Being in a position to buy your first home is an exciting time, but the UK conveyancing process can feel overwhelming if you are new to it.
In this guide we will break down the conveyancing process step-by-step, explaining who is involved and what you can expect at each stage.
What is conveyancing
Conveyancing is the legal process of transferring property ownership from one person to another.
There are several stages to the conveyancing process and actions that need to be completed by various parties before you can complete your property purchase.
The entire process typically takes around 16 weeks, however this can vary depending on the circumstances of your move. The main people you will find involved in this process are:
- Solicitor or licensed conveyancer – they look after the legal work for you.
- Estate agent – acts for the seller in listing and selling the property, but often progresses the sale to completion, keeping communication open between the buyer and seller.
- Mortgage lender – Provides your mortgage offer and property valuation.
- Building surveyor – completes your property survey to check the condition of the property.
Step 1: Instructing your solicitor or conveyancer
The first step in your conveyancing journey is choosing and instructing your conveyancer.
You don’t have to wait until you have had an offer accepted to instruct your conveyancer – in fact it’s a good idea to already have your conveyancer lined up so that they can get going as soon as your offer is accepted.
When comparing conveyancing quotes, don’t just look at the price; make sure you find out what is included and whether there are any hidden fees.
Find out how they will communicate with you throughout the process and whether they offer a fixed-fee service (so you know the likely full cost upfront) or charge by the hour.
Step 2: property searches
Once you have instructed your conveyancer one of the first steps would be to request your property searches.
These are paid for upfront and usually include:
- Local authority searches – planning history, highways information, whether the property is listed or in a conservation area.
- Water and drainage searches – connections to water supplies and sewers, whether the supply is metered or rateable.
- Environmental searches – Risk of flooding, contamination or subsidence.
Due to variations in how different local authorities manage the process of completing the requested searches and communicating them, the time it takes to get the information back can vary from a few days to a few weeks.
Depending on the property location, you may also require additional searches such as a coal mining search, brine search or a canal and river search. Your conveyancer will discuss these with you should you need them.
Step 3: mortgage, valuation and surveys
The lender will arrange a valuation to confirm the property’s value matches the amount they are lending. This can sometimes be done remotely, particularly where there is a low “loan-to-value”.
Once the valuation has been completed and your lender has completed various other checks, your mortgage lender will send a copy of your mortgage offer to both you and your conveyancer.
Although not required, it is highly recommended to arrange a property survey so you’re aware of any issues before committing.
There are various levels of property survey you can request such as a home buyer report or a full structural survey.
Your surveyor will highlight potential problems like damp, roof damage or structural issues, helping you make an informed decision.
Step 4 draft contract and enquiries
The seller’s conveyancer will prepare a draft contract with details about the property, including the purchase price, boundaries and fixtures and fittings.
Your conveyancer will review it and raise any enquiries (questions) to clarify or resolve potential issues, for example, legal rights, access or planning permissions.
Step 5: signing and exchange of contracts
Once all enquiries are answered and you’re happy to proceed, it will be time to sign the contract and exchange with the seller.
This is when your purchase becomes legally binding, before the exchange of contracts, either party could have withdrawn from the sale without a penalty.
At this stage, you will pay your deposit, agree on a completion date and arrange buildings insurance, which needs to be in place from the date of exchange.
Step 6: Between exchange and completion
After exchanging contracts, make sure all funds are in place for completion day. This includes the remaining amount for the purchase and your conveyancing fees.
This is the perfect time to make sure you are organised, packed and ready to move.
Step 7: Completion day
Once all funds have been transferred and confirmed you will be able to collect the keys and begin the process of moving into your new home.
The seller’s conveyancer will send the transfer deed to your conveyancer, and ensure any existing mortgage is repaid.
Step 8: after completion
Your conveyancer will send any stamp duty payable to HMRC, and register your ownership with the Land Registry.
Once complete you will receive confirmation that you are the new official owner of the property.
Being a first-time buyer can be a daunting experience, which is why it is important to instruct a conveyancer you can trust to help you through the process and answer any questions you might have.
