CONVEYANCING...hmm what in fact is it?

CONVEYANCING: WHAT IS IT?

Conveyancing is used to describe all the legal and administrative procedures involved in changing the ownership of land or buildings from one individual to another.

THE SIGNIFICANCE OF CONVEYANCING

Conveyancing is an essential procedure. Thanks to the legal process, conveyancing protects the interests of both parties by reducing the possibility of disagreements and establishing clarity on property ownership.

The drafting of legal documents, such as title deeds and contracts of sale- documents necessary for the transfer of ownership is another aspect of conveyancing. These legal documents guarantee the parties' required protection under the law making sure the ownership transfer is valid and enforceable.

THE AVERAGE TIMESCALES OF CONVEYANCING

According to Rightmove in 2022 the average time taken from sale agreed to completion was 150 days. The length of time varies depending on the particular circumstances of each case and the quantity of parties involved in the chain.

Things that can affect the timescales are for example the missing paperwork, issues surrounding planning / buildings regulations approvals adverse entries in the search results or survey findings or simply people changing their minds.   The timescales can also depend on the complexity of the title deeds to the property, whether the property is freehold or leasehold.  On average, Leasehold transactions do take longer than freehold transactions and this is due to their being more parties involved in the transaction, such as landlords, management agents etc. 

A BRIEF SUMMARY OF THE CONVEYANCING PROCESS

Stage one

A buyer's offer is accepted by a seller "subject to contract."

Stage two

Once an offer is accepted, both parties will instruct a conveyancer. The conveyancing process begins.

Stage three

The buyer's conveyancer will obtain information regarding the property from the seller's conveyancer, will raise any enquiries, submit searches and report to the buyer accordingly.

Stage four

Once all enquiries are satisfied, the exchange of contracts is the concluding step. Once contracts have been exchanged the contract for the sale and purchase of the property becomes legally binding which means that neither party can renege of the arrangement without incurring penalties.

Stage five

Completion of the sale / purchase is the final stage. The ownership of the property passes to the buyer and the buyers can collect the keys to their new property.   The buyer’s solicitor will then submit the application for registration of the new purchase to the Land Registry.

Please visit our website for a more detailed guide on the milestones involved in the Conveyancing process to see how we can assist buyers and sellers further.

For an example of a typical timescale for a freehold residential sale transaction please click here, a leasehold residential sale transaction please click here and a freehold residential purchase transaction please click here.

Moving home is one of the most stressful of life experiences. Here at Johnson Astills, we understand how challenging the process can be and we are committed to streamline the process, guide our clients through the transaction, make the process less stressful and as quick as possible right up until the end.

If you are looking to sell or buy property, our Property Team at Johnson Astills can assist you.

Please get in touch with Johnson Astills today and we would be more than happy to discuss your requirements further. Please call us at our office in Leicester on 0116 255 4855 or our office in Loughborough on 01509 610 312 and ask to speak to a member of the Property Team. Alternatively, you may prefer to email us at legal@johnsonastills.com or fill in our enquiry form.