Posted on Tuesday, April 30, 2019
Whether you’re buying or selling a home, you will need to undertake conveyancing. This can be one of the most complicated parts of the moving process, and many people looking to take their next step on the property ladder may not be too familiar with the process.
With this in mind, we have put together a simple guide to make sure you can move home with minimal stress.
What is conveyancing?
Conveyancing is an umbrella term that encapsulates the entire legal process of transferring ownership of a property from one person to another.
The process is undertaken by a solicitor (or licensed conveyancer) who acts on behalf of the buyer to ensure their clients receive the title deeds to the property.
Once a successful offer has been made, the solicitors that represent the seller and buyer will exchange details and the conveyancing process can begin.
Who undertakes conveyancing?
Conveyancing is traditionally completed by solicitors, who must be registered with the Law Society and are regulated by the Solicitors Regulation Authority (SRA). With ‘conveyancers’ becoming more popular in recent years, many solicitors are choosing to specialise in conveyancing only.
Homeowners are legally able to undertake conveyancing themselves. However, the process can be complex and time-consuming. Expert knowledge may be required in more elaborate cases – such as on leasehold properties.
How much does conveyancing cost?
Conveyancing fees vary depending on the service used – solicitors, online conveyancing or DIY conveyancing – and the price of the property. Conveyancing quotes are typically made up of two distinct costs: a basic fee and disbursements.
The basic fee covers the cost of the solicitor’s time and the method used. The most common – and cost-effective option – is based on a sliding scale depending on the selling or buying price of the property in question.
Keep in mind that your basic fee may increase if you are purchasing a Shared Ownership, new build, Right to Buy, Buy to Let or Help to Buy property.
Disbursements, on the other hand, are costs incurred by the solicitor that are passed onto you. These should be similar across all conveyancing quotes as they are fixed charges sustained during the conveyancing process.
How long does conveyancing take?
The average conveyancing process can take between eight and 12 weeks from instruction to exchange. However, timescales can really vary depending on a range of factors, including the property chain.
Throughout the process, your conveyancer will analyse the contract and report back to you with important details, prepare and send a transfer deed and transfer payment for the property – all while liaising with the seller’s conveyancer.
The process does not always run smoothly and you may experience a few delays along the way. These can include problems with planning permission, issues with surveys and unclear search results.
While your conveyancer will do most of the legwork, you will need to ensure that you keep up your responsibilities and stay in contact with your solicitor at all times.
Where do I find a good conveyancer?
Finding a decent conveyancing solicitor can be difficult, but doing thorough research can help you to locate the best ones.
Begin your search online to find reliable conveyancers, ensuring that you call them up to find out more about their customer feedback and reviews. It’s also worth requesting a full list of itemised disbursements and expenses.
As mentioned above, ensure that the conveyancer you deal with is licensed by the Council for Licensed Conveyancers, or by the Solicitors Regulation Authority (SRA) if they are a solicitor.
By taking the extra effort to locate a professional and experienced provider, your conveyancing can be conducted as swiftly as possible. Of course, your estate agent will also be able to advise and recommend the best conveyancers to you.
Buying or selling a property with Keys & Lee
Our staff at Keys & Lee possess extensive knowledge of the local property market, which can help you to find the perfect property or to sell your property for the best possible price.
Our Buying page details the entire purchasing process and how we can help you to secure your ideal property, while our Selling page explains how we can help you to achieve the maximum sale price for your home – from advertising to our digital Property File tool.
Here at Keys & Lee, we assist buyers and sellers looking to move up the property ladder in Romford and the surrounding areas. For more information on the services we provide, please contact us on 01708 766 241.
To find out how much your property could be worth on the current market, you can also request a free online valuation.