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If you are buying or selling a property, you are probably wondering about the conveyancing process.

Below we have developed a 10 step guide that you will go through, as well as tips for ensuring that your transaction is as fast and seamless as possible.

If you are intending to take out a mortgage, obtaining a mortgage offer in principle before you find somewhere to buy can be helpful. As well as giving you an idea of how much you can borrow, and making the mortgage application process more straightforward, it will indicate to estate agents and sellers that you are a serious buyer who is ready to proceed.

You can also speak to a conveyancer early on, to ensure that when you find somewhere to buy, or you accept an offer from a buyer, they are able to start work straightaway. If you are selling somewhere, you will need to complete Property Information and Fittings and Contents forms. You may need to find additional paperwork, such as planning permissions and guarantees, so dealing with this upfront can reduce the time taken to reach the exchange of contracts.

Once you have a conveyancer in place and any chain is complete, your transaction will go through the following steps:

Sending out the contract package

The seller’s conveyancer will send the buyer a draft contract together with a range of information relating to the property, including a copy of the legal title, the official title plan, and Property Information forms.

Applying for a mortgage

Once you have confirmation that your purchase is going ahead, you should complete and submit your mortgage application.

Survey

If you are buying a property, you will generally be advised to commission a survey. There are different levels of surveys depending on the property you are buying. For example, if you are buying an older property, one with non-traditional construction, or you wish to make extensive alterations, you may need an in-depth survey.

Searches and enquiries

The buyer’s conveyancer will go through everything and return to the seller’s conveyancer with a list of questions to be answered. The buyer’s conveyancer will also commission the necessary searches, such as a local search, drainage enquiries and an environmental search. Once the search results are received, the buyer’s conveyancer will go through them and again ask any questions that arise.

Mortgage offer issued

Your mortgage lender will issue your mortgage offer, and this will be sent to your conveyancer.

Going through the information with you

Once all of the replies to enquiries and search results are received, your conveyancer will go through everything with you and check that you are happy to proceed. You can sign the contract and mortgage deed at this point. The contract will not be legally binding until it is exchanged with the other side’s conveyancer.

Payment of deposit

If you are buying a property, you will need to let your conveyancer have cleared funds for the deposit prior to the exchange of contracts, as this is when the deposit is paid. The usual amount is 10% of the purchase price, but if you are tying in a sale, it is generally possible to use the deposit from this.

Exchange of contracts

A completion date will be agreed upon, and then your conveyancer will exchange contracts, making the agreement legally binding. Prior to the exchange, you should check that you are able to secure removals for the day in question.

Pre-completion work

Your conveyancer will carry out the final pre-completion checks and, if you are buying a property and taking out a loan, they will order your mortgage advance. You will need to let them have the balance of the purchase price and all other expenses, for example, Stamp Duty Land Tax, in cleared funds prior to the completion day.

Completion day

Your conveyancer will send the balance of purchase money to the seller’s conveyancer and notify you once they have received this. You can then liaise with the estate agent to arrange to collect the keys.

For further advice or information please contact one of our Residential Property experts.

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.