If you are looking to buy or sell a property, an important step you will need to take is contacting and instructing a conveyancer. A conveyancer will act on your behalf throughout the transfer of the property.
A conveyancer’s role is to conduct all of the steps required to move a property transfer forward. They should be present from the moment an offer is made until the exchange and completion of the property.
Conveyancing is an essential part of any property transfer and protects both parties. At Brown Turner Ross, we have worked with countless clients through the transfer of property, and here is everything that we have learned through our years as residential property conveyancing solicitors.
Conveyancing – The Legal Definition
Conveyancing is legally defined as ‘the legal process of transferring property from one party to another’. There is a common misconception that conveyancing is a stand-alone process, but the conveyancing period lasts from the moment of instruction to completion.
The conveyancer you work with is expected to have experience in property law. They should be licensed conveyancers or solicitors specialising in property law, such as our team at Brown Turner Ross.
Selling and buying a property requires an in-depth understanding of property law, which can take a long time to master. Ideally, licensed conveyancers would handle this responsibility.
Before we outline the conveyancing stages, remember that this process may differ slightly depending on whether you are selling or buying a property.
Considerable Differences Between Buying and Selling
You must consider some differences when buying and selling a property regarding conveyancing.
To put it into perspective, when selling a property, a seller must be able to provide all the relevant information concerning the property. In contrast to this, a buyer has to be able to prove that they can finance the venture and also have surveys and searches of the property carried out.
The Key Stages of Conveyancing
To start the conveyancing process for a property, you must be prepared to complete the following steps.
Before the Exchange of Contracts
The first stage begins when you instruct a licensed conveyancer or solicitor to act on your behalf. This stage is essential for laying the groundwork for the transaction, ensuring that all legal aspects are covered, and identifying any issues that may arise early.
During this stage, you should identify and select a conveyancer. If you choose to work with a solicitor, they will outline their terms of engagement and explain any fees that are involved in the process. At this procedure stage, you will also disclose any necessary transaction details.
This is the point where the solicitors of the party selling the property will draft contracts for the deal detailing the property price and everything included in the sale. Once that step is completed, the buyer’s solicitor will conduct property searches, which will outline any crucial information concerning the property and any information about the area.
These local area searches will include:
- Local authorities search for more information about planning permissions or future developments.
- Environmental searches to identify any risks of flooding or natural disasters.
- Water and drainage searches to ensure that the property is connected to water supplies and sewage systems.
If anything they have uncovered is unclear, the buyer’s solicitor may contact the seller’s solicitor.
Suppose a buyer requires a mortgage for the purchase. In that case, this is usually the stage of the process when the lender will issue a formal mortgage offer, which your solicitor should take the time to review and outline the terms before moving forward.
Exchange of Contracts
The exchange of contracts is arguably the most crucial part of the conveyancing process, as this step is what makes the whole arrangement legally binding.
A solicitor can provide the support and understanding you need when negotiating contracts throughout the house buying process.
During this step, both parties will review the drafted contracts and agree on the final terms, such as the price and completion date of the purchase.
Once this is all agreed upon, the buyer will sign the contract and send it to the seller’s solicitor for review. At this stage, to confirm the sale and demonstrate a commitment to the transaction, the buyer is expected to pay a deposit, which can be around 5-10%.
Subsequently, the contracts are executed, binding both parties to the terms of the sale and legally obligating them to fulfil the transaction.
Completion
Completion is the final stage of the process. At this point, the property’s ownership is officially transferred to the buyer.
During this part of the process, your solicitor is expected to conduct the final checks to ensure that no last-minute issues have occurred. At this point, the balance of the purchase is then transferred to the seller’s solicitor, who will confirm the receipt of the funds.
Once everything has been confirmed, the money will be transferred to the seller, and the buyer will legally own the property. Then, it is up to all involved parties to arrange when the keys will be collected and when the move-in date will occur.
Solicitor’s Duties
Once the sale has been completed, your solicitors are responsible for completing any additional tasks.
For example, they may have to pay Stamp Duty Land Tax and register the transfer of ownership with the Land Registry. They are then responsible for sending you an updated title deed for the records.
Who Requires Conveyancing Services?
At Brown Turner Ross, we believe that anyone looking to purchase or sell a property should seek the support of a conveyancing service. However, other people also need the service. Having a professional conveyancer on your side will ensure that every step of the process is handled efficiently.
Buyers and Sellers of Residential and Commercial Properties
Whether you are selling or purchasing a property, having a conveyancer is essential. Many legal steps need to be taken throughout the house-selling and buying process, and a main priority is to ensure that the legal title is efficiently transferred to the new owner.
Conveyors are essential for this process, as they handle all of the strenuous legal work, such as searching, checking, and registering the land in the land registry.
Landlords and Tenants Negotiating Leases
Lease agreements can be incredibly complex, mainly because they often include additional charges such as ground rent and service charges. Because of this complexity, employing a conveyancer can help make the process much easier, hopefully answering the question of ‘what are conveyancers for?’ in these situations.
Working with a solicitor throughout a lease negotiation can also be incredibly beneficial for understanding your leaseholder rights.
People Remortgaging Their Property
Many people neglect to consider the role of a conveyancer during the remortgaging process. Suppose you are switching mortgage lenders or wish to release equity from your property. In that case, a conveyancer will handle the legal work and liaise with the lender, ensuring that all necessary updates are made to the mortgage.
Common Challenges in Conveyancing
With any legal agreement, there are bound to be challenges and obstacles to overcome. Knowing these challenges before conveying them will better equip you to deal with them.
The common challenges in conveyancing highlight the importance of working with a solicitor. An experienced solicitor can help you overcome these challenges.
Delays
Searching and completing documentation are essential parts of the process, and understandably, these tasks can be delayed. This is especially true if local authorities are backlogged. In this situation, it is down to your solicitor to manage the delays and keep you informed of any progress that may be made.
Issues in the Property Chain
An understandably frustrating aspect of any house-buying process is being part of a chain. If any part of the chain fails or is delayed in its responsibilities, it has a knock-on effect on everyone else in the chain.
This is why having a conveyancer is essential. They can liaise with all parties involved and try to reduce any delays that may occur. Having an authoritative figure on your side can ensure that people work efficiently and do not take advantage of your inexperience.
Withdrawal of The Buyer or Seller
Unfortunately, there is always the possibility that a buyer or seller may withdraw from the transaction before the exchange of contracts. This can be incredibly frustrating and can come with additional costs. Your solicitor can help mitigate any risks and guide you through your options if this problem arises.
Working With Brown Turner Ross
Hopefully, this blog has established the importance of working with a solicitor throughout the conveyancing process. Given the time and money invested in it, choosing a reliable conveyancer can help make it run smoothly.
At Brown Turner Ross, our solicitors are experienced conveyancers who are ready to help. Contact our team to find out more.