If you are thinking about buying a house, or have you decided to sell, you may also be thinking about one of our most commonly asked questions which is, ‘when does the conveyancing start and end’? So to answer that question we have put together a simple outline so you can follow the steps and know what to expect and when.
Conveyancing is the legal process of transferring the ownership of a property from one party to another. It is important to appoint someone who knows what they are doing, as it will save all sorts of problems later on. So to begin this conveyancing process you will need to appoint someone. You can do it yourself of course, but this not really recommended. Choose a solicitor, a property lawyer or a company who specialise just in conveyancing.
The time it takes to complete the conveyancing process will depend a lot on a number of circumstances, such as the property itself and if you are part of a chain of buyers. A straightforward conveyancing time-scale could be as little as six weeks, or it could be as long as three months. But the average is usually somewhere in-between.
Your finances should be in place and any mortgages agreed before this stage, as there will be a date by which you are expected to send the full payment through your solicitor to the other party.
So you have chosen who you would like to handle the conveyancing process and ‘instructed’ your conveyancer. They will make enquiries from the seller’s conveyancer. Your conveyancer will obtain details of the property, so you can both agree what the seller is selling. For example, fixtures and fittings that are to be included and organise a survey of the property.
Your conveyancer will do legal ‘searches’ of and around your property. This could include rights of way, any planning that might affect the property or even danger of flooding or other hazards that are known to the area.
Once your conveyancer is happy that everything is in order and that you have the finance, the next stage is to sign contracts, agree a moving date and pay the deposit. This is a preliminary stage to Exchanging Contracts.
Your solicitor will explain to you the details of the this final transaction. Remember it is a binding contract, which means that if you choose to withdraw, there will be financial penalties.
This is the day when you get the good news that your ideal home is finally yours. Congratulations! Now all you need to do is open the champagne and unpack.