1925 – Rules for property ownership and transfer of land in the UK.
- Land Registration Act 2002 – Procedures for land ownership and interests with the Land Registry.
What do Conveyancers do?
Conveyancing solicitors are trained and experienced in handling all the legal aspects of the property transaction. They handle all the paperwork, liaise with the other party’s solicitors, advise you on legal requirements and make sure your property is suitable for purchase. Learn more about what conveyancing solicitors do.
The Conveyancing Process
After you have instructed a conveyancing solicitor, the conveyancing process is broken up into four stages.
Pre-Exchange
At this stage, your solicitor will carry out ID checks to verify your identity and carry out checks to ensure that the people selling actually own the property, have the right to sell and ensure there are no charges on the property which would prevent or delay the sale. They will also review your contract pack before sending it to you, conduct property searches and make any necessary enquiries to the seller’s solicitors. These checks are important to prevent fraud and money laundering.
Once any outstanding issues from searches, your mortgage or any enquiries your solicitor may have made have been resolved, you will transfer your deposit to secure the funds.
Exchange
On an agreed date and time, you will exchange contracts for the property. This is usually done via telephone between the buyer and seller’s conveyancers.
Once you have exchanged, you are in a legally binding contract with a fixed date for completion.
Completion
On completion day, your conveyancer will send the remaining funds to the seller’s solicitor. Once the seller’s solicitors have confirmed the money has been received, the keys can be released to you.
Post Completion
Post-completion, your solicitor will pay Stamp Duty Land Tax on your behalf. They will also register the property in your name and, if the property is leasehold, notify the property’s freeholder.
A few weeks later, you should receive a copy of the property’s title information to confirm you are the new legal owner.
How long does conveyancing take?
How long conveyancing takes depends a lot on the nature of the transaction. Is it freehold? Is there a mortgage? Is there a long chain of transactions? However, most conveyancing takes between 12 and 16 weeks to complete. At Triangle Legal Services 75% of all jobs are completed within 12 weeks.
How can I speed up conveyancing?
The only way to speed up conveyancing is to instruct a reliable solicitor.
Our solicitors have 25 years of experience in an array of transaction types meaning they are equipped to deal with any queries swiftly. When instructing Triangle Legal Services you will be put in contact with the team assisting on your matter so that any inquiries can be dealt with promptly.
How much does conveyancing cost?
The cost of conveyancing varies greatly but all estimates consist of both solicitor fees, to carry out the work, and disbursements, which are unique to your property and financial circumstances. For property purchases, solicitors usually charge between £1,000 – £2,000, compared to between £600 – £1000 for a sale. However, as these fees vary depending on your situation, the quickest way to find out an estimated cost for your conveyancing is to get a conveyancing quote online.
Why are selling fees cheaper?
When buying a property, your solicitor takes care of the legal process as well as carrying out checks to ensure the property has no hidden surprises, such as unlawful extensions or sub-par drainage. The seller’s solicitors don’t need to carry out these checks, meaning they have less work to do for their clients.
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Triangle Legal Services are consultant solicitors working with a number of regulated solicitors firms to provide legal services. Our residential conveyancing services are regulated by law and provided through Taylor Rose MW Solicitors, Premier Solicitors and Collective Legal Limited.