The Conveyancing Process Explained
The conveyancing process is different for Scotland and Ireland as it is for England and Wales. We focus on the process in England and Wales, if you’d like to know about conveyancing in a different country try the conveyancing wikipedia page.
In England and Wales a solicitor may do the work themselves or the work can be done by a licensed conveyancer instead.
It is possible for an individual to undertake their own conveyancing transaction but people we know who have done this stated that their progress was seemingly hindered by the other parties having a professional objection to them having to work with a layperson.
Usually the buyer will have agreed a purchase price for the property through an estate agent who will mediate with the seller.
A survey is almost always arranged and the purchasers conveyancer will undertake searches and make pre-contract enquiries.
It is the vendors solicitor that will draw up the draft contract of sale which is forwarded to the buyer’s solicitor for scrutiny and approval.
It can take an average of 8- 10 weeks to complete the transaction, but there are many factors that could influence this timescale such as ease of mortgage availability, and speed of other party’s solicitor.
Prior to the period pre-exchange of contracts either party can withdraw without redress or financial penalty. Pulling out after contracts have been signed and exchanged will lay claim to damages for breach of contract if pursued.
That’s the conveyancing process explained in a nutshell. If you have any further questions, please don’t hesitate to contact us using our contact form