When you buy or sell a property, you will need to have a residential conveyancing solicitor or lawyer. It is the conveyancing solicitor who processes the legal side of the sale and carries out the administration that is required. When you are choosing a conveyancing solicitor, you should make sure that you get a solicitor who has experience in the process and will get the work done swiftly to ensure that it all goes through as smoothly as possible.
What is conveyancing?
The term ‘conveyancing’ refers to the part of the law that deals with the legal side of buying or selling properties. The conveyancing solicitor gets involved with the process from when the offer is accepted on a property, through to the completion of the sale and moving in.
The conveyancing solicitor carries out several duties, including identification checks, searches, checking mortgage offers, preparing the financial statement, transferring funds and paying stamp duty, and registering ownership with the Land Registry.
How much does conveyancing cost?
The amount that you will be charged for conveyancing depends on several different factors, including the price of the property that you are buying, selling, or re-mortgaging, and the kind of conveyancing service that you are using.
Conveyancing services can differ according to whether you want DIY conveyancing, online conveyancing, or solicitors, for example.
The quote that is given by a conveyancing solicitor is made up of two parts – the solicitor’s fees and disbursements. ‘Disbursements’ refers to the payments that the solicitor makes on your behalf for aspects such as Local Authority searches, electronic ID verification, Land Registration fees, stamp duty, Telegraphic Transfer fees, and Mortgage Redemption fees.
Who undertakes conveyancing?
Normally, both the buyer and seller of the property employ solicitors to carry out the conveyancing. All solicitors in England and Wales are regulated by the Solicitors Regulation Authority (SRA) and registered with the Law Society and can act as conveyancing solicitors. Some solicitors, however, choose to specialise in conveyancing, and those that do can also register with the Council for Licensed Conveyancers (CLC).
It is possible for you to carry out your own conveyancing, but the process is complicated and time-consuming, and, frankly, not something that many people want to be doing! It is important to also bear in mind, that some mortgage companies stipulate that the conveyancing must be carried out by a solicitor to protect their investments and reduce the chance that the sale falls through.
How long does conveyancing take?
The amount of time that it takes to carry out conveyancing differs according to each unique situation. However, in general, it will take between about eight to twelve weeks.
The process involves the two conveyancing solicitors communicating (the buyer’s solicitors and the seller’s solicitors).
The conveyancing process involves a fair amount of work. Once the offer has been accepted and the conveyancing solicitor instructed, the buyer’s solicitor will:
Stage 1
- Get the contract pack from the seller’s solicitor
Stage 2
- Get a copy of the mortgage offer
- Carry out the relevant Local Authority searches as well as all other necessary searches
Stage 3
- Analyse the contract pack, mortgage offer, and Local Authority searches and give you a breakdown.
- Provide you with a contract to sign
- Discuss your completion date and put it to the other party’s solicitors
Stage 4
- Communicate with the seller’s solicitor to advise them that you want to go ahead with the purchase
- Receive your deposit payment for the property
Stage 5
- Swap the signed contracts
- Send the deposit payment to the seller’s solicitor
Stage 6
- Prepare the completion statement
- Instruct you to arrange your building insurance
Stage 7
- Prepare the transfer deed and pass it on to you to sign
Stage 8
- Send your signed transfer deed to the seller’s solicitor
- Apply to the mortgage provider for funds
Stage 9
- Transfer the payment for the house to the seller’s conveyancing solicitor (minus the deposit that has already been paid)
- Receive the title deeds, transfer deeds, as well as proof that any mortgages already taken on the property have been redeemed
It is at this point that you will move into your new house. The conveyancing solicitor will send any stamp duty to the Stamp Office, as well as documents to the Land Registry Office to register your ownership of the property. Once the title deeds have been received from the Land Registry Office, the solicitor will then send them to the mortgage provider.
Conveyancing solutions with Waldrons
If you are buying or selling a property, our conveyancing solicitors here at Waldrons are on hand to take you through the process quickly and smoothly. If you need a conveyancing solicitor or lawyer, get in touch with our team today and we can discuss your case.
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