The steps for a solicitor to complete conveyancing generally include the following:
1. Initial consultation:
The solicitor will meet with the client to understand their requirements, explain the conveyancing process, and gather relevant information.
2. Pre-contract stage:
The solicitor will obtain the necessary documents, such as the title deeds, property information forms, and searches. They will review these documents and advise the client accordingly.
3. Drafting and negotiation of contracts:
The solicitor will prepare the draft contract and send it to the buyer’s solicitor. They will negotiate any necessary amendments to the contract and ensure that all legal requirements are met.
4. Exchange of contracts:
Once both parties are satisfied with the terms of the contract, the solicitors will arrange for the exchange of contracts. This is when the transaction becomes legally binding.
5. Pre-completion stage:
The solicitor will carry out final searches, such as land registry searches and bankruptcy searches, to ensure there are no issues affecting the property. They will also request the mortgage funds from the lender (if applicable).
6. Completion:
On the agreed completion date, the solicitor will transfer the purchase funds to the seller’s solicitor. Once the funds are received, the solicitor will confirm completion and arrange for the transfer of ownership.
7. Post-completion:
The solicitor will register the property transfer with the relevant authorities, pay any stamp duty land tax (if applicable), and provide the client with the necessary documentation.
The average time for conveyancing when buying a property can vary depending on various factors, including the complexity of the transaction, the efficiency of the parties involved, and any unforeseen delays. However, on average, the conveyancing process for buying a property can take anywhere from 8 to 12 weeks.
During this time, the solicitors on both sides will work on various tasks, such as reviewing legal documents, conducting searches, negotiating contracts, and arranging for the transfer of funds. Delays can occur if there are issues with the property title, unexpected complications arise during searches, or if there are delays in obtaining necessary documentation or mortgage approvals.
It’s important to note that the conveyancing process can vary depending on the specific circumstances of the transaction and the jurisdiction in which it takes place. It is advisable to consult with a solicitor for personalized advice and guidance.
