Conveyancing Process for Estate Agents

Even for experienced property professionals, the conveyancing process can seem complicated, lengthy and sometimes difficult to understand. We know that it can also be frustrating for you, the agents, so our step by step guide below explains the different stages of the conveyancing process for a typical property sale and purchase transaction.

Stage 1 – Instructions confirmed

The seller’s solicitor will prepare the draft contract pack and send it to the buyer’s solicitor, along with the following:-

• Land Registry official copies of the title or an epitome of title, if the property is unregistered
• Property Information Form
• Fittings and Contents Form
• Any other associated documents

If the property is leasehold, then a Landlord’s Property Information form will also be provided, along with a leasehold management pack once obtained from the landlord and/or managing agents.

Stage 2 – Searches 

The buyer’s solicitor will consider the documents, raising any enquiries and conduct property searches. These are typically local authority, environmental, and water and drainage searches. Searches can take some time to come back, but local searches are currently taking around 10 days to be returned. The results of these searches may lead to further enquiries being raised.

Step 3 – Mortgage

If the buyer is funding the purchase with a mortgage, then the buyer’s solicitor will report to the buyer on the terms of the mortgage and report to the lender with the certificate of title once all conditions have been met.

Step 4 – Plan for exchange and completion

The contract pack, mortgage offer and searches will be evaluated by the conveyancer. Both parties will then sign the contract and transfer form. The buyer’s solicitor will provide a report on the purchase to their client. Dates for exchange and completion should be agreed between the parties by this stage.

Step 5 – Exchange of contracts

Once the parties have agreed a completion date and all parties are ready to exchange, the solicitors will then usually exchange contracts by telephone and the deposit will be sent to the seller’s solicitors. Matters such as Stamp Duty returns will then be prepared ready for submission once the transaction completes on the agreed date.

Other points to note 

Generally, this process can be straight forward and takes usually around 6-8 weeks. However, delays can be incurred by a number of factors. The most common being:-

Leasehold properties - such as a flat or a retirement property, delay can be incurred in liaising with the landlord, managing agent or both. They are required to provide a management pack with information about the property and may also have requirements to be met by the buyer or seller.

Help to Buy or Help to Buy ISA - there is a formal procedure that must be followed, with Help to Buy being involved at various stages of the transaction.

Missing documentation - Planning Permissions, Building Regulations or other certificates.  More often than not, duplicates of most documents can be obtained by the relevant institutions, however, the existence of the same is not usually revealed until the local search results are received. It is therefore helpful if sellers retain copies of these documents and have them to hand.