When you buy a property, it is essential that everything is done correctly. It is a big purchase and there are many legal documents involved with buying a property. Some property purchases are more complex than others, but you will always need a solicitor that specialises in property law like this conveyancing solicitors Cheltenham based company to help you to make the property your own.
Conveyancing is when ownership of a property is transferred to someone else and applies to land as well as buildings. A conveyancing solicitor will be aware of the legal rules that surround this, and there is a general process that needs to be followed to ensure that it is done correctly.
When the process starts, the solicitor will carry out checks on your identity. This is a legal requirement and is in place to ensure that you are who you say you are and to prevent money laundering – the property market is commonly targeted by money launderers, and by doing this it helps to clamp down and prevent it.
Having a conveyancing solicitor ready before you purchase a property is a good idea. If you have started to look for a property, then it is a good idea to find a good conveyancing solicitor beforehand, as this will not only make the process faster, it is also a sign to the seller and to the estate agent that you are keen to get going and serious about the purchase, which can be handy when there is so much competition out there!
Once you have started the process, and all of the identification checks have gone through, the seller’s solicitor will send through a package of information known as the contract package to your solicitor. This will enable them to start working on the process of making the property yours. They will go through this and raise any queries that they may have where they may need more information, carry out searches like local authority searches and then go through all of the information with you to check that you are happy with it.
They will also receive a copy of the mortgage from your lender and ask you to approve a copy of it. Once all of this has been done, you can then exchange the contracts, and this is the part that then legally makes the property yours.
Buying at auction and the legal pack
A conveyancing solicitor is just as important when buying at auction, where the process works differently. Once a bid is accepted, the buyer is bound by the contract and cannot walk away, unlike a private sale in England where either side can withdraw before contracts are exchanged. That is why the auction legal pack matters so much.
Compiled by the seller, usually with a solicitor’s help, the pack gathers the key documents in one place. It typically includes the auction terms and any special conditions, the title register and plan, the property information and fittings and contents forms, the energy performance certificate, and any planning or building control paperwork. Leasehold, tenanted and commercial properties need their own extra documents.
Having a solicitor review the pack before the auction means you can bid fully informed and with realistic expectations. After the auction, conveyancing then covers meeting all the conditions of sale before the property transfers on the agreed completion date.
Common conveyancing questions answered
Conveyancing starts when an offer is accepted, and it is hard to give an exact timescale because so many factors are involved. The whole process is often said to average around eight to 12 weeks. A chain can lengthen it. This is the line of linked buyers and sellers, starting with someone who is only buying and ending with someone who is only selling, and the longer it is, the greater the risk of delay if someone pulls out.
Exchange of contracts is the point at which the sale becomes legally binding. The buyer pays a deposit, which is lost if they withdraw, and a seller who pulls out after exchange could be sued. Before then, your conveyancer checks searches, surveys, legal documents and the mortgage offer.
Leasehold buyers own the property for a set term, often 99, 125 or 999 years, but not the land. Indemnity insurance can protect against certain third-party claims about defects, though it will not pay for repairs.
Choosing and working with a conveyancer
Your conveyancing solicitor does not need to be local. Conveyancing follows largely the same procedures across England and Wales, wherever the property is, and most of the work happens by phone, email and post, so visits to the office are rarely necessary. Documents arrive by email or post, often with prepaid return envelopes, and some can be signed online.
Instruct a solicitor as early as you can, even before making an offer, so the legal work can begin as soon as an offer is accepted. A fixed fee with a no completion, no fee arrangement means you will not pay legal fees if the deal falls through, although third party costs usually still apply. Ask friends and family for recommendations and read reviews from past clients.
Solicitors must be transparent about their fees. Once instructed, they will set out their terms, confirm costs and check your ID, and you may need to pay part of the fee or the cost of searches upfront before the transfer of ownership gets under way.