Understanding the Conveyancing Timeline: Key Steps to a Smooth Property Transaction

Buying or selling a property is an exciting milestone in life, but behind the scenes, there's an essential legal process known as conveyancing that ensures a seamless transfer of ownership. Understanding the conveyancing timeline can help you navigate this complex process with confidence and avoid unnecessary delays.

Let's explore the key steps involved in the conveyancing timeline:

Step 1: Instruction of Conveyancer

The conveyancing process begins when both the buyer and seller engage their respective conveyancers or solicitors to handle the transaction. These legal professionals play a crucial role in overseeing the process and ensuring that all legal requirements are met.
Upon instruction, the conveyancer will send a client care letter outlining their terms of engagement and request necessary identification documents.

Step 2: Pre-contract Checks and Searches

The buyer's conveyancer will start by conducting a series of checks and searches to gather essential information about the property.
These searches typically include local authority searches, environmental searches, water and drainage searches, and others. These searches aim to uncover potential issues that may affect the property, such as planning restrictions or environmental hazards.

Step 3: Review of Legal Documents

The seller's conveyancer will compile all relevant legal documents related to the property, including the title deeds, property information forms, and fixtures and fittings forms.
The buyer's conveyancer will thoroughly review these documents to ensure everything is in order and raise any necessary inquiries or questions.

Step 4: Raise Inquiries and Receive Replies

Based on the legal documents and search results, the buyer's conveyancer will compile a list of inquiries and send them to the seller's conveyancer.
These inquiries seek clarification on various aspects of the property, such as boundaries, planning permissions, and any ongoing disputes. The seller's conveyancer will respond to these inquiries, providing necessary clarifications.

Step 5: Drafting the Contract

With all the necessary information and inquiries addressed, the seller's conveyancer will draft the contract of sale. This legally binding document outlines the terms and conditions of the property transfer, including details of the property, parties involved, purchase price, and any additional conditions or agreements.

Step 6: Mortgage and Financing

If the buyer requires a mortgage to finance the purchase, they will need to have applied for one and have a mortgage offer during this stage. The lender will conduct its own valuation and checks on the property to determine the loan amount. This step can take some time, so it's crucial to start the mortgage application process early.

Step 7: Exchange of Contracts

Once all inquiries have been answered, and both parties are ready to proceed, the buyer and seller will sign the contract of sale. The buyer will also pay the agreed-upon deposit, usually around 5-10% of the purchase price. At this point, the sale becomes legally binding, and both parties are committed to completing the transaction.

Step 8: Completion

The completion date is the day when the final steps of the conveyancing process occur. On this day, the buyer pays the remaining balance of the purchase price, and legal ownership of the property is transferred from the seller to the buyer. The keys to the property are handed over to the buyer, and the transaction is complete.

Step 9: Post-Completion

After completion, the buyer's conveyancer will handle the payment of stamp duty land tax (if applicable) and register the change of ownership with the Land Registry. This registration is essential to officially recognise the buyer's ownership rights.

Remember, the conveyancing process may vary in duration depending on the complexity of the transaction and any unforeseen issues that may arise. However, with the right professionals by your side, you can confidently navigate the conveyancing timeline. Get in touch with our team to see how we can help you today.