About Conveyancing
What is Conveyancing?
In short, it’s the legal process of transferring ownership of a property from one person to another. As a conveyancer we provide this service.
What Should I Expect?
Every transaction is unique and some transactions will take more time than others. That said, assuming your sale and purchase goes to plan, it should take around six to ten weeks from the day your offer is accepted, to getting all the paperwork completed and queries answered. You need to bear in mind that your actual completion date will depend on the sellers and/or any transactions that are linked to yours. Rest assured, we will do all we can to ensure your transaction completes as quickly as possible.
Who Will I Be Dealing With and When Can I Contact You?
From the outset you will be assigned your own dedicated conveyancer and legal assistant who will complete your transaction. They are contactable by phone, email, instant message or video conference, and are supported by colleagues who are able to answer your questions in the event your conveyancer or assistant is unavailable.
What Can I Do to Speed Up the Process?
To speed up your transaction, please complete and return any documentation to us as soon as possible. We understand that you will have a million and one things to do so please provide us with the best means of contacting you and times when you are available. If we ask you to make any payment to us during the process, where we advise it is possible to do so, please call us to make payments over the telephone using a debit card . We will ask you for proof of identity: please provide this as soon as possible to avoid any delays. We also recommend that you send your identity documents via recorded or special delivery – rest assured, documents will be returned using the same method you use to send to us.
If you are buying a property, you may need to pay a deposit just before contracts are exchanged (unless these funds are coming from the sale of another property, or we have agreed a simultaneous exchange and completion). It is very important that you advise us if any of these funds are being, or are going to be, provided by someone else such as spouse, parents or friends. This is ordinarily not a problem, but we will need to conduct additional checks and liaise with your mortgage lender (if you are buying a mortgage), and this can take some time. Therefore advising us at the start of your transaction can help to avoid delays.
If you are buying or selling another property at the same time, please provide us with these details.
The Conveyancing Journey
1. Opening and preparing your file
We will issue documentation to you and a number of third parties including the solicitor or conveyancer acting for the buyer or seller, your estate agent, your mortgage lender and any other third party linked to the transaction. We will also take any payments that we require, order searched (if applicable) and obtain other documentation. It’s really important that you return documents to us promptly to minimise delays.
2. Raising and responding to queries
During this stage your conveyancer will ask or answer questions regarding the property, and carry out further investigations. This is referred to as raising and responding to queries and is generally the most time-consuming phase of the transaction, as we are reliant on how quickly third parties respond to us.
3. Preparing for exchange
You will need to have signed your contract, and your conveyancer will ensure we have everything we need and that all outstanding queries have been answered. It is essential that any monies we have asked you for are paid at this point to avoid any delays.
4. Exchanging contracts
This is the penultimate stage of the transaction, where contracts are exchanged and a date is agreed for completion. This is the point where is becomes legally binding and you can plan for moving into the property.
5. Completion
As soon as money has changed hands and contracts have been completed, keys can be handed over.
6. Dotting the ‘i’s and crossing the ‘t’s
After completion, we still have a few things to do, including registering your ownership of the property at the Land Registry and paying stamp duty if it is applicable. We shouldn’t need anything else from you other than to ask you to let us know how well we have done, by completing our customer satisfaction questionnaire, which we’ll send you in the post.
Jargon Busting
Access Audit
Established how well a building performs in relation to access and ease of use by potential users, including people with physical mobility and sensory impairments. Buildings to which the public has access must be fully accessible to the public and so employers/service providers must carry out an audit to identify any issues.
Asbestos Report
All non-domestic properties build prior to 1999 are legally required to have an asbestos register in place. This should detail the extent and condition of any asbestos material found within a property, and any remedial action necessary to safely manage the asbestos.
Completion
Day when ownership of a property changes hands, which is typically the say where you will move in or move out.
Contract/Agreement
Legal contract between a seller and a buyer for the sale and purchase of a property. It contains various terms/conditions, such as the price, completion date, amount of deposit payable, etc.
Covenants
Promises/legal obligations which bind you as owner of a property. They are contained in legal documents known as deeds.
Energy Performance Certificate (‘EPC’)
Required when a property is built, sold or rented. It contains information about a property’s energy use and typical energy costs together with recommendations on how to reduce energy use and save money. It rates the energy efficiency of a building and a grading is given from A to G (with ‘A’ the most efficient grade).
Exchange
When contracts are exchanged and he contract is legally binding on the parties to it. You agree to buy (or sell) the property on a specific completion date. Prior to exchange, the parties are free to pull out at any time.
Fire Risk Assessment (‘FRA’)
If you are in control of any part of a commercial property you may be under a legal obligation to carry out a detailed FRA to identify risks and hazards in the property. An FRA is essential in keeping a property safe for everyone.
Freehold
You own the property and the land (e.g. the majority of houses).
Indemnity Insurance
Legal defect insurance policy used where there is, for example, lack of planning permission or a lack of right of way, etc. that cannot be quickly resolved (or cannot be resolved at all). The insurer agrees to insure the risk/defect on payment of a premium.
Lease
Document under which an owner of a property grants another person exclusive possession of the property for an agreed period usually in return for an agreed periodic payment.
Leasehold
Where a tenant owns the lease to a property for a fixed period (e.g. flats or apartments). If a property is leasehold the conveyancing process can take around 30% longer as it is a more complex transaction.
Option to Tax (purchase of commercial properties)
Also known as ‘waiving the exemption to tax’ or ‘electing to tax’. An election binds the person that makes it. Check with the seller at the outset to ascertain if they have “opted to tax” and be sure to discuss with your accountant as a seller will be entitled to charge VAT on the purchase price if they have ‘opted to tax’.
Transfer
The document under which ownership of a property is transferred from the seller to the buyer. It confirms details of the seller and buyer, the purchase price, property description, new rights which benefit a property, new rights to which a property is subject and new covenants to which the buyer or property are subject.
