For those venturing onto the property ladder, it can be an overwhelming time due to the introduction of legal jargon and the steps required to become a property owner. At ONP, we want to break that down for you and make this process as easy and stress-free as possible.
What is Conveyancing?
Conveyancing is the process of legally transferring property from one owner to another. A conveyancer will conduct the legal process to ensure that the process is ran correctly and smoothly.
Instructing the conveyancer
To start the conveyancing process, the buyer will need to find the right conveyancer for them by researching firms that specialise in what they need. Once they have appointed one, the conveyancer will write up a contract/terms of engagement including the charges and deposits.
Obtain Title Deeds from the Land Registry
The seller’s conveyancer will need to locate the Title Deeds for the property from the Land Registry. If this has already been registered, the process should be straightforward, although if it hasn’t been registered with the Land Registry, this can cause unwanted delays in the conveyancing process.
Before any exchanging of contracts can happen, the conveyancer will need to receive the buyer’s mortgage offer. This will need to be a formal offer which sets out the full detail of the mortgage. The mortgage offer will usually last around 3 months, but this can be extended. The conveyancer will ensure that the conditions are reasonable, and whether there are any retentions or undertakings.
As part of the conveyancing process, the conveyancer will do legal property searches to ensure that there is nothing of concern to be aware of such as public sewers that could potentially affect future development and building work. It is incredibly important to be informed about potential risks. These searches can include local authority searches, checking flood risk and checking the ‘title register’ and ‘title plan’ in the Land Registry.
The Exchange of Contracts
At the exchange of contracts stage of the process, both the seller and the buyer are committing to the transaction. This contract requires the buyer to pay a deposit and secures the date for the completion to be done. It is also possible that the exchange and completion can be completed on the same day.
On the date of completion, which is the final day of the transaction, the buyer’s solicitor will send the purchase money to the sellers’ solicitors and the two will work together to organise the documents that have been submitted.
When the seller has received the buyer’s money, the completion will take place and the keys to the property will be released to the buyer who can then move in.
How long does conveyancing take?
We do not set a specific time frame on our conveyancing process as this varies from transaction to transaction, but you would usually expect this to be between 3-6 months. This can be due to the type of transaction, the circumstances of both the buyer and the seller, along with the size of the chain.
Our case managers communicate regularly with their clients on this time frame to keep everyone updated on the process.
What can ONP offer me as a conveyancing firm?
Exceptional Customer Care
The ONP Group are a leading provider of technology enabled legal services to the residential property and remortgage markets. We always work closely with our clients and provide a friendly and approachable service. With ONP, our clients are always treated with the highest standard of customer care.
We have one of the largest conveyancing teams in the Northwest, all of whom are solely dedicated to property services.
Dedicated Case Manager
You will be allocated a case manager who will be responsible for the day-to-day handling of your case and will be able to help with any questions you have.
How much does conveyancing cost?
Prices for conveyancing range from firm to firm and are dependent on what is involved in your case.