Demystifying the conveyancing process: A step-by-step guide

Buying or selling a property can be a stressful and complicated experience but understanding the conveyancing process can help simplify it. We have compiled this short step-by-step guide which will help you navigate each step of the process.

Step 1: Instructing a Solicitor

Arguably, this is the most important step of the entire conveyancing process and we’ve written a separate article on how to choose a solicitor that is right for you.

Buying a property will often be the biggest transaction in a person’s life.  Understandably, they will be keen to save money, but one of the most common pitfalls is choosing a solicitor based solely on the “cheapest” quote.

Choosing a solicitor entirely on how “cheap” they say they can do your conveyance, can often lead to bigger problems later in the process.

Prioritising expertise, reliability and accessibility when choosing a solicitor, is the first step to ensuring a smooth conveyancing process.

If you would like to speak with one of our property solicitors please contact Michael Wilson or Ciara Christie.

Step 2: Mortgage Arrangements

If you are purchasing with a mortgage you should liaise with your mortgage advisor (see Glossary below) to finalise your mortgage arrangements.

Step 3: Home Buyer Survey

If you are buying a property you should strongly consider obtaining a home buyer survey report.

At Turley Legal, we advise our clients to obtain a home buyer’s survey.  We recently published an article on why these are so important.  

Step 4: Initial Checks and Searches

Whether you are buying or selling property, the first step for your solicitor will be to carry out some initial checks and searches.

If acting in your sale, the solicitor will:

• request title deeds from you or your bank (if you have a mortgage);

• request property certificates and searches;

• provide you with Replies to Pre-Contract Enquiries to complete;

• draft the contract for sale of the property;

Finally, the solicitor will share all of the above documents with the purchaser’s solicitor;

If acting in your purchase, the solicitor will:

• receive the contract, title deeds and documents referred to above;

• review and raise any enquiries and will ensure all concerns are satisfactorily resolved; and

• ask you to sign the contract.

Step 5: Signing the Contract

Once the seller’s solicitor receives the contract they will arrange for the seller to sign the contract and return a signed copy of the contract to the buyer’s solicitor.

Step 6: Purchase Monies to complete

If you are purchasing the property your solicitor will:

·  request mortgage monies from the lender (if buying with a mortgage)

·  ask you to arrange a bank transfer of the funds outstanding to purchase the property. 

Step 7: Completion

On the day of completion the purchaser’s solicitor will transfer the money for the property to the  solicitor acting for the seller and the keys to the property will be handed over to the purchaser.

Step 8: The Final Stage

If acting for the purchaser, post-completion the solicitor will ensure that the property is registered in the purchaser’s name at Land Registry and that any SDLT (if applicable) is paid.

Conclusion

Understanding the conveyancing process can significantly ease the stress of buying or selling property.

If you have any questions or need professional advice, don’t hesitate to contact Michael Wilson or Ciara Christie.

Glossary

Completion: this refers to the final stage where the property sale is finalised. It involves the transfer of the money to purchase the property from the purchaser’s solicitor to the seller’s solicitor and the handing over of keys to officially complete the transaction.

Contract: this is a legal document which  will be signed confirming details of the property, the sale price and any specific terms and conditions relating to the sale.

Home Buyer’s Survey Report: this is an evaluation conducted by a qualified surveyor to assess the condition of a property before purchase. It helps identify any structural issues and potential defects in the property and offers advice on necessary repairs or maintenance. This report helps to ensure that buyers are fully aware of any potential defects or costs of repair so that they are can make informed decisions before proceeding with the purchase.

Land Registry: this is a government agency responsible for recording and maintaining details of land and property ownership.

Lender: a bank or financial institution who provides finance to you by way of a mortgage to help you buy property.

Post-completion: this refers to the matters that occur after the property sale has been finalised. This includes tasks such as registering the transfer of ownership with the Land Registry and ensuring any outstanding SDLT has been paid.

Property Certificates and Searches: these typically will provide information relating to any legal restrictions, planning permissions or environmental matters affecting the property.

Replies to Pre-Contract Enquiries: this is a questionnaire which a seller completes detailing their knowledge of the property to include questions relating to boundaries, alterations, services and restrictions etc.

SDLT: otherwise known as Stamp Duty Land Tax is a tax on the purchase of property payable by the buyer, and is sometimes payable on a property purchase. Your solicitor can advise if any SDLT is payable on your property purchase and the amount payable.

Title Deeds: these are legal documents that prove the ownership of the property as well as any rights or restrictions affecting the property.