Conveyancing: What You Need To Know
Buying or selling a property can be a daunting experience and understanding the conveyancing process can be tricky. This blog tackles some of the most frequently asked questions from our clients at Mackenzie Jones Solicitors, to help guide you through the process.
What is conveyancing?
Conveyancing is the legal process required to transfer ownership of a property. This process involves various steps including necessary checks, searches and documentation. A conveyancer manages this process to identify potential risks and confirm all legal requirements are met, protecting both the buyer and seller from future complications.
What are the time scales for conveyancing?
Conveyancing can vary in duration as delays can arise due to many different factors. These delays can be caused by mortgage approvals, legal issues, or complications in the chain. Typically, conveyancing takes around 8 to 12 weeks. It can also vary based on factors such as the type of property or mortgage and speed of communication from all parties. A good conveyancer will work to address delays and keep you updated throughout the process.
What happens on completion day?
Completion day is the day on which everyone is expected to pay the balance of the purchase monies and also to move and gain possession of the property they are buying.
As the transfer of the balance of monies can only take place on a day when banks are open and willing to undertake the funds transfer, this means that completion (and therefore the moving date) must take place on a working day and cannot take place at a weekend or on a bank holiday or public holiday.
There are two parts to completion:
- Legal completion: involving the transfer of funds and receipt by Seller’s conveyancer; and
- Practical completion: checking the property has vacant possession and is empty, and collection of keys by you.
On the day of completion, monies are transmitted throughout the chain by means of direct credit transfer from one Solicitor’s Bank to another. Once a Solicitor has instructed the Bank to transfer the funds, the matter is entirely in the hands of the Bank and the Solicitor has no control over when the funds are actually sent or when they are received. It is not until the funds are received that the keys will be released, and that the transaction is considered “completed”.
In most cases, the system works very well but there are occasions when problems arise with the banking system and the transmission of funds is delayed. This will have a knock-on effect throughout the chain. We must stress that once we have released funds into the system, we are totally reliant on the Banking System.
Once the sellers Solicitors are in receipt of the funds, they will call us to formally complete the transaction. This can take up to 3 or 4 hours depending on the banking systems. The sellers Solicitors will also at that stage confirm completion to the Estate Agents and give them authority to release the keys to you.
You can then collect the keys from the Estate Agents. The matter is then complete and you are now the legal owner of your new home.
Our conveyancing service
With a wealth of experience, we help you with the legal process of transferring ownership of property including pre-contract, pre-completion and post completion to ensure the contracts are signed and legally binding.
At Mackenzie Jones all of our clients buying or selling a property are allocated an experienced conveyancer who will deal with your transaction from start to finish. You will be told from the outset who the main fee earner is acting for you and whom they are supported by. You will therefore have two main points of contact throughout the transaction always available to guide you through the process.
Our aim is to ensure the transaction is completed as smoothly and as quickly as possible. Assuming that the matter proceeds smoothly, we would expect a standard transaction to be completed within three months.
As a member of the Law Society's Quality Conveyancing Scheme we have undergone strict assessments that we ensure we maintain, to provide a consistent and excellent service to our customers.
Buying a property is one of the most significant transactions you will ever make. Do not leave it to chance, use our conveyancing experts at Mackenzie Jones Solicitors. Please contact our property department for a quote today!
