Buying a house is an extremely exciting time for any property buyer and ensuring you understand the process of conveyancing can help to make the process a lot simpler and easier. Conveyancing is an important part of property purchase, which makes it crucial to understand how it works and what is expected of you. As there are so many legalities when buying a house, conveyancing is tailored to every individual requirement to ensure that no issue arises at any stage of the process and if they do, they can be dealt with quickly and efficiently. Read on to find out more about conveyancing and how it can help you to begin your journey.

The Role of a Conveyancer

A conveyancer’s role is very important when it comes to buying and selling your property – they ensure the legal transfer of the property between the buyer and the seller is as smooth as possible. During the process, certain legal issues may arise which will need to be addressed, so the conveyancer is there to provide advice and manage these issues.

Conveyancers carry out several different tasks to ensure a smooth transaction:

  • Property searches – this includes local authority searches, environmental searches, water and drainage searches and The Land Registry search.
  • Ensuring completion of the relevant documentation – this could include contract preparation and legal packs. The type of documentation needed may differ depending on where you are on the property ladder. 
  • Keeping you updated on the progress of each stage of the process – whether buying or selling, conveyancers should always keep you in the loop as to how everything is progressing and if there are any problems that come up.
  • Exchanging of contracts and finalisation – the conveyancer will be in contact with the other party’s solicitor to finalise the contracts. This is usually done over the phone.
  • Stamp duty – depending on the value of your property, your conveyancer will organise for stamp duty to be paid, should you be required to.

The Conveyancing Process

Initial Stages

The initial stages of buying property ensure that all parties understand their legal obligations and that communication is opened between your conveyancer and the other party’s conveyancer. The process begins when your conveyancer gets in touch with the estate agent selling the property. From this, they can gather the property’s basic information and learn more about the seller’s conveyancer or solicitor.

Your conveyancer will need some information from you in order to verify your identity, which may include a passport or driving licence. This step is a legal requirement for all property transactions. Once they have this information, they will open a dedicated file for your purchase.

As a buyer, it is important that you understand what you are legally required to provide or do when requested, which can aid in preventing issues further along the process. Your mortgage lender usually requires this step, as a conveyancer is able to explain the legalities of a property purchase and the paperwork to you. At this point, you will be made aware of the property details form and conveyancing costs.

Searches and Deeds

Property searches are necessary as they unveil any property issues before you commit to buying the house. Some issues could include flood risks, planning permissions and local authority details. Local authorities will be able to give details on any future developments that may occur in the surrounding areas, which could affect your property’s value in the future. 

Mortgage lenders tend to request these searches be carried out before giving you the offer of a mortgage. Although the searches may not seem as important in the short term, is it imperative that these checks are carried out as it prevents unforeseen complications in the future.

Title deeds offer insight into the ownership history of the property. These documents are vital, as they prove that the seller does indeed own the property they are selling and that they have the right to sell it. It also gives an overview of land ownership and rights of way. If you are purchasing a leasehold property, this document details how long is left on the lease and the conditions of ownership. Your conveyancer will check through this thoroughly to ensure that no disputes arise over ownership.

Documentation and Communication

A draft contract will be prepared once an offer has been accepted on the property. This will also include a leasehold information form, a contents and fittings form and a property information form. Your conveyancer will read through all of the documentation to ensure that the information aligns with expectations. This may then call issues like shared access rights and fixtures that come with the property into question.

After a review of the draft contract, any queries that you may have about the property will be passed along to the seller’s conveyancer. This is also a good opportunity to negotiate any purchase price adjustments or conditions of sale. A conveyancer helps to get the answers you need before you commit.

Once your contracts are exchanged, they become legally binding. At this point, you will need to pay the deposit on the property, which is usually a minimum of 10% of the purchase price. If you suddenly want to withdraw after this, then the deposit is forfeited. If the seller withdraws, they will face legal penalties.

Once the deposit has been paid, you will need to pay the remaining balance of the deposit and the seller will then pass over the keys to the buyer. The completion date signifies the end of the conveyancing process. 

Post-Completion

On completion day, all of the purchase price balances will transfer from buyer to seller. Your conveyancer will organise this for you and will send the funds to the seller’s conveyancer. Only after the funds have been received do the keys get released to you. These are given to you by the estate agent. 

The buyer’s solicitor will transfer ownership of the property after completion and will send a deed to The Land Registry. This document will state your name as the new owner. The Land Registry is a government body, which means that the ownership is made into a public record so that you are named as the most recent owner. 

If your new property is eligible, you may need to pay stamp duty. This is only when a property is valued over a certain amount. This is something that needs to be paid to HMRC within 14 days of new ownership so that you don’t get penalised.

Start Your Conveyancing Journey with Beeston Shenton

Whilst buying a new house can be an exciting time, it’s important to understand the process of conveyancing before going ahead with a property purchase. There is a lot of important legislation that needs to be understood so that buying your new home is as smooth and stress-free as possible. 

At Beeston Shenton Solicitors, our conveyancing team have a range of knowledge and experience in property law to help you throughout your entire property purchase journey. Contact us today to find out more about how we can help you purchase property or call us on 01782 662424. Alternatively, you can find out more on the top 10 questions you should ask your conveyancer.