This is NOT legal advice
Conveyancing is the legal process which involves the ownership transfer of the property from the former owner (Seller) to the new owner (Buyer). This process begins from offer acceptance to exchange of contracts, funds, and keys.
The conveyancing process has a number of tasks that needs to be completed prior to exchanging contracts, funds, and keys. The conveyance solicitor is responsible to ensure all relevant tasks have been completed before any exchanges can be acted. During this process it's often that the legal process slows down due to the legal representatives are waiting on information from the opposing conveyancing solicitor or other sources. This could be regarding the Land Registry, local searches, or the mortgage provider. Many conveyancers now offer an app where the buyer or seller can track the conveyancing process and see how it is going without needing to chase for updates.
The conveyancing process is conducted by a qualified legal professional (Solicitor) or team. Ansharf Estates have partnership with many legal professionals and firms which can be arranged for you, or you can select a conveyancing solicitor of your choosing.
The conveyancing cost can vary widely depending on the legal firm. The average conveyancing fees when buying or selling a house range from around £500-£1500 plus disbursements. These disbursements could add on up to £700 or even more.
Disbursements are payments made to third parties during the conveyancing process. They differ depending on whether you are buying or selling a house and there are additional disbursements when buying a leasehold. The buyer pays their solicitor for disbursements, and they then pay the third party on the buyer behalf.
An example of disbursement would be a solicitor paying the stamp duty land tax (SDLT) on behalf of the client. This is clearly a client's expense, as SDLT is the buyer's responsibility not the solicitors.
The conveyancing process takes around 12-16 weeks. It is possible to get it done in as little as a month, but various things commonly delay the process. Using a digital move enabled conveyancing solicitor can help to speed up the process.
