What is conveyancing?

Conveyancing is the legal process of transferring ownership of property from a seller to a buyer, covering every stage from the drafting of the contract to the registration of the new owner at HM Land Registry.

In England and Wales, conveyancing is usually carried out by a solicitor or a licensed conveyancer. Solicitors are regulated by the Solicitors Regulation Authority, licensed conveyancers by the Council for Licensed Conveyancers. Both buyer and seller instruct their own legal representative, and the two sides communicate throughout the transaction. The process begins when the buyer's offer is accepted and ends on the day the buyer receives the keys, a day known as completion.

Between those two points, the buyer's conveyancer carries out searches to uncover anything that might affect the property, including a local authority search for planning and highway information, an environmental search for contamination and flood risk, a water and drainage search, and (where relevant) a mining or chancel repair search. The seller's conveyancer produces the contract pack, which includes the draft contract, title deeds or a Land Registry title, property information forms, and fittings and contents lists. The buyer's side raises enquiries, negotiates amendments, arranges the mortgage, reviews the survey, and agrees a completion date with the seller's side.

Exchange of contracts is the point at which the deal becomes legally binding. Each party signs identical copies of the contract, deposits are transferred (typically 10 per cent of the purchase price), and neither side can withdraw without penalty. Completion follows, usually one to four weeks later. On completion day, the balance of the purchase price is transferred, keys are released, and the seller moves out. The buyer's conveyancer then pays any Stamp Duty Land Tax due and registers the new ownership at HM Land Registry. Stamp Duty is paid within 14 days of completion.

A typical English or Welsh residential conveyance takes between 8 and 12 weeks, though leasehold properties, properties in a chain, and properties with unusual titles can take longer. Conveyancing fees generally range from £800 to £2,500 for the legal work, plus disbursements (searches, Land Registry fees, Stamp Duty). Cost depends on property value, whether the property is freehold or leasehold, and whether a mortgage is involved.

Scotland has a different system. Offers are usually made through a solicitor, the accepted offer becomes binding earlier in the process, and the concept of "missives of sale" replaces exchange of contracts.