Our Comprehensive Guide to The UK Conveyancing Process

Whether you are buying or selling a property, it is helpful to get a better understanding of the conveyancing process and what is involved at each stage.

During the process of buying or selling a property, legal ownership is transferred from one party to another. It is our job to ensure that this transfer of ownership and overall transaction runs as smooth as possible for our clients. In our experience.

The process begins when an offer has been accepted on a property. At this stage you will need to instruct a solicitor to act for you as either the buyer or the seller. Your solicitor will assist by advising you throughout by dealing with legal matters.

All parties will work through the transaction towards exchange of contracts and eventually completing where the buyer can collect the keys to their new home.

In our experience, the conveyancing process typically takes between 8 to 12 weeks.

The Conveyancing Process – Outlined in 6 Simple Steps

Step 1 – Offer accepted

Once an offer has been accepted on a property, both the seller and the buyer will need to first instruct their own solicitor. The seller’s solicitor will confirm their instruction to the buyer’s solicitor and begin drafting contract documentation.

The solicitor will obtain all legal documents on the property from both the Land Registry and the seller so that they can draft the contract. Once drafted, all documents are then sent to the buyer’s solicitor to review and comment on.

It’s also important to note that, during this stage, any discrepancies or inconsistencies spotted in the initial documents should be flagged immediately for clarification. This proactive approach can help in preventing potential issues down the line.

Step 2 – In receipt of contract documents

Once in receipt, the buyer’s solicitor will submit their searches over the property. They will then review all paperwork received from the seller and their solicitor together with returned searches and draft a report. The report will outline in detail all relevant legal matters that need to be raised with the buyer.

Mortgage lenders will also be contacted for either a redemption statement if you are selling, or a brand-new mortgage offer if you are purchasing. On a purchase, the mortgage offer will be downloaded, your solicitor will review this and draft a separate report raising any legal issues.

For those unfamiliar, a redemption statement is a document from your mortgage lender showing how much you still owe on your mortgage.

Step 3 – Enquiries

Once the buyer and their solicitor have reviewed the documents received, they have the opportunity to raise enquiries with the seller’s solicitor. The seller’s solicitor will assist in answering these queries and obtain further information where necessary.

The enquiries stage of the process can go back and forth for some time, until the buyer and their solicitor are satisfied with all of the information provided and have no further queries they wish to make.

Step 4 – Signing documents

Throughout this period, contract documents will be approved between solicitors’ and sent to their respective clients for signature in readiness for exchange.

Step 5 – Contracts are exchanged

This is the part of the process where it becomes legally binding. The exchange of contracts involves the buyer paying their deposit, a completion date being agreed, and contracts being dated. At this stage, the seller cannot accept an offer from anyone else, however if the buyer pulls out at this stage, they will lose their deposit. Therefore, it creates a legally binding agreement.

Stage 6 – Completion

On the day of completion, the seller will usually drop the keys off with the estate agent so that once complete, the buyer can collect them.

As the buyer moves into their new home, their solicitor will proceed to pay SDLT and ensure all lender requirements are satisfied. Finally, they will register the transfer and change of ownership with the Land Registry.

The Commercial vs Residential Conveyancing Process

The conveyancing process applies to both residential and commercial properties. However, there are some key differences between the two:

Complexity: Commercial conveyancing can be more complex than residential conveyancing. This is because commercial properties might be used for various purposes (offices, retail, industrial, etc.), and there are often more factors to consider, such as zoning laws, commercial leases, and the potential for property to be used as part of a business.

Length of Process: Due to its complexity, commercial conveyancing might take longer than residential conveyancing. There are more due diligence checks and often more parties involved.

Contracts: Commercial property contracts can be more intricate than those for residential properties, especially when considering issues like leases, tenant rights, and service charges.

Searches and Surveys: While similar searches and surveys might be conducted for both residential and commercial properties, commercial properties might require additional searches related to business use, environmental factors, or specific industry regulations.

Financing: The process for securing financing for commercial properties can be more complicated than for residential properties. Lenders will often want to see business plans or revenue projections for commercial properties.

Leases: While both commercial and residential properties can be leased, commercial leases can be more complicated, often including provisions about rent reviews, break clauses, responsibilities for repairs, and more.

VAT: In the UK, some commercial properties might be subject to VAT, whereas residential properties are not.

While the basic principles of transferring ownership are similar for both types of property, the details can vary significantly. Whether you’re dealing with residential or commercial conveyancing,

To Conclude…

The above is not an exhaustive list of each step involved within the conveyancing process. However, it is our job as your solicitor to manage this transaction throughout and assist to ensure a stress-free sale or purchase of your property.

Considering a property transaction? At Stone Rowe Brewer, our conveyancing solicitors have years of experience in handling every stage of the conveyancing process. Let us manage the legal intricacies, allowing you to concentrate on your property aspirations. Contact us today to discuss your conveyancing needs.