So, what exactly is conveyancing then? I’ am assuming if you’re reading this you might have a rough idea, but you’d be surprised how many people don’t know. When you consider it’s something millions of people do every year!
Conveyancing is the name of the process when someone legally transfers the ownership of their property to a buyer. So, if you’re buying a house from someone you’re going to go through the conveyancing process and would normally work with a company such as Jones Whyte who are expert conveyancing solicitors in Glasgow.
When you look at it like that it might sound relatively simple and straight-forward but let’s be honest do you think buying a house and moving ownership to someone else will actually be as simple as it sounds? Let’s take a more detailed look at conveyancing so you can see how it all works..
How Does Conveyancing Work?
Conveyancing starts from the very moment your offer is accepted from a seller and it doesn’t end till you receive your keys. There are a lot of variables to take into consideration when it comes to the time-frame of the conveyancing process, but you shouldn’t try to rush through it.
The next main question many people ask about the conveyancing process is whether they can carry it out themselves, the answer is yes! However, be warned carrying out your own conveyancing (this is usually referred to as DIY conveyancing) is difficult for the inexperienced so calling in a solicitor or professional conveyancer is usually for the best.
Your estate agent may even recommend a conveyancer agency for you to use, but this will usually be commission-based so it may be cheaper to find one on your own. Browsing the internet will usually bring up a batch of local agencies you can use, so finding one shouldn’t be difficult and remember if you really want to be safe you can always look for a conveyancing solicitor.
Once you’ve chosen your conveyancer they can start work, this will begin with them contacting your seller’s representative, so they can request a draft contract. They’ll then inspect the contract with you and ask any questions on your behalf to the seller’s solicitor.
The Conveyancing Process
So, that’s the first part of the process let’s talk about the more legal areas you need to know about. Depending on what exactly your solicitor finds when they inspect the contract and any needed supporting documentation the conveyancing process could be relatively simple and fast or a lot longer.
It really all depends on how many queries or concerns your solicitor thinks you need to raise with the seller. A good solicitor or professional conveyancer should be very thorough, and they will have a lot of important things they will need to check. Below I’ve outlined the main areas you need to know about and the key things your chosen conveyancer will need to do.
- They will need to find out the state of the lease.
- They will need to carry out a thorough inspection of the property.
- Check for any local authority activity, known as a local authority search.
- Check the title register and plan at the land registry.
- Examine the property for flood risks.
- Carry out any essential environmental searches.
There are possibly more things you conveyancer may need to examine, but the above list gives you the main areas of consideration. The next part of the process is when you get your mortgage in place, you will need to get a valuation first from the mortgage company and get building insurance for your new home.
Next, you’ll move onto the signing of the contracts, your conveyancer will already have a draft contract and once everything is finalised you can sign it. If changes need to be made ensure the contract is updated before signing it. You will then need to set a date for the signing of the contract, but you will have to exchange contracts first.
Once the contracts have been exchanged you will be in a legally binding contract and should have a fixed date for your move-in. Before the completion of the contract (but after the exchange), your solicitor will freeze the deeds for 30 days. During this period, you will need to pay the seller and ensure you have made your application for the transfer of ownership.
The Final Steps
The final steps of the conveyance process will take place on the aptly named completion day, the seller will need to confirm they have been paid and then the keys should be given to your estate agent. Once this is done you can collect the keys and move into your new home!
There may be a few final steps that need to be completed after you’ve moved in, your solicitor/ conveyancer should take care of most of this for you like arranging the payment for your stamp duty and ensuring you receive your legal documents after the completion of the conveyance process.