Conveyancing. A word that means little to most, and is synonym with headache to many. Simply put, conveyancing is the process of transferring ownership of a property from one person to another. In this article, we shed light on the essential steps behind it, providing a clear understanding that’s essential for any smooth property transaction. Equip yourself with this knowledge and navigate your next property sale with confidence and ease!
What does conveyancing mean when selling a house?
In the context of selling a house, conveyancing entails a range of tasks, including comprehensive property searches, title checks, and the preparation of requisite legal documentation. In the current process, the figure managing these steps is known as “conveyancing solicitor” or “conveyancer”, who assumes a role in overseeing the process and ensuring the transaction’s adherence to regulations. Beyond due diligence, the conveyancing process serves as a safeguard for the interests of both parties involved, facilitating a standardised and orderly transfer of ownership.
What is done during conveyancing?
The process of conveyancing encompasses a series of pivotal tasks aimed at facilitating a seamless and successful property transaction. At the outset, thorough property searches are conducted to meticulously assess the property for any potential legal issues, encumbrances, or restrictions that could impact its sale. Subsequently, the conveyancer undertakes a comprehensive review of the title deeds, a crucial step to authenticate ownership and ascertain the absence of any lingering charges or liens.
The preparation of the contract of sale follows suit, meticulously outlining the terms and conditions governing the transaction. Throughout the process, the sell-side conveyancer should maintain active communication with the buyer’s solicitor, facilitating the coordination of pivotal activities such as the exchange of contracts and the judicious transfer of funds during the completion phase.
How long does conveyancing take on a house?
The timeline for completing the conveyancing process on a house can exhibit considerable variation. In 2023, this process takes on average between 12 to 16 weeks, commencing when a buyer is found and culminating in the completion of the transaction. This timeline is highly susceptible to the several elements, including the intricacy of the transaction itself, the speed with which all parties respond to their obligations, and potential unforeseen legal complications during the property searches.
The effectiveness of the chosen conveyancer and the efficacy of communication between the buyer and seller also assume pivotal roles in dictating the overall duration of the process. By maintaining meticulous organisation, expeditiously furnishing requisite information, and engaging in close collaboration with a proactive and adept conveyancer, the potential exists to streamline the process, thereby ensuring the timely accomplishment of a successful home sale.