The conveyancing process
This question is by far the most difficult to give a definitive answer to, as each transaction will vary according to the parties involved in the chain, the vendors, the purchasers and the mortgage lenders.
Generally speaking, the conveyancing process can take around 6-8 weeks from when you have agreed your purchase until completion takes place and keys are handed over.
However, it is always advisable to be flexible on timescales. Unexpected delays can occur at any stage, especially if there are defects in the title to the property which need to be rectified before you can proceed.
2. At what point should I instruct a solicitor?
The conveyancing process itself begins when you make an offer to buy a property, at this point you will need to instruct a solicitor before you can progress on to the next stage – the signing of a Contract.
As soon as you decide that you are looking to buy a home, it is always a good idea to have a solicitor lined up in readiness. This will not only speed up the process when you decide to make an offer but will also show vendors that you are serious about buying their property.
At the outset if you need a mortgage to help you buy a property, you will also need to speak with a mortgage adviser or directly with a bank or building society about affordability and arranging a mortgage.
3. What are the steps of the conveyancing process for buying a property?
After a successful offer has been accepted on a property, Conveyancing is the process of legally transferring a property from the Vendor’s name into the name of the Purchaser.
These are main areas your solicitor will deal with on your behalf:
Obtaining information from your Vendor’s solicitors about the Vendor and the property
Checking that the Vendor is in a position to sell the property to you/making arrangements to satisfy your Lender that the property is suitable as security for the loan to you.
Agreeing the terms of the Contract.
Finalising and agreeing completion dates.
Making pre-completion arrangements and ensuring that funds arrive and are despatched on time for completion.
Obtaining Mortgage Funds.
Preparing your Stamp Duty Land Tax Return and arranging for discharge of Stamp Duty Land Tax and registration of your purchase in Land Registry.
4. What do I need to do?
After the instruction of your chosen solicitor to begin the process, you will need to ensure that you have your mortgage in place (if applicable), arranged buildings insurance, had a survey of the property carried out (if you wish) and have checked the boundaries of the property with the map before you can sign the Contract.
5. How much does conveyancing cost?
When we have information about the property such as the price of the property, it’s age, the type of the property and whether you are obtaining a mortgage, we are usually able to advise you about the charges involved and provide you with a written estimate of our professional fee and the outlays we anticipate will be involved in your purchase at the outset.
The professional fee will usually vary depending on the value and type of the property but will also take into consideration any particularly time consuming or complicated work which may be required and will be for the work we do on your behalf in relation to your purchase and mortgage (if applicable).
Stamp Duty Land Tax
Make sure to check whether a fee quoted is for the conveyancing work to be done by a qualified solicitor who specialises in conveyancing or by a paralegal who is not a qualified solicitor. It is always a good idea to find a solicitor offering a thorough and trustworthy service for a good price.