Selling a property can indeed be stressful, especially when you start thinking of all the things that you need to do. Just the thought of taking care of the legal documents for the transfer of ownership can be overwhelming.
Not many home sellers understand the conveyancing process involved when selling a house. Don’t worry, though, because, in this post, Conveyancing Calculator will have the basics of conveyancing explained:
What Is the Conveyancing Process?
Conveyancing is the legal process of transferring property ownership from one party to another. The person who wants to sell the property is the vendor, and the one who is purchasing the property is the purchaser. Before the transaction can take place, the transfer of ownership requires some legal documents to be completed.
Step By Step Process of Conveyancing When Selling
Step #1: Instructing the Solicitor
The seller will instruct their solicitor (a lawyer who specializes in conveyancing) to initiate the transaction to start the process.
Step #2: Preparation of Conveyance
In the next step, the solicitor will prepare the contract of purchase and sale, known as the Conveyance.
Step #3: Solicitors Fees
The solicitor will then draw up a schedule of fees and other charges to be paid by the seller.
Step #4: Exchange of Contracts
Once the solicitor has completed the conveyancing documents, the contracts will be exchanged between the seller and the purchaser.
Step #5: Property Condition Report
The solicitor will arrange for a property condition report to be completed by a surveyor before exchanging contracts.
Step #6: Legal Fees and Stamp Duty
Once the contracts have been exchanged, the buyer must pay legal fees and stamp duty.
Step #7: Change of Title
Once the conveyancing process is completed, the seller will change the title to their name.
Step #8: Property Inspection
In the final step, the buyer will perform a property inspection between the exchange of contracts and the settlement.
When Should You Contact a Conveyancer?
Conveyancers are the professionals that are responsible for the legal aspects of property transactions. If you are selling a property, you should contact a conveyancer to handle the transfer of ownership of the property. You should consult a conveyancer before or after listing the property with an estate agent.
Why Should You Use a Conveyancer?
A conveyancer is necessary when it comes to preparing your property for sale. It is imperative to have legal documents in place to make transactions easier for both parties. Contacting a conveyancer ensures that the transaction will run smoothly and free you from the stress of handling the legal documents.
Once you have contacted a conveyancer to handle the legal documents, you are free to focus on other things like marketing the property and getting it ready for the market. The conveyancer will take care of the legal documents and ensure that the transaction is done correctly.
Hiring the right conveyancer can help you save time and money. It is essential to find a conveyancer with the right experience, especially if you are selling a property for the first time.
How Much Does Conveyancing Cost?
The cost of conveyancing depends on several factors, including the value of the property involved. The average conveyancing cost for a standard property in the UK is £1,331.
According to UK Debtline, the average cost to conveyance a property in London is £3,949, with the average cost to conveyance a property in Manchester, however, being £2,500.
How Long Does a Conveyancing Process Take to Be Completed?
The average length of the conveyancing process can range from a few weeks to months. If you are selling a property jointly owned by another party, it can take even longer due to the complexity of the legal documents involved.
If you are selling a newly built property or property that was bought through a leasehold, then the conveyancing process can take quite a bit longer.
What Factors Affect Conveyancing Time?
The time it takes to conveyance a property is dependent on a number of factors, including:
1. The complexity of the property
If you are selling a newly built property with an unusual title, the process can take longer to complete. This is because the solicitor will have to prepare more legal documents.
If you are selling a leasehold property, the process can also take a long time since the solicitor will need to ensure that the lease documents are correctly completed.
2. The number of people involved in the transaction
If the property that is being sold was jointly owned with another person, then it can take a lot longer for the transaction to be completed.
3. The transaction value
The value of the transaction will also affect the time needed to complete the conveyancing process. If the transaction value is higher, it will take longer to complete all the legal documents.
4. The availability of the signatories
The conveyancing process can take longer if the signatories to the legal documents are unavailable.
5. Solicitor’s availability
If the solicitor’s schedule is too busy, it can take longer for the conveyancing to be completed.
6. The location of the property
Properties in areas with a higher volume of conveyancing transactions will take less time since the solicitors will have more experience. Suppose a transaction involves a new development or an unusual location, like a property with access to the sea. In that case, the time to complete the conveyancing process can be much longer.
Do You Need a Conveyancer?
One of the main reasons a solicitor is brought in to conveyance a property is to ensure a smooth and hassle-free transfer of ownership.
When you sell a property, there is a lot of legal work to be done, and not many people know all the legal terms involved and understand them. For someone who is not too keen on paperwork, having a solicitor prepare the contract of sale and making sure that all the legal documents for the transfer of ownership are in order is worth the money.
The conveyancing process can be very daunting for someone unfamiliar with the legal aspects of transferring property ownership. The process can be made easier when you involve a solicitor to handle the legal documents.
The stress of running around to collect different documents and handling all the legal terms can be too much for someone who would rather not deal with the paperwork.
Now that you understand the conveyancing process, your next step is to find a competent conveyancer to handle your property transaction. Your conveyancer should be able to provide you with the right advice and keep you updated on the progress of the transaction.
If you want to know the cost of a conveyancing process in your area, Conveyancing Calculator is here to provide you with quotes so you can compare conveyancing fees from different solicitors. Try Conveyancing Calculator today!