The Conveyancing Process Explained

The conveyancing process explained and what does a conveyancer do?

It is usual for the buyer and seller to instruct their own conveyancing solicitors to complete the conveyancing process. The work the conveyancing solicitors undertake depends on whether they act for the buyer or seller. We will look at each in turn below. However, both the buyer’s and seller’s solicitors will require their clients to complete identity checks and agree their terms of business at the outset of the transaction.

What does a conveyancer do? – The seller’s solicitor

During the conveyancing process, the conveyancing solicitor acting for the seller is responsible for obtaining information from the seller about the property and passing that to the buyer’s solicitor. The Property Information Form describes matters affecting the property, such as detailing the boundaries, disputes and alterations made to the property. The Fittings and Contents Form describes what items are being left in the property, those being taken and those that the seller is willing to sell to the buyer. The seller’s solicitor also provides a draft contract for sale.

The seller’s solicitors will subsequently be required to answer questions about the property raised by the buyer’s solicitors. These questions are known as requisitions.

What does a conveyancer do? – The buyer’s solicitor

As part of the conveyancing process, the conveyancing solicitor acting for the buyer is responsible for investigating whether the buyer will acquire good and marketable ownership of the property. The solicitor makes enquiries of various sources, which typically include:

• the Property Information and Fittings and Contents forms from the seller
• the Land Registry for investigating the legal title to the property
• the Local Authority to investigate issues that might adversely impact the property, for example, planning issues
• information about the leasehold management of the property (if appropriate)
• Searches relating to water and drainage supplies, mining activity and environmental issues.

The solicitor will report to the buyer on the outcome of these investigations.

In the event the buyer is obtaining a mortgage it is usual in the conveyancing process for the buyer’s solicitors to advise the buyer on the terms of the mortgage and ensure that the mortgage lender’s interests are properly protected.

Exchange of contract and completion of the transaction

When the buyer’s solicitors have completed their investigations and the buyer is happy to proceed with the purchase, the solicitors will exchange contracts. This is the point in the conveyancing process at which the buyer becomes contractually obliged to purchase the property. On exchange of contracts, the buyer pays a deposit of typically 10% of the purchase price. On exchange of contracts, the solicitors agree on a date for completion of the transaction which is, typically one week after the exchange of contracts. It can be longer or shorter; it’s a matter of agreement between the parties.

On the agreed completion date the buyer’s solicitors pay the balance of the purchase price to the seller’s solicitors. In return, the seller’s solicitors send to the buyer’s solicitors a form that transfers ownership of the property to the buyer.

After completion of the transaction, the buyer’s conveyancing solicitors are responsible for ensuring the buyer is registered as the owner of the property at the Land Registry.

This article is intended only to give an overview of the conveyancing process and a general answer to what does a conveyancer do. While the law can be complicated, at Bradley Haynes Law we aim to make it easy to understand what’s happening and what it means for you.

Read more about our conveyancing solicitors‘ services or alternatively, you can contact us at Bradley Haynes Law on 01905 900 919 or at Leigh@bradleyhayneslaw.co.uk