Essential Guides & Advice A Guide To Conveyancing

Date Published:

23/09/2009

Once you have had an offer accepted on a property, the seller’s estate agent will need your solicitor’s or licensed conveyancer’s details. Your solicitor/licensed surveyor handles the legal process of buying and selling a property – known as conveyancing.

By Sarah Jagger

The Conyeyancing Process

How Long Does It Take?
In England and Wales the process splits into two stages: up to the exchange of contracts and from exchange to completion. Until contracts have been exchanged both buyer and seller can change their minds without any legal comeback. After contracts have been signed, the deal becomes legally binding.

The whole process typically takes eight to 12 weeks in England and Wales, but some transactions may be quicker and some may be longer. In Scotland, the system is slightly different and takes around six to eight weeks.

What Does The Solicitor/Licensed Conveyancer Do?

England & Wales
In England and Wales your solicitor/licensed conveyancer will do the following:

• Get the title deeds of the property from the seller's solicitor and examine them to make sure there are no problems.

• Make sure that you will get proper ownership of the property.

• Make sure that there are no planning conditions or conditions of ownership (for example an intrusive right of way) affecting the property.

• Make sure the seller has all planning permission and completion certificates for any alterations or extensions to the property.

• Check that there are no local developments (for example, road-widening schemes) planned which might affect the value of the property.

• Check that the street, pavement and main drains are public and maintained by the local authority.

• Negotiate and agree (with the seller's conveyancer) the draft of the contract setting out the terms on which you are buying.

• Register or record the change of title to the property, and the mortgage deed (loan agreement) in favour of the lender, with the Land Registry.

Source: CML

Scotland
In Scotland, the conveyancing system is different:

• You find the property you want to buy and tell your solicitor.

• Your solicitor will contact the vendor’s solicitor to register an interest, and will also arrange for the property to be valued/surveyed.

• If the survey is sound and the property is worth the asking price, then you arrange your mortgage (at least in principle). If not, you look for another property or try to negotiate on price.

• Your solicitor will put an offer in to the seller’s solicitor. If more than one buyer is interested in the property then your solicitor will arrange a closing date by which time sealed bids for the property must be received. You will be bidding blind and will have to decide with your solicitor how much you are prepared to offer.

• If the offer isn’t accepted, you start looking for another property and have lost the money you’ve spent.

• If the offer is accepted, solicitors exchange ‘missives’ – the deal is legally binding. Because in Scotland there is a binding offer at an early stage, gazumping – where a vendor may legally accept a better offer at a late stage – is a rarity. Gazumping tends to become more prevalent in England and Wales when property prices are rising.

• Solicitors prepare contracts.

• On settlement day, the buyer pays over purchase price in return for title deeds and keys. Seller moves out.

Read more on Scottish property law at www.scottishlaw.org.uk.