The first time buyer guide to conveyancing
Another day as a first time buyer, another term to get your head around. This time, conveyancing; the legal process that happens after your offer or application is accepted.
In this blog, we’re removing the shroud of mystery so you can clearly understand what conveyancing is, why it’s important, how it works and what you need to do.
What is conveyancing?
Conveyancing is the legal process of transferring the ownership of a property from the seller to the buyer. It encompasses all the legal, administrative and financial parts of the transaction.
On a personal level, it transforms you from a first time buyer into a homeowner.
What does a conveyancer do?
A conveyancer or solicitor handles the transfer of ownership, providing assistance, expertise and guidance, while acting as a point of contact between buyer and seller.
What happens during the conveyancing process?
During the conveyancing process, your solicitor will carry out various searches and manage the legal documentation of the transaction. Here’s an overview of the steps in the process:
Steps of the conveyancing process
- Instruct a solicitor
Start the conveyancing process by finding a solicitor and instructing them to work on the legal aspect of your home purchase.
- Initial checks
Your solicitor kicks off the process by conducting ID and anti-money laundering checks.
- Receive documents
Your solicitor will receive documentation from the seller’s solicitor and initiate searches.
- Property searches
Your solicitor will carry out various searches on the property, including Land Registry and local council searches, as well as environmental and water/drainage searches to identify any plans or risks that may impact your decision to purchase.
- Enquiries
Your solicitor will provide a report based on findings from the searches, and you’ll have the opportunity to make further enquiries or flag any concerns you might have.
- Sign and exchange contracts
Your solicitor will draft the contract, you’ll sign it, and they’ll exchange contracts with the seller’s solicitor.
- Completion
Both sets of solicitors will agree on a completion date (usually a Friday). On this day, you’ll transfer the funds and get the keys to your new home.
- Post-completion
Your solicitor will register you as the new owner on the property’s Title Deeds with the Land Registry.
What are solicitor fees when buying a home?
Solicitors charge a fee to cover their services and conveyancing costs. The amount varies depending on the solicitor. You’re usually charged the fee as a lump sum, payable on completion day.
Why do I need a solicitor to buy a home?
Buying a home involves complex legal paperwork requiring specialist knowledge. A solicitor has the expertise and skills to ensure the process goes as smoothly as possible.
Buying a home can be complex, especially if it’s a leasehold property or you’re purchasing through a scheme like Shared Ownership. In which case, you must use a solicitor with the necessary expertise to legally process the transaction.
Additionally, most lenders insist that you use a solicitor to oversee the conveyancing process.
What’s the difference between a conveyancer and a solicitor?
Both conveyancers and solicitors manage the legal transfer of property ownership, but the difference lies in cost and expertise. Conveyancers only specialise in property transactions, while solicitors are qualified lawyers trained in several legal matters beyond conveyancing. For this reason, conveyancers can process straightforward property transactions, but solicitors are required for more complex transactions, such as Shared Ownership, leasehold properties and homes in high-rise buildings.
Why is conveyancing necessary?
Conveyancing ensures your home purchase is valid and complies with all the legal requirements. It mitigates risk by bringing all aspects of the property – including its surroundings – to your attention, so you can make a well-informed decision and are happy to proceed with the purchase. It also ensures your funds are securely transferred to the seller on completion day.
What are searches, and why do solicitors do them?
During conveyancing, solicitors carry out searches on the property, including with the Land Registry and the local council. These include environmental and water authority searches to identify potential risks, like flooding or subsidence, before completion. It can make you aware of issues that could occur further down the line, preventing any surprises after you’ve bought the home.
How long does conveyancing take?
Conveyancing usually takes between two and three months, but it can take longer depending on things like legal complexities and whether you’re in a chain of transactions.
What if I change my mind about buying the home during conveyancing?
If anything comes up during the conveyancing process that makes you change your mind about the purchase, you can withdraw from the process at any time up to the exchange of contracts. When your solicitor and the seller’s solicitor exchange contracts, the purchase becomes legally binding, and you’re obliged to buy the property and transfer your funds to the seller.
If you withdraw from the purchase after instructing a solicitor, you may also be liable for paying legal fees. The amount will depend on your agreement with them and what work they have completed up to that point.
Find a solicitor with Share to Buy
On our Shared Ownership solicitor and conveyancing panel, you’ll find a range of specialist firms who can help you on your journey. Whether you’re buying, staircasing or selling a Shared Ownership home, they can assist you in taking the next step.
For more information, visit our FAQs on the Shared Ownership conveyancing process and explore the panel to find a conveyancing solicitor today.
Why not join us for one of our Expert Days? These free virtual events give you the opportunity to book short one-to-one appointments with trusted property professionals, including solicitors and conveyancers. You can expect:
- Honest, straightforward answers to your questions.
- Guidance tailored to your circumstances.
- A supportive, no-pressure discussion.
- Clear next steps or points to consider after the session.
There’s no obligation to proceed with any services – the focus is on helping you understand your options.
Learn more about our Expert Days here.
