At UK Moneyman we understand that the conveyancing process of purchasing, selling & remortgaging a property can be daunting and to make you aware of the process we have put together this helpful guide.
Once your property has been found and the offer is accepted you can start the conveyancing process.
Your conveyancer will send you a Welcome Pack either via email or post. It is important to understand that until the Welcome Pack is returned, your conveyancer cannot start acting on your behalf and the process cannot begin.
Searches cannot be ordered until the Welcome Pack is returned, and the seller’s conveyancer has sent your conveyancer the draft contracts including the plans.
Once they have been returned the conveyancer can move to the next part of the process. At this time, you will be asked for a case opening fee from your conveyancer which is usually £200 – £300 dependent on the conveyancer.
Your conveyancer will receive the Mortgage Offer in writing from the mortgage lender. It is now common practice for conveyancers not to order the searches until the mortgage offer is received.
This is for your protection because if the mortgage offer collapses after the searches have been ordered, you might be liable for the search costs.
Searches on the property and the surrounding area are required to ensure there are no issues. Many of the searches are relatively quick to be returned, however the Local Authority Search can take some time to complete.
They average around 15 -45 days to complete. A considerable amount of the local authorities say that searches can be done in 5 working days, however in our experience this is not usually the case.
Once the searches are returned your conveyancer will raise enquiries with the seller’s solicitors to check that the property is not subject to any restrictions.
Once the enquiries have been raised your conveyancer will have to wait until they are received. It is also worth noting that this process may be repeated more than once to enable your conveyancer, who is working on your behalf, to be satisfied.
Once the searches and enquiries have been satisfied you will be sent all the contracts, which will need to be signed and returned to the conveyancer.
Once contracts have been signed and returned, dates can be set for completion and exchange. Once completed you can collect your keys from the estate agent.
In this document we have tried to be as thorough as possible, however no case is the same and therefore all timescales above are subject to the individual circumstances of your own case.
This document is aimed only as a guide to the conveyancing process.