Conveyancing is simply the legal term for the transfer of title of a property from one person to another. This is done quite simply by two qualified solicitors, one represents the buyer and the other represents the seller. Conveyancing works when the buyer’s solicitor gets in contact with the seller’s solicitor by phone and then in writing to confirm the proposition of the transaction as agreed, such as the purchase price and details of the client. This may also be done the other way around.
The buyer’s solicitor will want to raise enquiries into the transaction, specifically to do with the property and land being purchased. The seller’s solicitor will normally be responsible for sending out the contract to form the transfer of title.
The timeframe to completion is very dependent on the seller’s response to enquiries and requests for documentation. If the seller’s solicitor’s responses are detailed, then there may be little more research to do. However, if the seller has not given the information required, it is the responsibility of the buyer’s solicitor to do the research themselves.
The buyer or seller’s solicitor can also be dependent on third parties, such as the local council, to be responsive on any questioned raised against the land. The buyer’s solicitor will check with various third parties, like the council and environment agencies to ensure there are no matters affecting the proposed purchase that may be of concern. For example, the environment agency will be able to provide information on whether there has ever been any flooding in the area of the property.
Once the buyer’s solicitor’s are satisfied all of their checks are complete and the paperwork is all in order (signed and completed) then they will ask the buyer for a final confirmation to proceed. If there is a mortgage required, this final confirmation will have to wait until the mortgage has been agreed or ‘offered’ and the mortgage deed is with the buyer’s solicitor. The normal procedure is to ‘exchange contracts’ once all paperwork is received and signed by both sides. This is the legal point of no return. Once contracts have exchanged by both the buyer and seller’s solicitor, the sale is legally enforced. It is at this point that both conveyancer’s will agree a completion date. This is the date the keys will be handed over and can be the same day as exchange of contracts or it can be up to 6 weeks later.
Completion is the final stage and this is when the buyer’s solicitor will send off all of the registration documents to the Land Registry to complete the transfer of title, i.e transfer of property from one person to another.
