What is the conveyancing process?
Legal matters to attend to, finances to sort, regulations to meet – buying and selling property is a complicated business and one that is fraught with complications. Which is why it makes sense to instruct an experienced conveyancing solicitor to deal with the stresses on your behalf.
But whilst you’ve probably already guessed it makes sense to seek professional help, how much do you actually know about the conveyancing process?
Here the experienced team at GD Legal Property Solicitors, highlight the key stages of conveyancing to help you understand more about what’s involved, how it works, and what to expect.
Key stages of the conveyancing process
Step 1 – instruct a conveyancing solicitor
Whether you’ve only just started looking or your property hasn’t sold, it’s important to instruct a solicitor to act on your behalf as soon as possible. That way, when things start to move, you’re ready to act.
Step 2 – searches and enquiries
Once you have a conveyancing solicitor acting on your behalf – and find a buyer or property to purchase – they will receive contracts and legal titles. These will be checked thoroughly to ensure everything is as it should be, and they will ensure all the necessary searches are carried out – so there are no nasty surprises further down the line!
Step 3 – secure a mortgage
Your lender will confirm details with your conveyancing solicitor. They will also usually instruct them to carry out checks on their behalf and make sure any conditions are complied with.
All conditions will need to be met before the lender will release funds.
Step 4 – sign contracts
Your conveyancer will send you several important documents prior to completion. These will need to be completed in full, signed, and returned. At this point, they will request your deposit, which will be paid as contracts are exchanged.
Step 5 – exchange contracts
Once all parties in the chain have their searches and finances in place, a date will be agreed for the exchange of contracts.
Step 6 – completion
Everyone’s favourite stage! Here your conveyancer will make arrangements for funds to be transferred on the day of completion.
Once this has been done the keys can be officially handed over. Your conveyancer will ensure Stamp Duty is paid and that the property is registered in the correct name.
How long does the conveyancing process take?
The million-dollar question. And one that, unfortunately, doesn’t have a straightforward answer.
The truth is, it’s very difficult to put a timescale on the conveyancing process. Why? Because it depends on numerous factors.
Things can be wrapped up quickly (in as little as a few days) or can take several months. Generally speaking, the more people involved in the chain the slower proceedings tend to be. One party may have trouble securing a mortgage, another may unearth a potential issue during a survey, and so on.
These delays are largely outside of your conveyancer’s control but it’s important to work with someone who you can trust to progress things on your behalf – and who will keep you informed throughout. As let’s face it, there’s nothing more frustrating than being kept in the dark.
How much does conveyancing cost?
If you instruct an experienced and skilled property solicitor then there’s no denying it’s money well spent.
Costings should be clearly broken down – with no hidden extras to take you by surprise. With GD Legal, you’re guaranteed fast and fair pricing. Just 30 seconds is all it takes for us to accurately quote for your conveyancing work.
Choosing a conveyancer
It’s important to choose a conveyancer who is not only experienced but who is also highly recommended by previous clients too.
Being open and transparent about fees, and offering a modern, convenient service are both things to look out for. Read our blog ‘How to find a property solicitor you can trust’ for more on this.
If you’d like to know more about the conveyancing process and how our experienced team at GD Legal can assist you, then please don’t hesitate to get in touch.