For those who have never bought a property before, they would be forgiven for thinking it’s a relatively straightforward transaction. I know when I was buying my first flat, I assumed it was a simple “hand over the money and get your flat” deal. I was actually pretty surprised to know that I had to pay legal fees to a solicitor or conveyancer. To be honest, I was a little put out by this – much to my later embarrasment. To save your blushes, I thought I’d deliver this quick guide of what I’ve learnt about the conveyancing process, starting with what it actually is, and why it’s so important. 

What is conveyancing?

Conveyancing is the legal process of transferring the legal title of a property into your name. All registered land (including the property on it) needs to be officially registered with HM Land Registry. This includes details of who owns it. When a title passes from one person to another, this is called a conveyance. The process of registering a new owner is relatively easy. However, it is vital that all the other steps of the conveyancing process are followed to protect you, and the seller.

Step by step conveyancing

Checking you out

Once you’ve chosen a solicitor or conveyancer, you will need to pay them some money and complete some legal checks. Your identity will have to be checked, and the source of any funds for your purchase must be verified. This is to meet anti money laundering requirements. 

Getting the documents

Once this is done, and the seller’s solicitors have done the same with their client, they will create a contract pack. This contains details of the property, the contract of sale and, if you’re buying a leasehold property, a leasehold management pack. The latter contains details of your rights and restrictions on how you use the property. 

Raising enquiries

Your solicitor or conveyancer will inspect the paperwork, and then ask any questions they have about the property. This is a process known as “raising enquiries.”  This can seem like it takes forever, especially if you’re impatient to get into your new home. However, it’s important to remember that the solicitor or licensed conveyancer you use is working for you. They want to be able to provide as much information to you as possible about the property. This can answer questions such as whether you can make changes to the property, or use it for work, for example. They will also ensure there aren’t any nasty surprises. Enquiries can cover issues such as rising damp or unauthorised building works, for example. 

Making sure you’re happy

Once all enquiries are resolved, the solicitor or conveyancer will send you a report on title, which contains all this information. If you are happy with everything within the report, you can then move on to exchange of contracts.

Exchange and completion

Once you’ve agreed when to exchange contracts, and when you’ll complete (formally receive the keys to the property), you’ll need to sign and have witnessed the transfer of title and the contract. You’ll also need to sign a mortgage deed if you’re buying the property with a mortgage. Some of these signatures can be done electronically now, which is great if you’re worried about the post going missing. Then at the exchange, you’ll pay your deposit. This is when you’re committed to the sale. Pulling out at this point may well mean you’ll lose your deposit. 

Once exchange of contracts has taken place (It’s actually commonly done by telephone!) you’ll be really busy getting ready to move into your new property. On completion day, you’ll receive your keys when the rest of the money needed to pay for the property reaches the seller’s solicitor.

Hopefully, this guide has given an insight into the process of buying a property. And it may well save you from being embarrassed, if, like me, you didn’t realise the process wasn’t just like buying a car!