What is Conveyancing?

"Conveyancing" means transferring house ownership.

 

For sellers it starts before you even market the property, with the preparation of a "Section 32 Vendor's Statement" and preferably a Contract of Sale too.

 

For buyers it should start before they even start looking at houses, so that they will understand the documents they will be asked to sign. 

 

Unfortunately though, most buyers limit their options by thinking about conveyancing only after they have signed a contract of sale. That's unfortunate because if there is anything wrong with the property it is too late to do anything about it. (Buyers who consult a solicitor about a contract before signing sometimes decide it was a bad idea because they lose their "cooling-off" rights).

 

The basic conveyancing process is straightforward:

• The seller (who is called the "vendor") prepares a document called a "Vendor's Statement"
• The buyer makes an offer and the seller accepts it
• The buyer and seller sign a Contract of Sale, and the buyer pays a deposit (often 10%)
• The buyer arranges finance if necessary, and their bank prepares mortgage documents
• Both sides prepare for "settlement", which is typically (but not always) 60 days after sale
• at which the buyer hands over the outstanding money, and the seller hands over the documents needed to transfer ownership
• The buyer pays a tax called stamp duty, and registers the change of ownership at the Land Registry.

 

There is obviously more detail along the way, but this is the basic conveyancing process, which the Conveyancing Kit describes in detail.