This week, 20th – 24th March 2023, marks the first-ever National Conveyancing Week in the UK. National Conveyancing Week aims to improve the profile of conveyancers and conveyancing as a whole, particularly as the job continues to advance due to technological improvements. According to the Conveyancing Week organisers, the week aims to “Inform; Educate; Assist; Motivate; Reassure; Help recruit new entrants; Improve the profile of conveyancers and conveyancing and ensure fees can be set at and kept at an acceptable level”.
With this, Larcomes are delighted to share some frequently asked questions about Conveyancing to do our bit in breaking the bias surrounding the process. Hopefully, they encourage people who were previously uncertain about buying or selling property. Furthermore, we will look at our Residential Property department and find out how they support people when taking these life-altering steps.
What is Conveyancing?
According to the law, Conveyancing is the transfer of legal title of property from one person to another or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts and completion.
In simpler terms, Conveyancing refers to the legal and administrative work associated with transferring property ownership from one party to another.
It is possible to carry out the conveyancing process without a legal professional; however, this is not advisable as, if issues arise, the cost and time implications can be extensive. Therefore, it is always advisable to instruct a trusted solicitor to support you. Larcomes always offer a personal approach, and once you instruct us to deal with your matter, please get in touch with us today on 023 9244 8100 (Portsmouth) or 023 9224 6666 (Waterlooville).
How long does Conveyancing typically take?
Depending on the type of property and the parties involved in the property chain, the conveyancing process will usually take between 12 and 16 weeks.
However, as with any legal transaction, it is possible to face external shocks and unforeseeable issues, which may affect the length of time the process takes. Therefore, you should work with your solicitor or conveyancer and other third parties, such as your estate agent and mortgage broker, to ensure that you are responsive and complete all necessary points in the process as efficiently as possible.
What Conveyancing searches are required?
Although not always compulsory, house searches assist a seller in understanding the actual value of the property they are selling and allow the buyer to recognise the potential issues with the property they are buying.
The type of searches that might be necessary on a property depends on whether the property is a house or flat, where the property is located, and the last time the property was sold.
Typical property searches might include:
- Local authority searches
This may highlight planning, building control, highways, or pollution issues.
- Environmental searches
This may highlight flooding, landslide, subsidence, or contaminated land issues.
- Water and drainage searches
This may highlight who owns and maintains the sewers, drains and piping, if the property is connected to a public water supply and sewer, whether the water supply is metered or rateable, the location of the public sewer and drainage pipes and whether you will need permission from the water company to extend the property.
What does exchange of contracts mean?
In the UK, the final stage of the conveyancing process is exchanging contracts. This effectively legally binds the two parties (buyer and seller) into the contract, meaning they can no longer leave the agreement.
Typically, the exchange of contracts is carried out by the buyer’s conveyancer and the seller’s conveyancer over the phone in a recorded conversation.
We are Supporting National Conveyancing Week 2023
The team proudly supports the first-ever National Conveyancing Week in March 2023. Larcomes understands how overwhelming the prospect of buying or selling a property can be, so subsequently do their utmost to ensure that clients feel at ease throughout the process.
When working with Larcomes, you can be confident that if you instruct one of our solicitors or licenced conveyancers and they are unavailable for any reason, there will always be another team member who can help you deal with your file straight away.
To speak to our friendly, helpful and professional property team about your property today, please call 023 9244 8100 (Portsmouth) or 023 9224 6666 (Waterlooville). Alternatively, fill in our contact form, and we will get back to you.
Larcomes Social Media
Between the 20th and 24th of March 2023, National Conveyancing Week is taking over our social media! To take a look at our special NCW posts, please click the respective links below: