Conveyancing is the process of transferring ownership of the title of a property from the vendor to the buyer or as Google says: “conveyancing is the branch of law concerned with the preparation of documents for the conveyance of the property.”
Probably not Google’s strongest answer that one.
Conveyancing is indeed a branch of law and it is the process that takes you from having an offer accepted to actually owning (or selling) a property. It’s work that should be carried out by professional solicitors to make the transfer of ownership as smooth as possible.
- Buyer makes an offer
- Vendor accepts an offer
- Buyer owns property
The exact process of conveyancing and what goes on depends enormously whether you are the buyer or whether you are the vendor. Whichever side you are going to be on make sure you hire a good and efficient lawyer - these solicitors are absolutely vital for a smooth conveyancing process.
Conveyancing ensures that both sides in the negotiation are protected. Each side will have their conveyancing solicitor investigate the agreement from a legal standpoint.
There are two main steps in conveyancing the title from the vendor to the buyer:
- The Exchange
- The Completion
This is the point where the buyer and vendor sign the contract that agrees the terms of the sale of the property. The buyer will place a deposit in the hands of the solicitors and if they pull out of the sale after the contracts have been signed they will lose the deposit.
This occurs after the exchange and is the moment when the title of the property is transferred to the buyer and they actually own the property and can move in. The vendor of course must move out on this date or before.
We have a conveyancing guide for buyers: Buyer's Conveyancing Guide
Are you a vendor: here’s your Vendor's Conveyancing Guide
If you are a buyer or a vendor and want a quote from our partner conveyancing firms then just give us a call on 0203 44 12345 or email firstname.lastname@example.org with the address of the property, whether the property is Leasehold or Freehold and whether you are buying or selling and we will have that over to you in under an hour.