Buying your first home can be an exciting yet daunting experience. The buying process can at best described as intimidating especially when you’ve never done it before.
We have therefore put together a useful and practical guide on the conveyancing process for first time buyers which will provide answers to some of the most commonly asked questions when buying your first property.
What is conveyancing and why it matters?
Conveyancing essentially means ‘the legal side of the process of passing home ownership from one person or set of people to another. It is usually carried out by a solicitor or licensed conveyancer. When buying a property, your conveyancer’s role is to secure title, together with all the rights of the land, and make sure you’re aware of any restrictions before you become legally committed to the purchase. It is required for residential and commercial properties; but for the purposes of this guide when we refer to conveyancing, it is only in relation to residential properties.
When to instruct a conveyancer?
You can instruct a conveyancer to oversee the conveyancing process as soon as you have had your offer accepted on the house you wish to buy. If you are going to be buying with a mortgage, you should also already have spoken to lenders, or an independent mortgage broker and you may even have a mortgage agreement in principle (AIP) with a lender; although this is not compulsory.
How much is the Conveyancing fees?
Many conveyancers offer fixed fees or costs based on various factors, some of which are set out below:
- type of property you are looking to buy e.g. freehold or leasehold, house or apartment etc,
- the value of the property and
- whether any of the UK Government schemes are being utilised to aid the property purchase (things such as Help To Buy Schemes, Help To Buy ISA’s, Shared Ownership Schemes and even local council Right To Buy schemes).
In addition to the fixed conveyancing fee you will also need to budget for third party costs also known as disbursements such as Land Registry fees, local authority searches etc.
Choosing a conveyancing firm
Estate agents might recommend a solicitor as they often work in partnership with property specialists and often referral fees are paid to the estate agent for recommending a new client, so it may not always mean that the conveyancing firm you have been recommended actually offers the best service or value for money. Online conveyancing services are also rapidly growing and whilst it may offer the most affordable option however you will only deal with your conveyancer by email or phone and you might not speak to the same person each time you call. Furthermore, they cannot usually deal with more complex legal problems.
Residential Conveyancing can be a struggle at times, with a large amount of complex paperwork that needs to be dealt with correctly to successfully transfer a title that is good and valid. We always recommend choosing an experienced and established solicitor firm for conveyancing, as they will have a good understanding of the best ways to help the entire process move along as smoothly as possible; they will also have experience of dealing with any complications.
What is the usual conveyancing process when buying a house?
There is a wide range of tasks involved in conveyancing, which include:
- Investigating the title to the property to Check there are no issues
- Checking the terms of the lease (if leasehold)
- Raising enquiries with the seller’s solicitors, carrying out all of the necessary searches for any problems with the property with local authorities, water and drainage supplier, environmental searches etc.
- Making sure all necessary documents are signed and held until required
- Fixing the completion date
- Sending the deposit and all required paperwork to the seller’s solicitor
- Requesting the mortgage funds from your lender upon exchange & sending on to the seller’s solicitor upon completion
- Payment of any Stamp Duty Land Tax due
- Registering your ownership with the Land Registry
- Completing all required documents and paperwork and sending you a copy of the title deeds
How long does conveyancing take on average?
The conveyancing process usually takes around 8 weeks. It is possible to get it done in as little as a month, however, many things can delay the process. The length of time that conveyancing takes will vary, depending on the circumstances and whether any complications arise during the searches, enquiries or any other part of the process.
How can Connaughts Help
Our experienced property conveyancing team can support you at every step of your journey. We offer an efficient, and stress-free conveyancing service. As a member of the Conveyancing Quality Scheme, Connaught’s will ensure that your property purchase runs as smoothly as possible.
