In legal circles, conveyancing refers to the exchange of title of a real estate asset, or the legal work for provision of a mortgage. For most people, buying or selling their property it is the largest financial transaction they deal with during their lives. It is important for all parties concerned to have an understanding of the conveyancing process. Conveyancing covers the legal and administrative processes by which the ownership of a property is transferred safely from one party to another.
The entire Conveyancing process can take from 12 to 16 weeks; each individual case may differ due to circumstances. The Covid-19 Pandemic has increased the duration of many cases.
Your conveyancing solicitors will actively work on your behalf to make the anticipated contract exchange and completion dates, completion day being when you will move in or hand over. They will also keep you informed about the circumstances of your transaction, or events beyond their control that may mean target dates will not be achieved and need to be moved. The completion day is not fixed until contracts have been exchanged. You can make provisional arrangements with your removal company, keeping them informed of any suggested completion dates. It is advised not to confirm your arrangements with them until contracts have been exchanged.
The contract, also called the agreement, describes what is being bought / sold and at what price. It also contains many standard terms to regulate the position should any dispute arise between each party. Contracts need reviewing. You will be asked to sign the contract in readiness for exchange of contracts. Signing the contract does not mean that exchange of contracts will happen or that you have bought the property. You should leave the contract undated.
The transfer confirms the details in the contract. It describes what is being sold and at what price. You will be asked to sign the transfer in readiness for the completion day. Signing the transfer before exchange of contracts does not mean that exchange of contracts will happen, or that you have bought the property.
Exchange of contracts is carried out on the telephone. The contract to buy and sell the property is binding from the moment telephone exchange happens. On exchange your deposit will be sent to the seller’s lawyer. There is no turning back once contracts have been exchanged. Neither you nor the seller can change your mind about buying or selling the property without having to pay compensation. Therefore, property conveyancing solicitors will not exchange contracts unless you agree that they can do this. They will contact you once contracts have been exchanged. This is the time to confirm the completion day with your removal company.