In this conveyancing guide we will look to answer some of the main questions you have about conveyancing and provice you with a conveyancing process flow chart so you can see the whole conveyancing processed mapped out in a beautiful flow chart.
What is conveyancing?
Conveyancing is a process undertaken by a legal property expert. They will look to ensure that the legal aspect of a home purchase or sale goes fine. A conveyancing process flowchart will help you see each key step of the conveyancing process and help you prepare your self for your conveyancer.
What is the conveyancing process for sale and purchase?
The conveyancing process flow chart below provides you a flow by flow guide on each step in the conveyancing process.
The Conveyancing process Flow chart:
If you are buying
The conveyancing process Flow chart if you are selling:
If you are selling.
Can you exchange and complete on the same day?
Yes you can exchange and complete on the same day but this has many disadvantages and not so many more advantages. An agreement is only in place when you have exchanged contracts. So for you to exchange contracts and include the completion date as the same day mayhave some issues although all possible.
Some of the issues with exchanging a contract and completing on the same day.
What if the buyers cheque doesnt clear?
What if the seller has a change of heart and you have already moved out of your current dwelling and booked all the logistic services such as moving vans etc.
For the above and many other reasons exchanging contracts and completing on the same day isnt always the best idea. Most people will prefer to exachange and give a few days before completing on the home purchase.
What happens during conveyancing?
During the conveyancing process your solicitor will carry out searches on the property to see if there are any legal issues which you should be made aware of, manage the contracts between yourself, the buyer and any other third party such as the help to buy equity loan providers or even someone provising you a gifted deposit and then deal with claiming any government bonus on schemes such as the help to buy ISA and finally pay your stamp duty and get a stamp duty certificate for your records.
How long does the conveyancing process take?
Conveyancing can take as long as 12 weeks but it is usually between 2 and 4 week for the purchase of a home and this applies for the sale of a home as your conveyancer will have to deal with the buyers conveyancer.
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.