What is a conveyancer?

A conveyancer is a solicitor who deals with the legal aspect of buying and selling properties, they handle the transfer of money and the transfer of names of the current to the new owners of a property during a transaction, a property purchase/sale cannot be done without a conveyancer.

Why do I need a conveyancer?

When buying/selling a property, there is a huge legal aspect involved, this is why you need a conveyancing solicitor to handle the transfer of funds and ownership. If something goes wrong it could leave you in a terrible situation with the law, the solicitor will make sure the transaction is done how it should be according to the law.

Which solicitor should I use?

It is important to do your research when choosing a solicitor to deal with your property transaction, even if you receive recommendations, look at things like the fees, where they are based and if they are popular and well known with positive reviews. Make an informed decision, your mortgage broker may provide recommendations for solicitors they work with.

What is a draft contract?

When an offer is accepted on a property and the solicitor is instructed they will send draft contracts to the seller who will then fill out the form and send it back to their solicitor to be forwarded to the buyer's solicitor.

This document will include details such as,

• The property's boundaries
• Purchase price
• Planning permission
• Property tenure
• Fixtures and fittings within the property that are staying

What is a property survey?

A property survey is an assessment carried out on the property to check the condition of the property, there are different types of survey that you can opt for such as:

• RICS Building survey - Most in depth survey
• Homebuyers report - the most popular for new purchases
• Valuation report - the most basic, this only confirms the valuation

You can apply for a mortgage (Mortgage in Principle) before you have found a property so you can find out how much you can borrow from the lender, once you have found a property the full mortgage application will be submitted and a valuation will be done by the lender to determine the property's value, this can be upgraded and additional surveys can be done at solicitor stage.

What does exchange of contracts mean?

This happens when both the seller and buyer are happy with the terms and the contracts are signed and exchanged. The buyer has legal ownership of the property and is now responsible for the insurance on the property.

What happens on completion day?

This is the final stage of the process, all funds are transferred to the relevant people and keys are released from the estate agent for the new owner to collect. Exchange and completion usually happens within a matter of hours. You will pay any stamp duty owed and your conveyancer will register your ownership of the property with the land registry.

How long does the conveyancing process take?

The length of time it takes varies between each case, it is usually 8-16 weeks. However, it can take longer if the case is more complex or if there is a long property chain involved.

If you are looking for a mortgage contact us today on 0151 662 0188 or email [email protected].