While the conveyancing process can appear daunting, it shouldn’t be
How long does the conveyancing process take from instruction to contract exchange?
This depends on various aspects of your transaction. If the property you are interested in is a freehold property the time is shorter compared to a leasehold property. A standard freehold conveyancing transaction takes an average of eight weeks from the first steps to the final contract exchange. If the property you are buying or selling is a Leasehold property, the third party involvement always requires extensive additional paperwork. These two factors usually extend the Leasehold process out to an average of twelve weeks.
Does the conveyancing process ever take less than the eight-week average?
Since not all conveyancing transactions fit into an average timescale, Conveyancing Solicitors Birmingham will initially review your conveyancing circumstances. We take every transaction on an individual case-by-case basis. If there is a way to complete your conveyancing in a shorter timeframe, we will gladly take the necessary steps to make that happen. No matter how short or long a time your conveyancing takes, we promise you constant and consistent communication every step of the way.
Initial stages of the property conveyance process
A good conveyancer will be able to:
- Speed up your conveyance transaction.
- Reduce the possibility of the deal failing.
- Help keep the conveyancing process from taking its toll on you..
When these rules of engagement are in place, your conveyancer will contact the seller’s conveyancer to confirm their appointment and to request a draft copy of the contract and additional standard forms. It doesn’t matter if you are buying or selling a property as this initial stage is always the same. From this point forward, the process will vary depending on whether you are buying or selling a Birmingham property.
General Conveyancing Process For Buying A Property
- The seller’s conveyancer transmits the contract pack to the seller’s conveyancer.
- The buyer’s conveyancer inspects the details of the contract pack, discusses any issues, and obtains a copy of the mortgage offer.
- Request sent to the seller for the answers to pre-contract questions. Answers must be given before the contract pack is returned.
- The conveyancer discusses the details of the contract with the buyer, reveals any pre-contract inquiries, research results, and the actual mortgage offer.
- When the buyer considers the contract satisfactory, the buyer will remit a deposit to their conveyancer in so it is ready for the contract exchange.
- A completion date is negotiated between both buyer and seller and contracts are officially exchanged.
- The buyer’s conveyancer prepares a draft of the transfer deed and submits it for completion by the seller’s conveyancer.
- The draft transfer deed is approved and a final copy is produced by the conveyancer for the seller.
- Once the draft transfer deed is received by the buyer’s conveyancer, he or she prepares a completion statement and applies for a mortgage loan.
- Once the mortgage is in place and the transaction completed, the buyer’s conveyancer sends the proceeds of the sale to the seller’s conveyancer.
- The title and transfer deed are transferred to the buyer’s conveyancer and the keys are released to the estate agent.
- The conveyancer for the buyer takes care of the final details including sending the stamp duty and registering the property in the buyer’s name.
General Conveyancing Process for Selling a Property
- The seller’s conveyancer performs checks on proof of identity and transmits the property information forms.
- The title deeds and land registry documents are procured by the conveyancer for the seller who then prepares the draft contract.
- The conveyancer for the buyer checks over the contract and answers any questions posed by the conveyancer for the seller.
- The two parties negotiate an exchange date and a settlement figure of the seller’s outstanding mortgage is procured.
- A transfer deed is drafted by the buyer’s conveyancer. Once drafted, it is then transmitted to the seller’s conveyancer for review.
- Once the transfer deed is approved, the seller must vacate the property. The keys are then surrendered through an estate agent.
- The title deeds and transfer deeds are transmitted by the seller’s conveyancer. The estate agent and mortgage lender are paid if necessary.
- The seller’s conveyancer accepts payment for their fees. All remaining funds are transferred to the seller.
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Frequently Asked Questions
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These two terms are frequently confused with one another. Here is the simple explanation:
Conveyancing is the legal transference of property ownership from one party to another. The conveyancing process includes the transfer of funds, research into the property in question as well as the land that it was built on. Factors such as subsidence or if the property is in an area that is prone to flooding are examined. Conveyancing looks at the big picture such as any new construction planned for the area and the effects the neighbourhood may experience as a result.
Surveying is the inspection of the physical structure aspects of the property itself. A surveyor will inspect the house, flat, and any outbuildings that you are purchasing to make sure that it is in as good a condition as it appears from the outside. Factors such as mould or cracks in the foundation are included in surveying.
Stamp Duty Land Tax (SDLT), Stamp Duty for short, is the tax on the purchase price of the land and the buildings involved in the sale. There are several differences in the charges for different sale prices. If you are buying a new Leasehold you quite possibly will be required to pay Stamp Duty on the rent. Your conveyancer will advise you of your budget expectations upon receipt of the contract paperwork.
You can visit the HMRC website to calculate your potential Stamp Duty.
With today’s technology, you can choose the conveyancer who you feel most comfortable with and they don’t need to be local. Since everything is done electronically, they can be based anywhere across England and Wales. In today’s modern world, most of our buyers prefer to communicate with us through phone calls and e-mails. They don’t have to disrupt their busy schedules to make a trip to our offices. We do cater to this situation but will work with however the customer chooses to proceed.
Whether or not you are buying in Birmingham or anywhere across England or Wales, we will keep in continuous contact with you regarding the status of your conveyancing transaction. Feel free to phone us or send an e-mail whenever you want an update or have questions.
If you prefer to come to the offices, we would welcome your visit. We at Conveyancing Solicitors Birmingham have nothing to hide and would be honoured by your presence. We don’t hide behind a call centre as we believe that brilliant customer service requires an individual touch.
Once we receive your instructions, we will extend an invitation to track your case using our new App. We will send you an e-mail that gives you access to your file and gives you the ability to easily track your case and communicate with your Conveyancer at times most convenient to you. Please feel free to call us if you have queries.