What is Conveyancing?
Whether you are buying or selling a property, you will need a conveyancer to oversee all the legal requirements and ensure your transaction successfully completes. Conveyancing is the legal process of transferring property ownership from one person to another, and a property sale can’t complete without it.
The conveyancing process begins when you’ve had an offer accepted on a property and ends when the transaction completes. One of the first steps is to conduct the required searches, including those with local authorities and utility companies. This will ensure that there’s no unexpected building work due to take place close by, for example, and will reveal things like whether the property is in a flood risk area or comes with any financial liabilities from past inhabitants.
Conveyancers are required by both parties to make sure their legal interests are looked after.
A buyer’s conveyancer will arrange for them to take control of the title deeds. So, their key task is to ensure the buyer legally becomes the owner of the property and its land, when contracts have been signed and funds have been deposited on completion day.
On the seller’s side, their conveyancer will make certain the proceeds of the sale are all deposited correctly upon exchange and completion.
A conveyancer will undertake a wide range of jobs, including the following:
- Instructing searches
- Draft, agree and check contracts
- Communicating with mortgage lenders
- Stamp duty payments
- Land registry transfers
Remortgage Conveyancing
Remortgaging is the process of paying off your mortgage with the proceeds of another mortgage, secured against the same property. You will need a conveyancer to complete all associated legal requirements and ensure your transaction completes successfully, including liaising with your existing and new mortgage lenders. Sometimes the new lender will provide and pay for the legal work required and sometimes you’ll need to source and pay a conveyancer yourself.
What documents do you need for conveyancing?
To buy the new property, you’ll need to provide proof of funds and/or the mortgage offer, together with two forms of identification to show proof of identity and your current address.
To sell your current property, you’ll need the identification documents again, together with property title deeds (though these tend to be digital), TA10 fittings and contents form, TA6 property information form, any additional documents referenced in the property information form (such as building regulations, boiler service records and guarantees for new appliances), warranties (if the house is less than 10 years old) and an energy performance certificate (EPC). If the property is leasehold, you’ll also need the Management Information Pack and a copy of the lease.
Your conveyancer should help you understand which documents are required and supply any templates to you for completion.
How much does conveyancing cost?
The cost of a conveyancing transaction will depend on a number of factors, including the cost of the house you are buying or selling, whether the property is freehold or leasehold, and the complexity of your transaction.
This may include, if you are buying a second home, a buy-to-let, using a Help to Buy equity loan or ISA, using a Right to Buy or shared ownership scheme, buying a new build property, transfer of equity or whether you are redeeming an existing mortgage.
If your transaction involves any of these, the conveyancer will need to complete additional work, and non-standard legal work will cost more.
For a typical residential property purchase, conveyancing services cost an average of between £750 and £1,500.
Choosing a conveyancer
A great way of choosing a conveyancer is through recommendations and cheapest is not always best. Here at Mortgage Medics we can put you in touch with firms who we have a trusted relationship with and who have a strong track record of offering a quality service to their clients.
If this has got you thinking about moving or just want to have a chat, we’re here to help. Get in touch and we’ll talk you through your options, wherever you are in the UK. Or sign up to our monthly newsletter, to keep your finger on the pulse.
Undray Griffith – 3rd March 2023
