A quick guide to the conveyancing process
The conveyancing process can seem complicated, and our residential property lawyers pride themselves on guiding you through each stage. However, clients often like to know how it all works. In this blog, our conveyancing solicitors explain the steps for conveyancing to help you understand what to expect from the outset.
What is the conveyancing process?
Every property transaction is different, meaning there is no set formula to follow. Generally speaking, the conveyancing process will involve the following steps.
The conveyancing process step-by-step
- Draft contract: once an offer has been accepted, the seller’s solicitor drafts a contract dealing with the terms and conditions of the sale. A contract pack containing the draft contract, Land Registry title documentation and property information forms is sent to the buyer’s solicitor.
- Preliminary checks: the buyer’s solicitor carries out several checks regarding the property and the current owner. The first check usually involves a set of pre-contract enquiries which are sent to the seller’s solicitor concerning issues such as rights of way, etc.
- Searches: the buyer’s solicitor applies for a pack of searches, including a Local Authority Search, Water and Drainage Search, Environmental Search and (if applicable to the area) a Coal Mining Search.
- Survey: the buyer arranges a survey of the property.
- Approval of the draft contract: while the various checks are being made, the buyer’s and seller’s solicitors will negotiate the contract. When they are happy, the draft contract is signed by all parties.
- Formal mortgage offer: in most cases, this occurs before contracts are exchanged. If the buyer requires a mortgage, a formal mortgage offer will be required. When a completion date is agreed upon, the buyer’s solicitor will submit a request to the mortgage lender to draw down the mortgage funds.
- Exchange of contracts: once both parties have signed and approved the contract (and all enquiries and searches have been satisfactory), the contracts are ready to be ‘exchanged’. Upon exchange, the buyer pays a deposit and a date for completion is set.
- Outstanding payments: outstanding payments, such as stamp duty and land registration fees, must be paid on completion. The buyer’s solicitor will prepare and send the buyer a ‘completion statement’ detailing the funds required to complete.
- Completion: on the completion date, the buyer’s mortgage company will transfer the money to their solicitor, who will, in turn, send it to the seller’s solicitor. Upon receipt of the purchase monies, the seller will ‘release the keys’ to the buyer.
- Registration: the buyer’s solicitor registers the ownership with the Land Registry.
How long does the conveyancing process take?
The length of time it takes to buy or sell a property varies, but the average conveyancing process takes between 12 – 18 weeks. This depends on numerous factors, such as whether the property is freehold or leasehold, and the length of the chain.
Useful conveyancing guides
- Blog: How to buy property as cohabitees
- Blog: The legal guide to buying a home: our top tips
- Blogs: 4 steps to stress-free conveyancing
Buying or selling? Contact our conveyancing solicitors in Bristol
For a free, no-obligation quote, click here. Our charges are transparent, and we quote for all fees and disbursements up front, meaning that you’ll understand the full extent of your conveyancing charges from the very start.
Contact our conveyancing solicitors in Bristol on 0117 325 2929.
