Whether your buying or selling, conveyancing is a critical step in transferring ownership of a property from one party to another. It’s a legal process that begins when an offer is accepted on a property and if you are putting your property on the market and/or starting the hunt for a new home, it’s never too early to look for a conveyancer to work with!
Conveyancers will be able to give you estimated quotes and overviews of their service, so you’re able to pick a firm that fits well with your needs in advance. Some key benefits can be working on a ‘No Sale, No Fee’ basis. Once you do make or accept an offer your conveyancer will be ready to confirm your instruction and begin the process.
There are three main stages of conveyancing that your conveyancer will guide you through:
- Before Exchange of Contracts – This stage is where vital checks are made to ensure that the vendor has the right to sell the property and the buyer is in a position to complete the purchase (either with funds or a mortgage offer in place). Necessary checks are completed, searches are ordered and enquiries are made by both the seller’s and the buyer’s conveyancers. These confirm the condition of the properties for buyers.
- Exchange of Contracts – In the simplest definition, this stage is where both parties agree to exchange signed contracts, once all enquiries are answered and everyone is happy with the property being bought and sold, exchange means the sale becomes legally binding. A completion date will be set, which can be the same day but in general is between seven to 14 days after the Exchange of Contracts.
- Completion – On completion day, the buyer’s conveyancer will transfer the funds for the purchase, and once these have been received, the seller’s conveyancer will confirm the purchase and the buyer can collect their keys.
Conveyancing is a comprehensive process and your conveyancer will keep you informed, keep everything moving and be on-hand to answer any queries you might have. There’s no such thing as a silly question, conveyancers will have been asked everything before and are on hand to help guide you through your property sale or purchase!