Understanding conveyancing: the property buying process

For anyone buying or selling a property, one of the most crucial elements of the process is conveyancing - the legal transfer of property ownership from one party to another.

Despite its importance, many people are unsure of what conveyancing actually involves and why it can sometimes take longer than expected.

And also, crucially, many fail to realise how early in the house-buying/selling process they should engage expert legal advice.

Here, we look at the key steps in residential conveyancing, clarifying its complexities and highlighting what buyers and sellers can expect.

One common misconception is that conveyancing only starts once an offer on a property has been accepted. However, it pays to engage a lawyer early in the process. Estate agents may ask if you have engaged a conveyancer when you show interest in a property.

Once an offer is accepted, the buyer formally instructs a lawyer to handle the purchase. The lawyer will then confirm the details of the transaction, verify the buyer’s identity to comply with money laundering regulations, and request funds to cover initial costs such as property searches.

A thorough investigation of the property is a fundamental part of conveyancing. The lawyer will obtain and review the contract pack from the seller’s legal team, which includes key details such as the title deeds, property information forms, and any relevant planning permissions or guarantees.

Additionally, the lawyer will carry out important property searches, including:

• Local authority searches - checking for planning permissions, building regulations, and any proposed developments that may affect the property.
• Drainage and water searches - confirming whether the property is connected to main water supplies and sewage systems.
• Environmental searches - identifying risks such as flooding, contamination, or subsidence.
• Additional local searches, if required - these may include mining searches in coal-affiliated areas or infrastructure checks in urban areas.

If any issues arise during these searches, further enquiries are raised with the seller’s lawyer to ensure that the buyer fully understands any risks before proceeding.

Once all checks are completed and both parties are satisfied, buyers will receive a property report summarising the legal findings. They will then sign the contract and

prepare for the exchange of contracts - the point at which a property purchase becomes legally binding.

At the time of exchange, the buyer transfers the deposit to the seller’s lawyers, and a completion date is set. The lawyer will also liaise with the mortgage lender to ensure funds will be in place for completion.

On completion day, the remaining balance is transferred to the seller’s lawyer, and once received, the property is officially handed over to the buyer. The seller’s lawyer will inform the estate agent, who will then release the keys.

However, even after the buyer moves into the property, there are final legal steps to take:

• Stamp Duty Land Tax (SDLT) submission - this must be filed with HMRC within 14 days of completion.
• Property Registration with the Land Registry - the buyer’s solicitor registers the new ownership details with the Land Registry, ensuring official recognition of the transfer of title.

Clearly, conveyancing is a crucial and legally intricate process that ensures the smooth transfer of property ownership. From initial checks and searches to exchanging contracts and finalising legal formalities, each stage plays a vital role in safeguarding buyers from potential risks.

Understanding these steps can help minimise stress and delays in the home-buying/selling journey. By working with an experienced conveyancer, buyers can ensure that all legal requirements are met, allowing them to move into their new home with confidence.