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Conveyancing Process

Every time you purchase or sell property or land, you will hear about conveyancing. It's a crucial part of handling real estate property and one that ensures there’s a record of all property and property owners in the country.

What is Conveyancing?

Conveyancing is simply described as the legal process of transferring property ownership from one person or entity to another. The process of conveyancing has three main stages, with multiple other stages in between. The three main stages of conveyancing are:

  • Pre-contract
  • Pre-completion
  • Post completion

Who Does Conveyancing?

There are several options as to who can do conveyancing. You can choose to do it yourself if you're conversant with the process and you know how it works. You can also work with conveyancing solicitors like ourselves in Bristol, or you can use a property lawyer.

Ideally, all solicitors are capable of handling conveyancing processes. But choosing someone who specialises in this field is better and usually leads to a better outcome and worry-free experience.

What Are the Steps Involved in The Conveyancing Process?

Conveyancing involves several steps. The process you follow may vary slightly depending on whether you're purchasing or selling property and also depends on the type of property.

Step 1: Documentation

The first step after the offer for your chosen property has been accepted is to instruct your conveyancing solicitor to begin the conveyancing process. The solicitor acts on your behalf and will collect the information you need to purchase the property.

The solicitor will send you documentation regarding the transaction and a questionnaire that you will need to fill out to help them understand the matter. You will also be asked for money to cover third-party costs such as searches.

Your solicitor will also receive a document package from the seller's solicitors, which includes the property information form, fittings and contents form, and leasehold information where applicable.

Step 2: Surveys

After receiving the initial document package and ironing out any queries you might have, the next step is to conduct surveys. The mortgage lender will carry out their own valuation on the property you want to buy, but you have to pay for it. Therefore, it is best to have your independent survey because the property, in most cases, is sold as is, and you need to unearth potential issues before committing to the property.

There are two primary surveys you need to conduct on the property before purchasing the unit. These are:

  • HomeBuyer’s Report
  • Building Survey

Step 3: Prepare For the Exchange

Among the many functions of a conveyance solicitor in Bristol is to ensure the transaction is above board and meets the requirements set by the UK Finance Lenders’ Handbook.

Once your mortgage is approved, the solicitor will send you a Report on the Contract that details what you are purchasing and whether there are any concerns or advice they can offer before you proceed with it.

The solicitor will also report on any title or mortgage liens on the property and prepare a contract, mortgage deed, and other documentation that might need to be signed.

The solicitor will then ask you to deposit funds in readiness for the exchange. Once both solicitors are ready, discussions on the transaction will begin.

If you are purchasing the property through a mortgage, the time between exchange and completion is usually two weeks. However, the completion date can be agreed upon to suit both parties' timelines.

Step 4: The Exchange

During the contract exchange, you will also agree on the completion date and have it documented in the contract. At this point, the contract also becomes legally binding, and the parties cannot exit without legal and financial repercussions.

Your solicitor will ask the lender for a mortgage advance. The solicitor will also work out a final invoice and statement that will take into account any money already paid. This will include various fees such as the land registry fee, stamp duty, the solicitor's fee, and the balance of the purchase price.

Step 5: Completion Day

Your solicitor will send the purchase monies to the seller’s solicitors and notify the solicitor once they receive the money. The solicitors will then confirm the completion has taken place and the keys to the property can be released to you.

Although completion day is the highlight of the purchase process, it is not the last step of conveyancing. Your solicitor still has to receive the original title deeds from you. Then, you must make an application to the HM Land Registry to register the new ownership of the property and any mortgage secured against it.

How Long Does Conveyancing Take?

The time it takes to complete the conveyancing process depends on whether there is a chain or no chain. If there is no chain, the process could take as little as 12 weeks. However, if the process has a chain, it could take up to six months to complete.

Why Does Conveyancing Take So Long?

Several reasons could cause the conveyancing process to take so long. However, each step of the process requires time to get results and reports, which can take time. Other factors that prolong the conveyancing process include:

  • If there are problems with the property title, they need to be cleared before proceeding with the transaction.
  • Missing information from the seller, such as the fittings and content form, among others.
  • Issues with the buyer’s mortgage application.
  • Seller buying new build property that isn’t ready
  • A probate sale
  • Delayed property searches because the local authority is slow to respond

Can You Speed Up the Conveyance Process?

Any homeowner can’t wait to get into their new home. So, the faster the conveyancing process includes, the sooner you can start enjoying your home.

There are a few things you can do to speed up the conveyancing process, such as:

  • Working with a qualified conveyancing solicitor in Bristol
  • Try getting things like the mortgage application done beforehand
  • Ask about the searches
  • Communicate quickly and effectively with your solicitor and ensure they have everything they need in good time.

Working with a qualified and experienced conveyancing solicitor in Bristol can make the conveyancing process easier and faster. With our experience in this field and the local property market, we can ensure you purchase the right property without any surprises later.