Conveyancing is the legal process involving the transfer of property ownership titles from one person to another and this service is provided by a solicitor or licensed conveyance.
The conveyancing process begins after your offer on a property has been accepted and ends when the parties have exchanged signed contracts and the funds have been transferred completing the purchase.
Although all solicitors are qualified to work on conveyencing you may wish to appoint one that is a specialist in residential property or a licensed conveyancer that only conducts these transactions.
In many cases you may be required to select the conveyancers approved by the mortgage lender if the legal fees are free with your mortgage deal otherwise you would have to pay for your own solicitor or conveyancer.
The cost of a conveyancer will vary depending on the complexity of the property transaction although this is likely to be from £500 to £1,500. The typical services provided are as follows:
| Typical services provided by a conveyancer |
|---|
| Local authority searches |
| Advising you of stamp duty charges |
| Drawing up contracts |
| Give you relevant legal advice |
| Collecting and transferring funds |
| Updating the Land Registry |
The local authority searches will reveal if there are any building plans in your area or if there is a floor risk as well as any financial liabilities associated with the property.
Stamp duty usually applies for a property purchase and the conveyancer will advise you of the cost and can receive the funds from you and pay this on your behalf. The conveyancer will check the contracts from the other side and give you relevant advice about the property boundaries.
It can often be an advantage to use a local solicitor or conveyancer as they will have local knowledge of the area where you are buying. If you need to sign legal documents many will insist you do so in person so if they are local to you it will be more convenient.