Step-by-Step Guide to the Conveyancing Process
Step 1: Instructing a Solicitor or Conveyancer
When your offer is accepted on a UK property, your next step is to instruct a solicitor or licensed conveyancer. They will be your legal partner and will guide you through the process of transferring property ownership from the seller to you. They will manage the legal paperwork, conduct searches (such as local authority, environmental, and water checks), prepare contracts, and handle the transfer of funds.
When choosing a conveyancer, look for someone experienced in property law who is known for clear communication, responsiveness, and transparent fees. Solicitors and licensed conveyancers both perform this role; however, solicitors often possess broader legal expertise, which can be particularly useful for more complex property purchases. Appointing them promptly will enable them to begin the preparatory work immediately thereby.
Step 2: Legal Checks and Draft Contract
With your conveyancer now instructed, the process proceeds to legal checks and the drafting of the contract. The seller’s solicitor will prepare and send a draft contract, along with crucial supporting documents, to your conveyancer. This bundle typically includes the TA6 (Property Information Form) and TA10 (Fittings and Contents Form), which you will need to review thoroughly and raise any queries with your solicitor.
Your conveyancer’s role here is to scrutinise these documents carefully. They will verify ownership, confirm property boundaries, investigate planning restrictions, and examine the property’s tenure. For leasehold properties, they will examine the lease terms, including ground rent, service charges, and the remaining lease term. Be aware that leases under 80 years can present challenges and hefty costs for extension, and leases below 60 years are often best avoided.
Step 3: Property Searches
Your conveyancer will review the draft contract and initiate essential property searches. These include a Local Authority Search, revealing planning permissions, building control issues, and outstanding notices; an Environmental Search, identifying potential land contamination or flood risks; and a Water and Drainage Search, confirming connections and public sewer locations. Depending on the property’s location, additional searches, such as mining reports, may be necessary.
Although not a legal requirement, having a property survey conducted is highly recommended. This independent assessment, performed by a qualified surveyor, can identify structural issues, such as damp or other worrying defects. The survey’s findings will enable you to proceed, renegotiate the price if problems are found that need fixing, or withdraw your offer if you have lost confidence in the property.
Your conveyancer will use the survey results to liaise with the seller’s solicitor, addressing any concerns and ensuring that all agreements, including price adjustments, are formally recorded.
Step 4: Raising Enquiries
After reviewing the draft contract and property searches, your solicitor will ‘raise enquiries’ with the seller’s solicitor. This involves asking detailed follow-up questions about issues or concerns that have arisen from the survey. A wide range of topics can be covered, from the property’s specific condition and planning history to details about guarantees, boundaries, or, for leasehold properties, service charges and management.
This is the phase where the seller’s solicitor must provide answers, and your solicitor may raise further questions based on their responses or any issues highlighted by your property survey. While essential for due diligence, this stage can be affected by delays, depending on the nature of the queries and the speed of responses. It is also where price adjustments or essential property repairs identified by the survey are formally discussed and agreed upon.
Step 5: Mortgage Finalisation and Survey
Most buyers will secure a mortgage to buy a property. Your chosen lender will conduct a valuation of the property to make sure it provides sufficient security to cover the loan. While you typically cover the mortgage arrangement cost, some lenders may offer it free as an incentive. This valuation differs from a standard survey. We strongly recommend arranging your own Homebuyer’s Report or a more detailed Building Survey to uncover potential issues not covered by the lender’s basic valuation.
Once your mortgage offer is formally issued, your solicitor will carefully review its terms and conditions. A critical aspect now is arranging building insurance for your new home. This insurance must be in place before the exchange of contracts, as the property will be your responsibility from the date you exchange contracts.
Step 6: Exchange of Contracts
The exchange of contracts makes your home purchase legally binding. Once all enquiries are satisfied and your solicitor is content, both you and the seller sign identical final contracts. Your solicitor will then “exchange” these with the seller’s solicitor, often by reading them aloud over the phone to ensure perfect matches, followed by immediate postal delivery.
You will typically pay your deposit at this point, usually 10% of the purchase price. A fixed completion date is then also agreed upon. From this moment, neither party can back out of the agreement without suffering severe financial penalties. If you pull out, you risk losing your deposit. It is at this point that the seller is legally obligated to sell to you, and there will be zero risk of being ‘gazumped’ by another buyer. In a property chain, every party must be ready for simultaneous exchange, as one delay in the chain affects everyone.
Step 7: Completion
Completion day is the exciting end stage of the conveyancing process. It is the day you officially become the owner of your new home! On this pre-agreed date, typically one or two weeks after the exchange, your conveyancer will settle the remaining balance to the seller’s solicitor. Once these funds are cleared and confirmed, usually by midday, your conveyancer authorises the release of the keys.
Often, these keys will be available for collection in person from the estate agent or can be posted to you. Congratulations! The property is now yours, and you can finally arrange to move in! Following completion, your conveyancer will register the property under new ownership with the Land Registry and will pay any Stamp Duty Land Tax on your behalf. They will then settle their fees and transfer any remaining funds to you, officially concluding your homebuying journey.
How Long Does the Conveyancing Process Take?
The conveyancing process typically takes between 8 and 12 weeks in the UK. However, it is essential to understand that this is just an average, and the actual timeline can vary. Several factors influence the duration, including the type of property (freehold properties are generally quicker to complete than leasehold properties, which involve more complex checks).
If you are part of a “property chain,” where multiple linked transactions must be completed simultaneously, delays with one party in the chain can hold up everyone. The speed at which paperwork is actioned and returned by all parties also plays a crucial role. Prompt responses to enquiries and speedy processing of documentation can significantly shorten the journey to your new home.
Common Delays and How to Avoid Them
Delays can and often do occur. A frequent culprit is missing or incomplete paperwork, especially with leasehold properties where management packs can be extensive and slow to obtain. Gathering all relevant documents early can prevent this bottleneck.
Slow responses between solicitors are another common frustration. A good solicitor will chase up paperwork relentlessly. Mortgage delays, such as lender backlogs or issues with your application, can also hinder progress. Ensure all your financial documents are ready and respond immediately to any lender requests. Incomplete or inaccurate information from sellers in initial property forms can lead to delays. Encouraging the seller to complete these forms clearly and promptly is essential for a smoother transaction.
Tip: choose experienced professionals, respond quickly to requests, and stay in regular communication.
Costs Involved in Conveyancing
Understanding the costs involved in conveyancing is essential. Beyond your property’s price, you will encounter several fees. Legal fees, paid to your solicitor or conveyancer for their expertise and time, typically range from £800 to £2,000, though this can vary with property value and complexity.
You will also pay for essential ‘disbursements’, which are third-party costs that your conveyancer handles on your behalf. These include search fees (for local authority, environmental, and water checks), Land Registry fees to register your new ownership (which vary based on property value), and smaller bank transfer/admin fees.
Stamp Duty Land Tax (SDLT) is a significant government tax on property purchases over a certain value, with rates depending on the purchase price, whether you are a first-time buyer, or if it is an additional property.
Conclusion
The conveyancing process can seem intricate at first glance, but with a clear understanding of each stage, it becomes a manageable part of your homebuying journey. From instructing your solicitor and conducting legal checks and searches through to the mortgage finalisation and the legally binding exchange of contracts, every step brings you closer to your new home.
While timelines can vary and delays may occur, expert guidance is invaluable. At Crown Luxury Homes, we pride ourselves on supporting our clients throughout this process – whether you are a first-time buyer, a seasoned mover, an overseas investor, or expanding your portfolio. We are committed to providing tailored support, ensuring your path to property ownership in the UK is as smooth and stress-free as possible.
