Of all the steps involved in buying or selling a home, conveyancing is one of those steps that baffles the majority of buyers and sellers alike. The existence of complex jargon, the introduction of solicitors that aren’t always willing to engage in open and understandable discussions, and a less than glamorous procedure make conveyancing a mysterious beast.

What Exactly Is House Conveyancing?

In truth, much of the conveyancing process is administrative in its role with only a portion of the process requiring legal knowledge and expertise. But it is a vital process because it legally transfers the ownership of a property from one person or party to another. Conveyancing helps ensure that the buyer really is getting what they pay for.

A Simple Process Confused By Other Factors

Although the process is relatively simple it is confused by a number of factors. Conveyancing involves local authorities that are often over worked and utilise inadequate working processes and there are a number of parties involved throughout the progressive stages of conveyancing.

Why Conveyancing Can Drag On

Inevitably, the more people that need to be involved in any process, the longer that process will take. Because of the chain that is involved in the property market, including conveyancers, solicitors, lenders, buyers, sellers, and local authorities, when one link in the chain causes a hold up it has serious consequences.

Improving Your Experience

Using an efficient conveyancer will help minimise the time the process takes and generally improve the house buying process. They will answer questions openly and honestly and reduce the legal jargon thrown at you in order to help you understand the process and leave you with a clear picture of where everything stands.

The Home Information Pack, or HIP, is a pack of documents that include search documents, Land Registry legal documents, a home Energy Performance Certification and other legal documents. While some property types are exempt from having to have a HIP in place, the majority of sellers of properties in England and Wales are legally required to have one from the first day the property is marketed.

Exemptions exist for business properties, dual use properties, and sales that include tenants. Holiday homes and seasonal accommodation are also exempt, as are buildings that are marketed as unsafe, ready for demolition, or for redevelopment purposes. Some developers that have a portfolio of sales may also find they are exempt from having to pay for a HIP.

It usually takes anywhere from one to two weeks for the information to be collected and the HIP completed. Some of the documents need to be less than three months old and all are required to be less than twelve months old from the day the property is first marketed. The HIP will remain valid until marketing ceases or the property is sold. If the property is removed from the market and put back up for sale within 12 months the same HIP can be used without having to get a replacement.

A Home Informtion Pack is designed to give the buyer some clarity and ensure that the seller has the right to sell the property as they are selling it. Many of the documents are time sensitive and presuming you aren’t exempt from having to have a HIP then it should be in place for the first day that the property is marketed.

Saving money when buying or selling a home is the goal of many existing and prospective home owners. While DIY conveyancing theoretically offers one such area where money can be saved, the potential risks outweigh the possible financial gains.

Minimal Cost Savings

Professional conveyancing services have seen significant price reductions, thanks largely to the Internet. Even though it is possible to make cost savings, it’s probable that you’ll only realise £200 to £300 at the most. In exchange for these savings you will need to do thorough research, get to grips with complex jargon, and you won’t have insurance to cover any mistakes you make.

Thorough Research Is Necessary

DIY conveyancing is achievable. The information you’ll require can largely be found online, in libraries, and through publications at a good book store. But it will take up a considerable amount of your time finding and digesting all of the relevant information. In contrast, an experienced solicitor will have first hand knowledge and experience of the entire process.

Time Saving

It may be possible to save some time in the conveyancing process by doing it yourself, but not necessarily as much as you think. Numerous parties need to be involved and regardless of how quickly you work and how much pressure you apply to others, the duration of the conveyancing process will only be as short as the slowest party involved.

Do It Yourself Conveyancing

There are a number of ways to save money in the house buying process and undertaking the conveyancing yourself is one such area. However, the combination of uninsured risk with only a minimal saving means that it is one of the least advisable and viable of those available to you.

Conveyancing is the process of legally transferring ownership of a property from one party to another. A portion of this process involves legal transactions and helps ensure, in particular, that the buyer will take receipt of the type of property that they were expecting. Conveyancing is necessary in the buying and selling of any property. For the buyer, a conveyancer will check that all legal requirements are upheld and that the property details, mortgage offer details, and contract detail match appropriately.

The First Stages

The early stages of conveyancing involve you and your conveyancer. You will need to sign and return a Letter of Engagement that entitles the solicitor or conveyancer to work on your behalf. Once this is completed, they will then attain a copy of the draft contract including title information and numerous forms.

Checking Documentation

The conveyancer will then study the documents and ask any questions of the seller’s solicitor. Once this process is completed you will be presented with a copy of the details and asked to confirm that everything is as you expected.

The lender should send a copy of your mortgage offer to your conveyancer. They will reference the terms of this to the property documents to further ensure that everything matches. Most solicitors will also assist the lender in order to facilitate a speedier conveyancing process.

Contract Exchange

Once everything has been checked, you will need to sign the contract as well as your mortgage offer. Details regarding a deposit will be provided so that you can submit this deposit before the contracts are exchanged. A completion date will then be agreed by all parties and the exchange will take place.

Completion

On completion, your conveyancing solicitor will then finalise all the contracts, ensure that they are stamped for legal authorisation and provide the original of the deeds to your lender.

A conveyancer or conveyancing solicitor is the beating heart of the home buying (or selling) process. Using an experienced and communicative individual or firm not only helps ensure that the process is a smooth one but that it is also a transparent process leaving all parties with fewer worries and concerns.

The Closed Conveyancing Market

Traditionally, solicitors have been the only professionals able to offer the conveyancing service to buyers and sellers. As such, until the market was opened in 1985 and further expanded with the advance of the Internet, conveyancing solicitors were able to levy virtually any charge and often provided a less than perfect service in return. The closed state of the art of conveyancing meant that buyers and sellers had no other choice.

Licensed Conveyancers

In 1985, though, the Government opened up the industry so that anybody could become a licensed conveyancer. While alarmingly few companies and individuals took up this offer, the advent of the Internet and our increasing dependence on it, has meant more and more conveyancers offer their services online.

Online Conveyancers

A lot of people are put off using online conveyancers because they aren’t local and will never meet face to face. The reality, though, is that the conveyancing process need not be carried out by a local firm and there is also no reason you ever need to meet your conveyancer.

Price Reduction And Service Level Improvements

As more and more professionals offer their service over the Internet, prices drop and service levels rise. Rather than paying several hundreds of pounds, it’s possible by shopping around to get the same service at just a couple of hundreds pounds or even less. Similarly, in light of the increased competition, a lot more care is placed in customer satisfaction and ensuring a smooth process.