At Jackson Lees, we often get questions around what "Conveyancing" actually is, and the part it plays when buying or selling your house. We hope this should guide will help answer those questions.
What is Conveyancing?
Conveyancing is the legal process in which property is transferred from one owner to another. Essentially, it is the preparation and investigation of documents which ensures that legal title is passed from seller to buyer. The process takes on average of 8-12 weeks from receipt of contract papers to moving in. This timescale very much depends on the length of the housing chain and the type of property for example if you are buying a newly built property or flat it may take longer.
The chain process adopted in England and Wales means that all parties move on the same day but also means you can only move once all the links in the chain are in place. This can take some time and have bumps along the way. To coin a phrase you can only move as quickly as the slowest person in the chain.
Stages of the conveyancing process
- Instruct a Solicitor/Conveyancer
The estate agent (if any) or financial advisers will want to know your solicitors details as early as possible. So it is good to research and get quotes before you have found your dream home.
Do your research; the market is highly competitive which means there are some great deals out there. Remember, cheapest is not always the best, and it is important that you are clear of the level of service you will receive from your money. Who will deal with it? How will they communicate with you? How often? Are good questions to ask.
- Initial Instructions
After a solicitor has been instructed they will send a welcome pack to you. You will be asked to provide identification and details of how you are funding the transaction. The solicitor will receive the contracts from the seller’s solicitor and look over these to make sure everything is in order.
Searches will be carried out by the Solicitor to ensure there are no problems. These usually include enquiries of local authority, environment agency and water supplier.
If you are using a mortgage to fund the property move, the solicitor will receive a copy of the offer direct from your mortgage company and look to answer any additional requirements they have. It is important to consider independent financial advice when seeking a mortgage to ensure you receive the right product for you.
Once the enquiries have been returned they will be checked over by your solicitor and you will be asked to sign the contract papers and mortgage deed (if any).
- Exchange of Contracts
This is the point when the transaction becomes legally binding a completion date is set and deposit paid. If either party drops out after this point, they will be liable to pay compensation and/or lose deposit paid.
Until this point either party may withdraw from the transaction with no liability or obligation to the other.
- Completion
This is the day you move in to your property.
The money will usually change hands with your solicitors by lunch time on the day of completion and you can collect your keys.
What can possibly go wrong?
The ‘stages of conveyancing’ above are a snapshot of the process which can be lengthy and complex.
Use the professionals
At Jackson Lees we aim to make the process as straight forward as possible, letting you get on with the practical side of moving home. We are members of the Conveyancing Association and Conveyancing Quality Scheme in recognition of our expertise and we have been awarded customer service excellence for our customer driven policy.
If you would like any more information you can get in touch with our friendly, expert team of Liverpool conveyancing solicitors by emailing enquiries1@jacksonlees.co.uk