Conveyancing is a vital process of buying and selling a house. You shouldn’t underestimate the importance of hiring a verified conveyancer to help you out. Compare My Move only work with licensed conveyancers and conveyancing solicitors that are SRA, CLC, LSS or LSNI regulated.
The conveyancing process can seem daunting, especially if you’re a first-time buyer or seller. It’s important that you get to grips with the legal jargon before you find a conveyancer. With conveyancing taking anywhere between 8 and 12 weeks, you’ll need to know how to prepare.
At Compare My Move, we strive to make moving house as stress-free as possible. That’s why we work hard to share everything you need to know about the conveyancing process.
Conveyancing is the legal process that transfers ownership of a property from the seller to the buyer. A licensed conveyancer or a conveyancing solicitor will work on behalf of the buyer or seller to make sure the necessary contracts and documents are signed and transferred.
The conveyancing process begins as soon as an offer is accepted on a house and will end after the legal documents are exchanged, when the seller receives the final funds and the buyer receives the keys.
To find a reputable licensed conveyancer or conveyancing solicitor, you should ensure they are SRA, CLC, LSS or LSNI regulated. The best way to find a verified and trustworthy conveyancer is to use a comparison website such as Compare My Move. We have a network of regulated and trusted conveyancers who are monitored closely by our hard-working team. Other methods such as family recommendations and word of mouth are useful in finding a trustworthy conveyancer, too.
When searching for a conveyancer, keep in mind that the industry is competitive. Be wary if a conveyancer is offering their services at a low price. Look for a company that offers a ‘fixed-fee’ service as this means you will pre-arrange a fixed price for the job. Make sure they offer a 'no sale, no fee' service so you won't be charged legal fees if the sale was to fall through.
The average conveyancing costs for buying a house is £1,040, and the average conveyancing costs for selling a house is £1,000. These are the legal fees associated with buying and selling the average UK house priced at £234,370, and include 20% VAT.
These costs are an average and your conveyancing costs will vary depending on the conveyancer you choose and the price of the property you are buying or selling.
Conveyancing searches are enquiries that your conveyancer will make to different authorities to learn about the property you plan to buy. Conveyancing searches are only necessary when you are buying a house, not selling. The main conveyancing searches are local authority searches, water and property searches and environmental searches.
Conveyancing searches are designed to inform your mortgage lender that the property won’t lose its value. These searches will also give you more information about the area and the property itself, playing a decisive factor in whether you go ahead with the purchase.
The conveyancing process takes between 8 and 12 weeks. Yet, the conveyancing timescale can vary depending on if you are part of a property chain or not and if you are buying and selling or buying or selling. Conveyancing for selling a house will take less time than buying as you don’t need conveyancing searches and will be chain-free.
Conveyancing takes time as each step of the process must be completed correctly to avoid further delay. To avoid a delay in your conveyancing case, you should instruct your conveyancer to begin the conveyancing process once your offer has been accepted or you’ve accepted an offer from a buyer.
Conveyancing disbursements are part of your conveyancing costs and are made up of fees that your conveyancer pays for third-party services. Your conveyancer will pay for the services on your behalf.
Conveyancing fees will be made up of part legal fees for your conveyancer and part disbursements for the additional services your conveyancer has to carry out. You will need to pay disbursements for both buying and selling a house, although you won’t have to pay as many for selling.
The Solicitors Regulation Authority (SRA) is the official regulatory body for conveyancing solicitors in England and Wales. If you see a conveyancer regulated by the SRA, you will have peace of mind that they will perform to a high standard.
Compare My Move only work with conveyancers that are regualted by the SRA, CLC, LSNI and LSS.
Online conveyancing works the same as traditional conveyancing, but the major difference is that it will take place online or over the phone. There are notable benefits to using an online conveyancer such as quicker transactions, a cheaper price tag and easily trackable progress.
Yet, online conveyancing does come with its downsides. Online conveyancing will lack the personal touch that you get with traditional conveyancing, and, most of the time, the company will be dealing with a heavy workload so you’ll have to deal with different conveyancers.
Fixed fee conveyancing is when a conveyancer offers their service at a fixed rate instead of an hourly rate. The price quoted at the beginning of the conveyancing process should remain the same and not go up in price.
Fixed fee conveyancing is common throughout the UK, with very few conveyancers still offering an hourly rate conveyancing service. With a fixed fee conveyancing quote, you’ll know exactly how much you need to factor into your moving budget.
The new build conveyancing process is different and more complex compared to conveyancing for previously owned properties. To start the transaction and make an offer, you’ll have to reserve the property by paying a reservation fee.
This is often non-refundable but deducted from the final price. The property will normally be reserved for 28 days once this has been paid and then the conveyancing process must begin immediately.
It’s not recommended, but you can do conveyancing without hiring a conveyancer. But, if you’re a buyer or seller using a mortgage lender, then it’s usually impossible to complete the process without using a regulated conveyancer. Unless you are legally confident to understand the jargon and the paperwork, you should hire a conveyancer.
If you’re buying or selling a property without a mortgage or outstanding mortgage, then you will have the option to do the conveyancing yourself. If you still decide to continue alone, ensure you research the process well and are familiar with the tasks at hand.
