The Conveyancing Property Buying Process

 In this easy to follow Property Giraffe guide, we layout what is involved in purchasing a property. With almost 1 in 3 of property purchases on average falling through nationally every year – it can be a stressful and uncertain journey.

What is Conveyancing?

Conveyancing is an essential part of buying a home and involves the legal transfer of property ownership from the vendor/seller to you, the buyer. In a nutshell, the conveyancing process begins when your offer on a house is accepted and ends when you receive the property keys. The conveyancing process usually takes around 12 -16 weeks. 

What happens first?

To buy a home you will need a mortgage, unless you are able to pay for it outright. Before you start shopping around for your new home you will need to arrange a suitable mortgage. Using a broker will give you access to the mortgage market.  You can apply for a mortgage once you have presented your ID and passed all the relevant credit checks etc. Having succeeded with your application you will be given a ‘Decision in Principle’. A DIP is not a valid mortgage offer but having it arms you with a mortgage product and demonstrates your ability to be able to purchase the property to both the seller and their estate agent.

Alternatively, you can apply for a mortgage after you find a property. However, this will slow down your property purchase. (Please also read in our other help articles ‘Ready To Buy On Your Marks’ and ‘10 things to do BEFORE you apply for a mortgage’ ).

The Conveyancing Stages

As soon as your offer has been accepted you will need to appoint a conveyancing solicitor. If you can, try to instruct a solicitor beforehand, even if you have not found a property yet.  The preliminary formalities of setting you up as a client can be completed and payment on account can be made. On client engagement you should be given the solicitors ‘starter pack’.  It is important that you to read this. Then, once your offer has been accepted, the legal process can begin without delay.

Choosing the right conveyancer

Tip: Source a solicitor who can offer a ‘no move, no fee’ service. That way if you eventually decide not to go ahead with the purchase you will not be liable for any costs.  Alternatively, go for a ‘fixed fee’ basis whereby your bill can be capped.  (With the exception that you may incur standard sundry charges). Check for any costs that might be applied, even if your property purchase is completely standard.

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