1. What is conveyancing?
Conveyancing is the legal process of transferring property ownership from one person to another. It includes preparing legal documents, conducting property searches, and ensuring all conditions of the sale are met.
2. Why do I need a conveyancer or solicitor?
A conveyancer or solicitor ensures the legal requirements of the property transaction are fulfilled, protects your interests, and manages the complex paperwork, searches, and communications between parties.
3. What does a conveyancer do?
Key tasks include:
- Reviewing the contract of sale.
- Conducting property searches (e.g., title, zoning, and planning).
- Managing the exchange of contracts.
- Liaising with mortgage lenders.
- Arranging settlement and transferring ownership.
4. How long does conveyancing take?
On average, conveyancing takes 8 to 12 weeks, but this can vary depending on the complexity of the transaction, delays in searches, or issues in the property chain.
5. What are property searches, and why are they important?
Property searches are checks conducted to uncover any issues affecting the property, such as:
- Title disputes
- Local authority plans
- Environmental risks (e.g., flooding or contamination)
These searches help avoid surprises after the purchase.
6. What costs are involved in conveyancing?
Costs typically include:
- Legal fees for the conveyancer/solicitor
- Stamp duty or land tax (if applicable)
- Search fees
- Land registration fees
- Bank transfer fees
7. Do I need conveyancing for a cash purchase?
Yes, even for cash purchases, a conveyancer ensures the transaction is legally sound and performs necessary checks like property searches.
8. What happens on the day of completion?
On completion day:
- Funds are transferred to the seller.
- Legal ownership is registered in your name.
- You receive the keys to the property.
9. Can I do conveyancing myself?
While it's possible to handle your own conveyancing, it is not recommended due to the legal complexities and risks involved, such as missed searches or errors in the paperwork.
10. What is exchange of contracts?
The exchange of contracts is the point where the buyer and seller sign binding agreements. After this stage, both parties are legally committed to the transaction, and penalties apply for withdrawal.
11. What are common delays in conveyancing?
Delays can occur due to:
- Incomplete or slow property searches.
- Issues in the property chain (e.g., dependent sales).
- Mortgage approvals taking longer than expected.
- Title disputes or missing documents.
12. When do I pay the deposit?
The deposit (usually 10% of the purchase price) is paid upon exchange of contracts.
13. What happens if the deal falls through?
If the deal falls through before the exchange of contracts, you are not legally bound to proceed. However, you may still incur costs for searches and legal fees.
