 So you've found your perfect home for sale. Your offer has been accepted. Time to sit back and wait for the keys? Not quite yet. First you have to wade through the conveyancing process.
Conveyancing is the legal part of buying or selling a property. It's usually slow, fairly expensive, and sometimes painful, but it's essential, and it's all for your own good. The sooner in the process you find the right person to handle the legal aspects of your move the better. But who? Most people employ a solicitor, or a licensed conveyancer, to take care of the paperwork and legalities. Your estate agent might recommend someone, but the decision on who to appoint should remain your own. Whoever you choose, they should carry out the same basic process. Bearing this in mind, many people choose on price, but there is more to take into consideration. |
The Traditional Choice - The Solicitor
 Until fairly recently, your only option was to use a solicitor. They tend to be more expensive, but they do have certain advantages. Regulated by The Law Society, solicitors are covered by indemnity insurance of £1 million per transaction. And, if you happen to have any other legal problems they can deal with those too. On the downside, solicitors often take on many different types of work, and can see conveyancing as boring, low profit, high turnover work. As a result your house purchase transaction may not be their top priority. |
How Do I Choose One?
 Word of mouth is a good place to start. Your beloved family solicitor may not be the best choice, however, in terms of cost or efficiency. A specialist conveyancing branch of another company is likely to be a better deal. Otherwise, The Law Society can provide you with a list of suitable solicitors in your area. You can sometimes save money by choosing a solicitor outside your area, particularly if you live in a city. But if you're in a hurry it may be better to use a local firm so that you can nip in to sign paperwork in person. |
 Always find out exactly who you would be dealing with. You will need to get along with this person, so, no matter how highly recommended they come, don't accept someone you find irritating, or who seems disinterested. Any solicitor's firm should explain their charges when you first contact them and keep you informed if they are likely to increase. Fees range from around £350 plus VAT up to over £4,000 for extremely expensive properties. Don't forget that on top of the solicitor's fees there are set costs known as disbursements, which will vary according to the price of the property. These include search charges, land registry fee and stamp duty. |
Johnny Come Lately - The Licensed Conveyancer
 On the scene since only 1987, licensed conveyancers are attractive to hard-up house movers because their fees can be as little as £150. But the low price doesn't necessarily mean an inferior service. Specialists in their field, with a reputation to maintain, some people claim that licensed conveyancers are more focused and efficient than solicitors. One disadvantage, however, is that they will not be able to help with anything arising from the purchase that falls outside the remit of property law. Recently Internet conveyancing services are also on the increase. Very competitively priced, many also allow you to access your file at any time, and send you email alerts at important points in the process. There are around 500 licensed conveyancers in England and Wales. To find one, search The Council for Licensed Conveyancers. |
Do It Yourself - If You Dare
If you have time on your hands, an unhealthy love of paperwork, and your mortgage company doesn't object, you could do your own conveyancing.
Apart from saving you money, you will have the satisfaction of knowing that your important documents are not languishing at the bottom of your solicitor's in-tray while he's out on the golf course.
However, you will still be able to do little about the snail's pace at which the other side moves.
The downside is undoubtedly the potential for disaster. Unless you are a real stickler for detail, and are prepared to spend hours swotting up on the minutiae of every aspect of the sale, you can make big mistakes.
If you find out too late that your flat only has a year left on the lease, or Sainsbury's owns the right to use your garden as a car park, you will have only yourself to blame, and no one to sue.
How Long?!
Once offers have been accepted, and conveyancers instructed, the waiting begins.
The process usually takes around eight weeks, but it can take less, and it often takes much more, depending on a variety of factors including the type of property, the length of chain and the actions of the other people involved.
So, What Is Happening All This Time?
The main events in the process are:
1. Receipt of draft contract
This is drawn up by the seller's solicitor stating the particulars of sale and the Conditions of Sale and will be altered by both sides over the coming weeks.
2. Preliminary enquiry
The buyer's solicitor sends a set of standard pre-contract enquiries to the seller's solicitor, and checks the draft contract for specific queries. These cover issues such as possible boundary disputes, restrictive covenants, rights of way and so on.
3. Property information form
The seller will receive a property information form. Check that this tallies with what you thought you were buying (this includes items such as fixtures and fittings).
4. Land charge and registry searches
The title deed, along with the Land Registry certificate is obtained and confirmation is made that the seller isn't bankrupt and actually owns the property.
5. Local searches
A check is made of any new developments planned within a small area around your property. However, if you want to be sure that a massive superstore isn't going up just outside of the search area, you can pay for a plan search, or visit the planning department of your town hall and check for yourself.
Searches are also made of the water drainage systems and other social infrastructure, and a check made for any restrictions on extending or renovating. Searches can take anything up to ten weeks to complete, so, if you're in a hurry you can pay for a personal search undertaken manually by a specialist, in a fraction of the time.
Meanwhile you should be organising a survey on your purchase.
6. Draft contract approved
Once the draft contract is agreed, it is sent to both sides for signature.
7. Formal mortgage offer
A formal offer is required at this stage.
8. Arrange for completion
With the help of the solicitors and estate agents a convenient completion date for everyone in the chain is agreed. This is usually your moving day.
9. Exchange
Both parties sign the contract and copies are exchanged. You normally pay your deposit at this point. If you pull out after this you will be liable to compensate the other party!
10. Completion
At last, on the agreed date (often around two weeks after the exchange date), funds will be sent from the mortgage company to your solicitor and transfer of ownership takes place, and you can move in.
The Future - HIPs And E-conveyancing
 With the arrival of the Housing Information Packs (HIP) next year, the conveyancing process will change enormously, with many of the preliminary enquiries and searches completing before marketing begins. In addition the conveyancing world is also bracing itself for the introduction of electronic conveyancing, which could become compulsory by 2009. Housebuyers will be able to log onto a "chain matrix", which will show when every participant is in a chain, and will hopefully mean for all of us a more informed and less frustrating journey from househunter to homeowner. |
Questions To Ask Your Conveyancer: - How much will you charge me, and what does the service include/exclude? - Is this a fixed fee quotation, or an estimate? - Who will be working on my file, how experienced are they, and how often will they update me about progress on my file? - Can I access my file via the internet? - Is there anything I can do to minimise delays? |
Nikki Sheehan
Feedback on this story:
05.05.06
'As an American new to the UK, this information was very helpful. Any real-estate transaction can be mind boggling; you put terms and conditions into perspective. Thank you.'
Send your comments using the box below
Review our guide to Estate Agents
© Find A Property 2000-2009
