Although many sellers and buyers are understandably focused on a wide range of other matters (finding the right place, getting an offer accepted, trends in sold property prices, and so forth), buying or selling any property hinges on the successful transfer of the legal ownership of the property in question. This is often referred to as transferring the legal title.
What are the steps of the conveyancing process?
Whether you're a first time buyer or a seasoned seller, it's sensible to familiarise yourself with the steps that constitute the conveyancing process.
1. Pre-contract
Sometimes called the research stage, this is where the buyer's conveyancer conducts all the necessary research (or, in legal terminology, due diligence) to ensure that the buyer is in full possession of all facts about the property. This is also the stage at which any independent survey on the property is carried out and when the conveyancer gathers pertinent documents. These documents will include everything relating to official enquiries about the property and evidence proving that the buyer has the funds necessary to purchase.
2. Exchange of contracts
This is the stage that binds the seller and buyer to the transaction. After exchange, neither party can change their mind without incurring a significant financial penalty (for the buyer, this generally means the loss of the deposit they have paid to secure the property). Luckily, it's very, very rare for transactions to fail after exchange of contracts.
3. Completion
This final stage of the conveyancing process is when legal ownership of the property officially transfers from the seller to the buyer. This happens upon payment of the balance of the purchase price. At this point, in return, the buyer should receive the keys to the property.
Should you use a conveyancing professional?
Understanding what conveyancing involves is particularly important if you're considering undertaking your own conveyancing. However, the vast majority of people never even consider this - and with good reason. Whether you're buying or selling, you'll almost certainly be dealing with a very large sum of money, and you'll want to make sure that nothing goes awry. Using a qualified and appropriately insured professional is the best way to safeguard your own interests.
When choosing a conveyancing professional, you could opt for a solicitor or a licensed property conveyancer. Any solicitor is permitted to do the job, but a specialist property solicitor is most likely to have the requisite skills and up-to-date knowledge to do the best job. Property conveyancers, on the other hand, are not solicitors, but they are appropriately qualified professionals.
What to look for in a conveyancer or property solicitor
When it comes to choosing a conveyancer or property solicitor, you'll almost certainly find a wide range of fees. While it may be tempting to pick the cheapest option, this is one situation in which "cheapest" definitely doesn't automatically equal "best". For a start, aside from cost, there are a number of other factors to consider - and your own circumstances and personal preferences may see you attaching more weight to one or two of these. For example, don't forget to take into account:
1. Reputation
Local word of mouth comes into play here, but do remember that some people's experience may be from some time ago or relate to a different type of property transaction.
2. Client testimonials
These are a more formalised version of word of mouth reputation. You may find client testimonials in a law firm's or conveyancer's own marketing materials or in a legal directory. Bear in mind, of course, that testimonials that appear in a professional's own marketing literature are only ever going to be positive.
3. Expertise and experience
This can be difficult for a layperson to judge. However, as a baseline, you can use the Law Society's "Find a Solicitor" service to find solicitors in England and Wales who are regulated by the Solicitors Regulation Authority - and then refine it by looking for solicitors who have been awarded a voluntary accreditation by the Law Society. Note that the "Find a Solicitor" database does not include freelance solicitors. However, these individuals are included on the Solicitors Regulation Authority's register. You could also explore OneDome's conveyancing service. For further details, see https://www.onedome.com/services/conveyancing/.
4. Online or in person
Although solicitors and conveyancers traditionally operate in a face-to-face context, albeit with most client communication taking place over the phone, via the post or by email, online-only providers are gaining increasing traction in the market. Although you may not have a named contact, opting for an online service may mean that you have access to a 24/7 online platform that you can use to track the progress of your sale or purchase.
How to help your conveyancer
The best conveyancer in the world will struggle in the face of a disorganised or unresponsive client. Help your conveyancer bring your transaction over the finishing line by:
- ensuring you have all relevant documents to hand;
- disclosing all relevant information, including any disputes with neighbours;
- responding quickly to general enquiries and specific questions alike; and
- returning forms and documentation promptly.
How long does conveyancing take?
Although this is a key concern for most people, unfortunately, there is no definitive answer. It is, of course, possible to give estimates, but these will inevitably vary depending on current market conditions and their effect on the workload of all the professionals and institutions (banks, estate agents, surveyors, legal professionals etc.) involved. For example, the Covid pandemic resulted in a lengthy backlog of transactions, which meant that most sales and purchases took much longer to reach completion. Inevitably, this development was a cause of concern for many, especially those worried that a chain would collapse if one of its links lost patience with the whole process. Unfortunately, this remains a risk, and falling sold property prices mean that downsizers, in particular, may end up losing money as a result.
For further information about conveyancing, please refer to https://www.onedome.com/conveyance/home-buying-and-selling-guides/.
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