Property Conveyancing

Conveyancing is the transfer of property titles from the present owner to someone else. The process includes an exchange of contracts (equitable title passes) and the completion stage (legal title passes).

In England & Wales, this process is usually undertaken on behalf of the property buyer & sellers by a conveyancing solicitor (or property solicitor) although it is possible to undertake the process yourself. Under English & Welsh law, agreements are not considered legally binding until contracts have been exchanged. This can result in wasted expense & effort if either buyer or seller pulls out prior to exchange. In order to minimise this, Home Information Packs have been introduced (since August 2007) as a means of the property seller providing the information & thus saving the buyer the expense of undertaking local authority searches etc.

It is recommended to engage a solicitor who is regulated by The Solicitors Regulation Authority.

Costs & fees

Solicitor’s fees can vary although are considered to be quite competitive in comparison to those charged in some other countries. Many will work on a fixed fee basis with additional charges to cover items such as BACS transfer fees and local authority searches.

Timescales

The process of property conveyancing will usually take up to 3 months depending on a number of factors which can include agreement to existing covenants, production of necessary guarantees for works undertaken (such as damp courses etc) and planning permission for extensions and release of funds by mortgage providers etc.