What Is Conveyancing

Taking a mortgage for buying a property involves a range of legal considerations to make the process legitimate and smooth. Once you have selected the right property and the right mortgage for purchase, you will need to look after conveyancing for handling the legal matters.

What is conveyancing?

Conveyancing is the legal process while buying or selling a property that ensures that the ownership of the property is successfully transferred from the seller/owner to the buyer. If you are planning to purchase a property on mortgage, conveyancing helps you become the legal owner of the property once you have secured your mortgage all arrangements have been made.

Conveyancing also makes sure that all parties involved are aware of all small and big details regarding the transfer. It lets the buyer clearly know if there are any restrictions or limitations to the way the property needs to be used. It involves the creation and exchange of legal contracts that bring the buyers and the sellers on the same page. This prevents any misunderstandings or confusion from arising in the future.

Conveyancing is carried out in multiple stages that involve different processes, such as a local authority searching to see if there are restrictions, exchange of contracts, negotiations, and more.

Conveyancing is typically handled by a conveyancing solicitor or licensed conveyancer. It can also be looked after by chartered legal executives working with lawyers. While it is possible for both parties to handle the transfer of ownership by themselves, people prefer working with experienced professionals to avoid legal complications.

How long does the process of conveyancing take?

On average, conveyancing may take anywhere between 8 to 12 weeks, depending on the circumstances involved. The process may take longer if there are unexpected delays. For example, if the buyer is in a long property chain or if there are disagreements regarding the terms of the title, conveyancing may get delayed.

Conveyancing can also get delayed because of busy periods in the property market as most firms would be busy processing many property sales. Leasehold property usually take longer than freehold property.

While you cannot do anything to fast-track conveyancing if the matters are not under your control, you can always ensure that the process goes on smoothly by taking the following factors into consideration:

• Make sure you instruct a solicitor as soon as possible.
• Do not cause unnecessary delays in sending your ID proofs and necessary documents for drawing contracts.
• Providing all proofs of funds on time
• Keep in touch with your conveyancer and estate agent on a regular basis to stay updated about the process

What is the cost of conveyancing?

The expenses you would be required to pay for conveyancing can be divided into two major categories – the basic fee and disbursements.

The basic conveyancing fee involves the charges of a suitable conveyancer according to your needs and preferences. On the other hand, the disbursements involve the costs of payments made by your conveyancer to third parties. This includes expenses like the cost of local authority searches, registration fees, etc.

The cost of conveyancing depends on the value and type of property you purchase. On average, you can expect to pay anywhere between £850 and £1,500 for the basic fee and around £250 to £450 for disbursements (excluding stamp duty).

While most companies charged a fixed sum as conveyancing fees, others charge their clients on an hourly basis.

Even if the sale does not go through, you may still be required to pay a nominal fee to your conveyancer for the work done. Make sure you get these aspects clear by talking to your conveyancer beforehand.

Is conveyancing important for a remortgage?

You would need to hire a conveyancer only if you are switching to a new lender to remortgage your property. Conveyancing is not needed if you stay with the same lender while remortgaging your property as it wouldn’t involve the title deed to be transferred from one lender to another. While the process of remortgaging with a new lender is fairly similar to that of getting a new mortgage deal, it requires you to hire a conveyancer for the same.

Is online conveyancing possible?

Yes, online conveyancing is getting increasingly popular in the age of digitization. While the process followed is the same as traditional conveyancing, all the procedures are carried out digitally or over the phone without the need for physical meetings.

Online conveyancing is a quicker and cheaper alternative as it does not require conventional paperwork.

Ask your mortgage broker to recommend the conveyancer if you don’t know any to work on your mortgage.