If you are considering buying or selling your home, understanding conveyancing is crucial. You might find conveyancing a fancy word, but conveyancing is simply the legal process of moving ownership from one person to another. The conveyancing process can be complex, but if you are guided by expert conveyancing solicitors , it will not be difficult.
In this article, we will walk you through the main steps of the conveyancing process, some of the key players involved, highlighting the benefits of online conveyancing quotes and offer some top tips to help guide you through the process.
If you need further information, you can contact conveyancing solicitors for expert guidance.
The conveyancing process usually takes 12-20 weeks, depending on the complexities of each case, it also depends on surveys, searches and your solicitor’s expertise.
The main steps in the conveyancing process
- Offer accepted: Your offer was accepted! That's good news, but it's only the beginning of the process.
- Instructing a solicitor: You'll need to hire a conveyancer or conveyancing solicitor to act on your behalf. They will handle all the legal process for you.
- Legal checks and searches: Your conveyancer will make some preliminary enquiries about the property, such as checking the title deed for planning permissions or searching the land registry.
- Contract review: Your conveyancer will draft and review the contract, making sure everything is in order and fair. They will also set out the terms for sale and purchase.
- Signing and exchanging contracts: Once everything looks good, you’ll sign the contract. Once both parties have signed and exchanged contracts, you're legally committed.
- Satisfactory survey: The buyer will usually arrange for a survey to be carried out on the property. This survey will consist of checking the conditions of the property and identifying any issues.
- Mortgage offer: If you're taking out a loan to buy the property, you'll need to apply for a mortgage. In most cases, the lender will conduct their own examination of the property and audit your financial circumstances.
- Completion: Once all the checks are done, the sale will be finalised. The bank transfer will be completed, and you will get the keys to your new home.
Key players:
In the process of conveyancing, several people are involved, each with their own role to ensure a smooth process.
- Buyer: The buyer is the person purchasing the property and has some responsibilities as well. The buyer is responsible for arranging financing, surveys, and timely communication with conveyancing solicitors.
- Seller: The person who is the current owner of the home is now selling it. The seller's responsibility is to provide all information about the property in fair terms.
- Conveyancing solicitors: A legal person who handles all the legal aspects of the property transfer, including contract review, conducting searches, and communicating with another party legal team.
- Mortgage lender: If the buyer is taking out the loan to purchase the property, then the mortgage lender provides the loan that is needed for the property. It is the mortgage lender's responsibility to assess the current financial situation of the buyer and then lend the buyer the money.
- Surveyor: The surveyor is the one who assesses the condition of the property and its value. After inspection, the surveyor presents a report. It’s useful for the buyer to understand if there are any potential issues with the property and its current state.
Benefits of getting an online conveyancing quote
With the advancement of technology, you can get free online conveyancing quotes. You don't need to make multiple calls or set up different appointments just to get a quote. With the online conveyancing tool, you can easily compare prices and services related to conveyancing. Another benefit of using online conveyancing quotes is the transparent pricing which makes it quick and easy to compare costs and services. This will save you time and money.
Why conveyancing quotes can vary
- Legal Fees: This is the cost of the conveyancer’s professional fees.
- Disbursements: These are third-party costs that the conveyancer pays on your behalf. This can include:
- Local authority searches
- Land registry fees
- Stamp duty land tax
- Bank transfer fees
Conveyancing quotes red flags
- Unusually Low Fees (which might indicate hidden costs).
- Lack of clarity about what’s included.
- Low review ratings across various review platforms.
Questions to ask when getting a quote online:
- What’s included in the legal fee?
- Are there any potential costs not listed?
- How will you communicate updates about the process?
- What’s your typical timeframe for completing a transaction?
Top tips from QualitySolicitors:
- Create a checklist: Whether you are a buyer or seller, make a checklist for all the documents you will need in the process.
- Choose a reputable property solicitor: look for one who has experience with conveyancing and has good reviews.
- Stay connected: Keep in touch with your solicitor and respond to requests promptly.
- Create a budget: Conveyancing costs are not only related to buying or selling costs, there are also additional costs related to conveyancing, such as searches, surveys or legal fees. Make sure you budget for these extra costs too.
- Compare quotes: the cheapest option isn’t always the best.
Copyright 2024. Article written by QualitySolicitors, a leading network of expert legal firms that provide a fresh, modern approach to the way people see solicitors.