Finding the house of your dreams is exciting and your next step is to secure the property as soon as possible. But buying a new home can be a complex process, particularly when it comes to understanding the conveyancing procedure. Here at Oakfield we always endeavour to ensure your sale and purchase runs smoothly, with no surprises along the way.
So, with this in mind, we have created a no-jargon guide to the conveyancing process to help you. But, first things first.
What is conveyancing?
Conveyancing is the legal term for the transfer of home ownership between a buyer and seller. The process begins once your offer is accepted on your chosen property and completes when you have the keys in your hand on moving day! This conveyancing process is absolutely essential to ensure that all the legalities of your sale or purchase are covered and to make certain the transfer of ownership happens with as little stress as possible.
Who does the conveyancing?
Although you could do it yourself, we always recommend that the conveyancing process is undertaken by a professional solicitor or a conveyancer as it can be a multifaceted process. You’ll need to instruct a legal professional as soon as your offer on a property is accepted, so it’s wise to make enquiries and carry out due diligence so that can start the process without delay
The 6-step Conveyancing Process
Step 1: Initial contact is made between legal representatives
The first task undertaken by your solicitor or conveyancer will be to contact your seller’s legal representative to request a copy of the draft contract, the property’s title and other standard forms. Your solicitor or conveyancer will thoroughly examine these documents and raise any initial queries.
They will also action a number of ‘searches’ to make sure there are no issues you need to be aware of that are not in plain sight. The most common searches are local authority searches, environmental searches and drainage and water searches.
Step 2: Mortgage and survey requirements are confirmed
At this point, if you need one, you should make sure your mortgage is in place as your solicitor or conveyancer will require a copy of your mortgage offer for the next stage of the conveyancing process.
You will also be required to get a mortgage valuation. This is carried out on behalf of your mortgage lender and is to satisfy the lender that the property is secure against the amount of money they are loaning you.
A survey may also be required at this stage. Whilst not a legal requirement, whether you decide to instruct a survey on the property or not will depend on both the property and your specific circumstances.
Step 3: Contracts are signed
Once all the searches have completed, queries have been answered, you have provided your mortgage offer and are satisfied with the survey that has been carried out on the property, your solicitor will agree details regarding the transfer of your deposit funds along with a completion date.
You will then be ready to sign the contract in preparation for exchange and completion.
Step 4: Contracts are exchanged
Next comes the exciting part! Exchange of contracts between buyer and seller. Your deposit will be paid on exchange and at this time you will be in a legally binding contract. The good news is that the seller can no longer accept another offer on the property and must sell the property to you.
However, if you back out of the purchase at this stage, you will lose your entire deposit. There is usually a deliberate delay between exchange and completion to allow the deeds to the property to be transferred into your name.
Step 5: Finally, it’s completion day!
Completion is usually set for 12 noon or 2pm on the agreed date, however, in reality it can happen as soon as the sellers’ solicitor confirms that all monies have been received. You can then collect your keys to your new home from us – a moment that always makes us smile!
Step 6: The final legal work is completed
Whilst you move into your new property, your solicitor or conveyancer will tie up all the loose ends from a legal perspective. They will ensure stamp duty is paid on your behalf, send your title deeds to your mortgage lender and make sure you receive copies of your legal documents. They will also send you your final bill for legal work undertaken.
Now all that is left for you to do is to unpack, settle into your dream home in Bexhill and enjoy your perfect surroundings.
Frequently Asked Questions About Conveyancing in the UK
How long does conveyancing take?
The conveyancing process can take anywhere between 6-12 weeks, depending on the complexity of the sale and the efficiency of the solicitors involved.
What are some of the costs associated with conveyancing?
The costs associated with conveyancing will vary depending on the solicitor you choose and the complexity of the sale. However, you can expect to pay solicitor fees, search fees, and stamp duty land tax.
Can both buyer and seller have the same solicitor?
Yes, both buyer and seller can use the same firm, although the solicitors will need to be based in separate offices. Indeed, sharing a law firm can yield benefits for both parties, since both sides will be proactive, and the whole thing can move along briskly.
At Oakfield Estate Agents, we have seen this work really well. With one recent leasehold sale, for example, the process was completed in a matter of weeks. That said, we’ve also seen situations where a buyer and seller have used the same firm and the solicitors blamed each other for not responding to enquiries or chasing things even though both work for the same company.
How to choose a solicitor for your property transaction
As with any other service, it’s always worth asking anyone you know for suggestions and personal recommendations. Check for membership of a reputable body such as the Law Society. Research your potential solicitors’ knowledge and experience and whether they’ve dealt with a property like yours previously.
Try and assess how responsive the firm will be – you can always go by how quickly they reply to your initial queries to get a good feel for whether you can work with them, and indeed get on with them on a personal level.
Our trusted legal partner is So Legal, and they are proactive and great to work with. As soon as they’re instructed, they’ll get the sale underway. They deal with enquiries as they come in, and will always give us prompt updates and call on us if we can help. If you would be interested in chatting to them about the service they will provide and receiving a quote, just let us know and we can put you in touch their fantastic team members we work closely with.
Get in touch
At Oakfield Estate Agents, working across East Sussex, we have offices in Lewes, Heathfield and Uckfield as well as Hastings, Bexhill and Eastbourne. We have many years’ experience dealing with property sales and working well and closely with solicitors, making us ideally placed to handle your own transaction.
If you require further independent advice, help and assistance regarding the conveyancing process, the Oakfield team are happy to help. Get in touch today