First-Time Buyers Guide: What is conveyancing?
When you start looking for your first home you’ll hear about conveyancing. But it’s OK if you don’t know what that is. A study last year showed that 60% of adults in the UK don’t know what it is either!
The same research of 2,000 people found that half had used the help of a conveyancer – but they didn’t really know what they had done for them. And 40% thought the property survey was carried out by a conveyancing solicitor rather than a surveyor.
So what is conveyancing and why do you need a conveyancing solicitor? In this First-Time Buyers Guide, we’ll explain all you need to know.
When buying you need a conveyancer. This is usually a lawyer who specialises in property or a conveyancing solicitor.
The difference between the two is that a conveyancer only works on property while a solicitor can work on a range of legal services. Most people choose a conveyancing solicitor. It’s advisable if your property purchase is a bit more complex; for example if the property is part of a divorce dispute.
What is conveyancing?
Conveyancing deals with all the legal processes that are necessary when buying property. This procedure is necessary when transferring the ownership of a property from one person to another.
The process includes a number of steps, including carrying out ‘searches’ of your property. These highlight whether the are any environmental issues you need to be aware of. That may sound worrying but it’s part of the process of buying a home.
The person selling the property might also use a conveyancing solicitor.
Finding a conveyancing solicitor
It’s vital to shop around when choosing a conveyancer. The best are usually those with a lot of experience and a good reputation.
Mortgage brokers, such as The Mortgage Dog, usually build up good relationships with conveyancers and that might help speed up the process. We recommend Gordon Brown Law, so ask us for details about who you need to talk to.
Or you could use Digital Move to find a conveyancer by using this link.
Only ever use a fully accredited conveyancer and check that they’re regulated by either the SRA, CLC, LSS, LSNI or CILEX.
If you’re unsure, you can also search the Law Society’s online database.
What happens during conveyancing?
The process starts with checking your ID as part of due diligence. They also check the house title to make sure everything is as it should be.
‘Searches’ are then carried out. This includes environmental and drainage searches. If there are any potential issues with the land or property, then they will update your mortgage provider.
Your conveyancing solicitor will then work with the vendor’s legal representative to progress the transactions. They will iron out any issues that may arise from searches and surveys.
If buying, they will check the mortgage offer and deal with any special conditions.
For those who are in a chain, your conveyancer will work with the other solicitors to arrange dates for exchanging contracts and completion.
Next, they will prepare a financial statement so you know which funds you need and transfer funds for stop duty, if necessary.
The final step is registering the change of ownership with the Land Registry.
It all sounds complex but a good conveyancer will explain what’s happening in straight forward terms and should keep in touch with regular updates.
What does it cost?
Budget for around £1,100 to £1,500 for a good conveyancer. This fee covers a lot of the processes involved, for example the cost of searches. You may have to pay fees along the way for certain information. Your conveyancer should outline these fees from the start.
If you are a first-time buyer, we are more than happy to chat about the process of buying your first home. Just contact us today and we can arrange for you to have a chat with one of our friendly team.
Your home may be repossessed if you do not keep up repayments on your mortgage.
