The Buying Process

Conveyancing

Conveyancing is the legal process of transferring ownership from seller to buyer. It is conducted by a solicitor or licensed conveyancer.

Most High Street solicitors should be able to carry out this work, but quality of service can vary enormously. Get quotes from several, including details of what they will do fro their fee. As always, personal recommendation is a useful guide.

Many conveyancers work on a fixed fee plus costs of the various "searches" they undertake.

Searches will invariably include a local authority search, which will reveal if any building works are planned that might affect the property concerned. Other searches may be requested as necessary according to the type of property and location.

At some point in the conveyancing process you will receive a report from your lawyer, been completed by the seller, which details all fixtures and fittings that are being included in the purchase (and those which are not) as well as other important information about the property. This form will eventually form part of the contract of sale, so check it carefully.

It helps to choose a local conveyancer so you can call into their office frequently in the event things do not move as quickly as you would like. One disadvantage of the fixed fee system is that solicitors may be inclined to do the bare minimum (since they get paid no more for extras). Keep hassling them until completion is reached.

Once the inspection, searches etc have been completed satisfactorily a draft contract will be issued to buyer and seller formally stating details of the sale. Buyer and seller both sigh identical copies of the same document and return these to their respective solicitors. The solicitors then agree to “exchange contracts”. A deposit (usually 10%) is also payable. It is only at this stage that the completion date will be fixed! It is also only at exchange of contracts that buyer and seller pass the point of no return, or at least leave themselves liable to legal action should they attempt to back out of the deal.