A guide to conveyancing

What is conveyancing?

Conveyancing is a legal process undertaken by a solicitor, lawyer or legal professional who specialises in property. The conveyancing process can often take weeks or even months in the UK.

The conveyancing process being delayed could be due to things such as unverified source of mortgage deposit, remortgages, survey delays, title and search delays.

Another thing which can increase the conveyance timeframe is the “chain”.

A chain exists when a buyer has to sell their home or a seller is buying a new home and all transactions are dependant on each other.

In a scenario where you don’t need a mortgage to buy a property then conveyancing can be incredibly quicker due to a lot of the mortgage delays vanishing.

You will also not be required to use conveyancing if you buy without a mortgage but if you buy with a mortgage then the mortgage lender will insist you go through conveyancing as part of your mortgage application process.

To ensure your conveyancing gets handled efficiently and in the quickest time possible you will need to hire a suitable conveyancer from a firm where technology is as much a focus as the quality of work.

If the solicitor does not have a conveyancing quality scheme then you should think twice as most reputable conveyancers will be part of a conveyancing quality scheme.

Technology will play a key role in informing you with updates and making the conveyancing process faster.

The technlology will also reassure a seller as they will know things are moving on forward.

In some cases, a mortgage broker may be able to recommend you to a panel of conveyancers who they have worked with in the past.

Recap:

• Hire a suitable conveyancer
• Technology is key
• Use a reputable digital mortgage broker (some may reccomend conveyancers who they have worked with)

What’s included in a conveyancing fee?

Conveyancing fees will include the cost of hiring the conveyancer as well as costs which are not paid directly to the conveyancer but are part of the conveyancing (these are called disbursements) such as search costs, stamp duty and land registry fees which you have to pay during the home purchase process.

Ensure this costs are included in your quote and are VAT inclusive before proceeding to avoid getting blindsided by the conveyancer.

If the property purchase falls through some solicitors offer a “’no move, no fee’ deal.

Be sure to confirm this is included before hiring a conveyancer and ensure the disbursements mentioned above are included in this deal.

So how does conveyancing work?

Once you receive and sign a letter of engagement from your solicitor, your conveyancer will inform all parties involved (you, the seller and the mortgage lender) that they are now working on your case.

After receiving the memorandum of sale your conveyancer will review the property information form (a standard property information form not to be confused with the property information form which you have to fill when getting a help to buy property) and then begin searches on the property.

If the conveyancers are satisfied with all the searches then they will confirm the mortgage details with the lender.

You conveyancer will then request you to sign the contracts and then begin the exchange of contracts process.

Your mortgage lender will usually require you to have building and contents insurance before signing the contracts.

Once the contracts have been exchanged the sale becomes legally binding.

Your mortgage deposit is then sent to the seller’s conveyancer or solicitor after which you will need to pay your conveyancer.

After your payment has been received your conveyancer will draw up a transfer deed which you will sign for completion.

And then its time for completion, your conveyancer will arrange for a time for you to pick up your new home keys.

If you are not satisfied with the service you have received from your conveyancer then the Legal Ombudsman or the Law Society will welcome your complaints and take any necessary action.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.