Conveyancing

Conveyancing is the legal and administrative work involved in transferring ownership of a property or land from one person to another. It also applies to transactions such as remortgaging and transferring equity in a property.

Your conveyancing solicitor will review the legal title, carry out the necessary searches and enquiries, deal with your mortgage lender where applicable, prepare the transaction for exchange of contracts and arrange completion.

You can contact a conveyancing solicitor as soon as you decide to buy or sell a property. Sellers can instruct a solicitor before accepting an offer so that identity checks and the initial paperwork can be completed in advance.

Buyers should instruct a solicitor once an offer has been accepted, or earlier if they would like to have everything ready. Acting promptly can help avoid preventable delays at the beginning of the transaction.

There is no fixed timescale because every property transaction is different. The time required can be affected by the length of the property chain, mortgage arrangements, searches, surveys, enquiries and the responsiveness of everyone involved.

Leasehold properties, new-build homes, probate sales and properties with complex legal titles may require additional work. We will keep you updated and explain any issues that could affect your proposed timescale.

Your quote should distinguish between the legal fee charged for the conveyancing work and payments made to other organisations, often called disbursements.

A quote may include:

• The solicitor’s legal fee
• VAT
• Property search fees
• Land Registry fees
• Electronic money-transfer fees
• Identity and verification checks
• Leasehold or management-company charges where applicable
• Stamp Duty Land Tax where payable

We will explain the anticipated costs and let you know if additional work becomes necessary because of an issue with the property or transaction.

Property searches obtain information that may not be apparent from viewing the property or reviewing its title. The searches required will depend on the property, its location and any requirements imposed by your mortgage lender.

Common searches include:

• Local authority search
• Drainage and water search
• Environmental search
• Flood-risk information
• Mining or ground-stability searches where relevant
• Other location-specific searches

We will review the results, explain any significant findings and raise further enquiries where appropriate.

Conveyancing searches and legal title checks do not assess the physical condition of the property. A survey is carried out by a qualified surveyor and may identify problems such as structural movement, damp, roofing defects or repair requirements.

A mortgage valuation is primarily prepared for the lender and should not usually be treated as a replacement for an independent survey. The appropriate level of survey will depend on the age, type and condition of the property.

The precise work depends on the transaction, but your solicitor may check:

• Ownership and the registered legal title
• Boundaries, rights of way and access
• Restrictive covenants and other title conditions
• Planning permissions and building regulations
• Property information supplied by the seller
• Fixtures and fittings included in the sale
• Search results and replies to enquiries
• Lease terms and management information
• Your mortgage offer and lender requirements

We will report to you on the important legal information before you commit to the purchase.

A property chain exists when a purchase or sale depends on one or more connected transactions. For example, your buyer may need to sell their existing property, while you may be relying on your sale to fund your next purchase.

Transactions in the chain will generally need to be ready before contracts can be exchanged and a common completion date agreed. A delay elsewhere in the chain can therefore affect your transaction, even when your own legal work is substantially complete.

Exchange of contracts is the point at which signed contracts are formally exchanged and the transaction becomes legally binding. The completion date is normally fixed at this stage.

Completion is when the purchase money is transferred, ownership changes and the buyer is normally able to collect the keys. Exchange and completion can take place on the same day, although they are often separated by an agreed period.

You should not commit to removals or other irreversible arrangements until your solicitor confirms that contracts have been exchanged.

The deposit required by your mortgage lender will depend on the mortgage product and your financial circumstances. This is separate from the contractual deposit paid when contracts are exchanged.

The contractual deposit is often 10% of the purchase price, although a smaller amount may sometimes be agreed, particularly where sale proceeds are being used to fund an onward purchase.

We will confirm the amount required before exchange and provide instructions for transferring funds securely.

Your conveyancing solicitor will usually act for both you and your mortgage lender, provided the firm is approved by that lender. We will review the mortgage offer, satisfy the lender’s legal requirements and request the mortgage funds for completion.

You should read the financial terms of the mortgage carefully and raise any questions about the product, repayments or affordability with your mortgage adviser or lender.

Buying or selling a leasehold property usually involves additional legal work. The lease, service charges, ground rent, insurance, management arrangements and any planned major works may all need to be reviewed.

Information may also be required from the freeholder, landlord or management company. They may charge fees for providing a management pack, registering the new owner or dealing with notices and certificates.

Obtaining this information can take time, so sellers should request the relevant leasehold documents as early as possible.

Solicitors must carry out identity, anti-money-laundering and source of funds checks before handling a property transaction. Buyers will need to explain where the purchase money and associated costs are coming from.

Depending on the circumstances, we may ask for bank statements, savings records, evidence of a property sale, mortgage documents, probate papers or information about a financial gift.

If someone else is contributing towards the purchase, tell us as early as possible because additional checks and mortgage-lender requirements may apply.

The information required will depend on whether you are buying, selling or remortgaging. It is helpful to provide:

• The property address and agreed price
• The estate agent’s details
• The other party’s solicitor details, if known
• Details of your mortgage lender or broker
• Valid identification and proof of address
• Information about the source of your funds
• Your preferred timescale and any related transaction

Sellers may also need to complete property information and fixtures and fittings forms. If the property is leasehold, details of the freeholder and management company will usually be required.