What is Conveyancing? A Step by Step Guide of the Entire Process
Conveyancing is the legal process of transferring ownership when buying and selling property.
You might not be familiar with the process, especially if you’re a first-time buyer. That’s why we’ve created this guide that features all you need to know about the conveyancing process.
How to Choose a Conveyancer or Solicitor?
A good conveyancer or solicitor will help to avoid potential delays in the process. Here’s how to find the best conveyancer or solicitor.
- Compare My Move - We already have a network of conveyancers and solicitors ready to help with your move.
- Recommendations - Ask family and friends for recommendations as you know you can trust them.
- Mortgage Provider's Panel - Although they will likely receive a fee, your mortgage provider will have a list of recommended conveyancers and solicitors they work closely with.
- Accreditations - You should only ever hire a licensed conveyancer or conveyancing solicitor that is regulated by the following; SRA, CLC, LSS, LSNI or CILEx
Still curious? Click here to learn about choosing a conveyancer or solicitor
How Long Does Conveyancing Take?
The conveyancing process usually takes between 8 and 12 weeks from the point the buyer’s conveyancer receives the contract paperwork supplied by the seller’s conveyancer. It can be quicker or take longer, it all depends upon the individual property and the personal circumstances of all the parties involved.
Once you’ve instructed your conveyancer, they will order searches once the contract paperwork arrives from the seller’s conveyancer.
- Arranging a mortgage - 4 weeks
- Conveyancing searches - 2-6 weeks
- Exchanging contracts to completion - 1-2 week
- Total average time - 8-12 weeks
Still curious? Click here to learn about how long conveyancing will take
What are Conveyancing Searches?
Conveyancing searches are an important part of the process for buyers and are made up of 3 main searches:
- Local Authority Search
- Environmental Search
- Water and Drainage Search
The searches will highlight property specific issues in the area that could affect your property. Less common conveyancing searches include Mining, Chancel Repair and Flood.
Still curious? Click here to learn about conveyancing searches
How Much are Conveyancing Fees?
The average conveyancing fees for buying a house are £1,040 and the average cost for selling is £1,000.
The final fee will be made up of the conveyancer’s legal fee and disbursements such as searches and land registry fees.
|Conveyancing Service||Buying Costs||Selling Costs|
Solicitor’s legal fee
Transfer ownership with Land Registry
Bank transfer fee
Anti money laundering checks
Title deeds copy
Still curious? Click here to learn about conveyancing fees
How Do I Exchange Contracts?
Exchanging contracts is a process undertaken by both conveyancers via a telephone call. Contracts are exchanged to make the sale legally binding and during this process the completion date will be set.
Exchange of contracts takes place at the end of the conveyancing process once the buyer has paid the deposit. It shouldn't take longer than a couple of hours to do this.
Still curious? Click here to learn more about exchanging contracts
What Happens on Completion Day?
Completion day is the final step in the conveyancing process and typically happens between 7 and 28 days after exchanging contracts. The money is transferred to the seller so the buyer can receive the keys to the property.
It's important to be easy to contact on completion day so you know when to pick up the keys. Once the payment has been received, completion has legally taken place. The buyer will then receive the keys to their new house. The buyer is now the official owner of the property and can move in.
Still curious? Click here to learn more about completion day