What does a conveyancer do?
Transfering the ownership of property is called Conveyancing. It has many steps, and Latest Deals is here to help you understand what a conveyancer does.
A Conveyancer helps to transfer property from one owner to another. Conveyancers do a wide range of administrative and legal work.
Read below for a step-by-step of what a conveyancer does for you:
Step-by-step of what a conveyancing solicitor does for you
Step 1: Create a purchase file
The conveyancing solicitor will create a purchase file that will contain basic information such as your contact details, birth date, and national insurance number.
It will also include if you need a mortgage, which lender you are using, and the mortgage deposit.
Information about the property you want to buy will also be stated.
IMPORTANT NOTE: When the conveyancer has a picture of your conveyancing process, they will tell you how much their fee is.
Step 2: Local Authority searches
The second step for the conveyancer is to conduct local authority searches that could cost you around £300.
These are necessary to ensure that the property you’re buying is good to go and won't have any issues in the future.
IMPORTANT NOTE: You will need to pay for the local authority searches in advance. Your conveyancer will keep track of them and inform you about any problems and if other searches are required.
Step 3: Contact the estate agent
Your conveyancer will contact the estate agent to get more information about the seller. They will also contact the seller's conveyancer to start the process of transferring ownership.
Step 4: Receive paperwork from the seller's conveyancer
The seller's conveyancer will draft a contract and send a copy of the Title/Deeds for the property. Usually, the Title/Deeds are recorded with the Land Registry and are available online.
Some other documents will also be sent, such as Seller's Property Information Form, which includes every piece of information regarding the property, Fixtures, Fittings and Contents form and Leasehold Information Form.
Step 5: Raise queries and carry out checks
The conveyancer will read everything and will make sure all the information is correct so you can move forward.
Now is the time that your conveyancer will raise queries and carry out checks.
Usually, it's during these steps that delays might occur, making the process longer.
Step 6: Request your mortgage deposit
Your conveyancer will request your mortgage deposit. You can do that with online banking without problems.
You decide how you want to transfer your deposit.
Step 7: Exchange and Completion
You and the seller, via your conveyance solicitors, will need to agree on a date to sign the contracts and the moving date.
On the date of exchange of contracts, your mortgage deposit will be transferred to the seller. Now the purchase is legally binding.
At this point, the buyer becomes the owner of the property sold.
Step 8: The final completion statement
The final completion statement will show all the services your conveyancer has provided and will provide, and how much money you need to pay if there are any pending fees.
The conveyancer will also request the lender's mortgage balance to pay the seller.
Once the money is with the seller, the keys to your property will be released.
Step 9: Change of ownership and Stamp Duty Land Tax payment
All the paperwork will be submitted to the Land Registry, showing that now you are the property owner. You will be sent a copy.
Please note - this may not be a complete list of actions that a Conveyancer will do.
Where to find a conveyancing solicitor?
The best way to find a conveyancer is by recommendation.
If you have friends or family members that have used a conveyancer they liked, they would be a good choice.
If not, you can find some resources online, but make sure you read the reviews and check that they are part of the Council for Licenced Conveyancers.
It's important not to make your decision based on price because this could result in problems. If your conveyancer makes any mistakes, this could cost you a lot of money.
If you are working with a mortgage broker, they could also recommend conveyancers.
If you have a mortgage lender, they will also have a list of conveyancers that they work with, and in some cases, it will be mandatory to pick one from their list.
How much does the conveyancing process cost?
The cost of residential conveyancing varies.
What needs to be taken into account is how much is the property's value, the more expensive the property, the more expensive the conveyancing.
In the process of conveyancing, there are many different costs, including the conveyancer legal fee plus VAT, the fees for local authority searches and the fee for Land Registry and others.
How long does the conveyancing process take?
This depends on each case, but usually, the conveyancing process takes around two to three months to be completed.
This can be longer if there are problems with the mortgage offer or local authority searches, for example.
IMPORTANT NOTE: If you are a first-time buyer, your conveyancing process is usually quicker.