Conveyancing – Transferring Ownership of a Property

Conveyancing is the legal process by which the ownership of a property is transferred from one person to another. The seller is known as the vendor, and their legal ownership is transferred via a document called a deed.

What Conveyancing Involves:

• Obtaining and verifying the ownership or title.
• Checking whether land has been registered and for the existence of any restrictive covenants or rights of way.
• Checking that any structural alterations have correct planning permission and certificates.
• Carrying out local authority searches.
• Checking that debts against a property have been cleared before sale completion.
• Checking through any lease clauses on a leasehold sale
• Drawing up the contract of sale.
• Registering the title in the new owner’s name upon sale completion.

Additional Checks:

• Checking who owns neighbouring of nearby land and what degree of development may be allowed.
• Checking what the surrounding land and the land the property sits on was originally used for.
• Checking whether a property is prone to flooding and whether it has been flooded in recent years.
• Checking whether there are any nearby planned developments
• Ensuring that the person selling a property has the right to sell.

Land Registry:

HM Land Registry holds records of ownership for registered land and property in England and Wales. These are public records that anyone has the right to inspect. They also provide information about any restrictions of use or unusual rights of way and whether or not there’s a mortgage still attached to the ownership.

Requirements:

When buying, your conveyancer will need to know:

• Details of the selling agent (if applicable)
• The property details
• The list of items included in the sale (carpets, light fittings, appliances, furniture, garden ornaments, etc.),
• Details of any agreement to be included in the contract.

If you’re selling, your solicitor will need:

• Your deeds
• Your mortgage account number (if applicable)
• The name of your lender and source of finance
• Copies of planning consents for any work you’ve had done
• Details of any warranties still in force.

If the sale is linked to another purchase, he will need all the details listed above for buyers, plus the date by which you would like the transactions completed.

When you’re buying and selling, you must pay conveyancing fees on both properties.

Timescale:

The whole process, from agreeing a sale to the exchange of contracts, usually takes around two to three months Completion can take place the same day contracts are exchanged, but in practice it is usually done on a separate day; often a week later – and can be several months later depending on the circumstances of the particular sale.

Costs:

Most solicitors and conveyancers will tell you over the telephone what they charge and you can also obtain quotes via websites. They will usually provide a quotation in writing before any work starts. This should highlight any disbursements, which may include fees such as stamp duty, Land Registry fees and search fees, are payable separately on completion.