The Conveyancing Process Explained for Buyers
Buying a home is one of the most significant financial decisions you’ll ever make, which is why it’s important to know all of the steps involved in the buying journey, including the conveyancing process. Within this article, we aim to provide a conveyancing timeline, so you know what the process involves and a time frame for completion, too.
A quick summary of the conveyancing process
- This is the crucial process of legally transferring ownership of a home
- It is your conveyancer’s job to check documentation, conduct conveyancing searches, and arrange a house completion date
- If any issues crop up throughout the conveyancing process, your conveyancer will contact the seller’s conveyancer for information
- Your conveyancer will act on your behalf (paying stamp duty tax if this applies, registering for the change of ownership with the Land Registry, sending title deeds to your mortgage lender)
- If there is no chain (for example, if you’re buying a new build home), the process can take as little as 6 weeks; if there are other sales involved, the conveyancing timeline can be significantly longer
What is conveyancing?
The house conveyancing process involves legally transferring ownership of a home from a seller to you, the buyer. Conveyancers and conveyancing solicitors handle this legal transfer, and home buyers must pay for this part of the buying process.
What does a conveyancer do?
There will be a conveyancer for both the buyer and the seller, in this instance, we’ll go through what happens in the conveyancing process from a buyer’s perspective.
Checks documentation
The buyer’s conveyancer will check a draft of the contract and read through all the required forms and documents, such as the property information form. The buyer’s conveyancer will also review the mortgage offer and advise how much stamp duty must be paid.
For more information on this, read our helpful guide to stamp duty. If you’re looking to buy your first home, read our guide to first-time buyer stamp duty.
Conducts conveyancing searches
Searches are a standard part of the conveyancing process, where checks on the local authority, the environment, and more are undertaken. These reviews uncover any issues that could potentially cause problems down the line for a buyer.
What happens if there are problems in the conveyancing process?
If any issues or questions arise, it is up to the buyer’s conveyancer to contact the seller’s conveyancer for information. Once all enquiries and searches have been completed, the buyer’s conveyancer writes up a property report containing all information about the property for the buyer to sign. Deposit funds are then provided in readiness for the exchange of contracts.
House completion date
After the conveyancers have agreed on a completion date, contracts are signed, making the sale legally binding. Compared to buying an older home, it is more difficult to give a specific date for when a new build will be ready if it is not yet built. Because of this, it is common to exchange contracts “on notice” while setting a “long stop date”.
What this means is that the builder anticipates the home will be ready to move into at some point prior to the “long stop date”, and when the build is nearer completion, they will do what is called “serving notice”.
This is normally a period of 10 days from the notice date, which will be the date you can complete the sale and move in. Long stop dates can vary significantly depending on the stage of construction and the developer’s anticipated build programme.
Acts on your behalf
Before the case is closed, the buyer’s conveyancer will pay Stamp Duty Land Tax on behalf of the buyer, register the change of ownership with the Land Registry, register ownership and the lender’s charge with HM Land Registry and then provide you with a bill for outstanding costs.
How long does conveyancing take?
The conveyancing process begins once the offer on your future house is accepted, and it finishes when the purchase is fully complete. Conveyancing with no chain, such as buying a new home like ours at County Town Homes, is a quicker process and could take as little as 6 weeks. However, if there are several other sales involved in the chain, the conveyancing timeline can be considerably longer, with delays of up to 6 months possible.
Read our blog on how long it takes to buy a house to see where conveyancing fits into the whole process.
Advice for the conveyancing process
- Compare conveyancing quotes to get the best deal, and make sure to ask if disbursements are included within this quote. The best deal doesn’t always mean the cheapest – remember, you are buying what is probably the largest purchase of your lifetime, it is often worth paying a little extra to ensure you have an expert looking after your best interests.
- Look around when choosing your conveyancer to ensure you’re employing someone reputable and up-to-date with the latest conveyancing technology.
- If you are buying a new build home, it is helpful to choose a conveyancer with a specialism in new build properties.
- Provide all necessary documents quickly to speed up the conveyancing process, such as ID, proof of address and mortgage details.
- Communicate with your conveyancer regularly to find out where they are up to in the process.
How much does conveyancing cost?
Throughout the conveyancing process, fees are split into the legal fees for your conveyancing solicitor to do their job and disbursements, which are third-party charges for services such as searches. It is estimated that conveyancer costs overall could come to £1,000 – £2,000. This cost should be factored into your house-buying budget. For more information, read our blog on the cost of conveyancing fees.
Let County Town Homes guide you through the entire house-buying process
You’re now educated on the whole conveyancing process. To read more about the house-buying process in general and access helpful moving checklists, explore our blogs at County Town Homes.
