This year, National Conveyancing Week is taking place for the first time between 20th and 24th March 2023. According to the official National Conveyancing Week resources, the purpose of the week is to: Inform, Educate, Assist, Motivate, Reassure, Help recruit new entrants, Improve the profile of conveyancers and conveyancing and ensure that fees can be set at and kept at an acceptable level.

We have been practising law at Beverley Morris & Co. in Blackheath, South East London and surrounding areas for over 16 years. During this time, we have helped countless clients in their property transactions and understand the concerns that many people have about buying or selling a property. With that, we always do our utmost to help our clients feel at ease throughout the process, ultimately leading to a smooth and efficient conveyancing process.

As part of our support for National Conveyancing Week, we wanted to answer a few of our most frequently asked questions.

What is conveyancing?

Conveyancing involves transferring legal ownership of land or property from one owner to another or granting an interest in a property, such as a lease. This includes, but is not limited to, buying or selling your home or a buy-to-let property.

We understand that the process can be stressful, but at Beverley Morris & Co., we strive to make your transaction run smoothly by providing a practical solution to any problem. Our fees are transparent from the beginning, and we keep you informed at every stage of the process.

What does conveyancing involve?

In the conveyancing process, two main stages must be considered, known as ‘exchange of contracts’ and ‘completion’. Exchange of contracts is the point at which a transaction becomes legally binding. At any point up until then, either party may withdraw. For example, the buyer may find another property they prefer or the seller may decide not to move after all. Neither party has any claim against the other for expenses they have incurred up to the point of exchange of contracts. Completion is the point at which the property becomes yours and you can collect the keys and move in or let it to tenants.

Several tasks need to be undertaken before exchange of contracts and completion can take place. These include:

  1. Investigation of the title.
  2. Obtaining searches against the property.
  3. Raising enquiries of the seller’s conveyancer.
  4. Ensuring written confirmation of the mortgage offer and being satisfied that all conditions contained in the mortgage offer can be met.
  5. Commissioning all relevant surveys and inspections.
  6. Making sure that all the parties in the chain are ready to exchange contracts.
  7. Agreeing the completion date.
  8. Payment of the deposit.
  9. Exchange of contracts.
  10. Final formalities, including the seller signing the transfer deed, the buyer signing the mortgage deed, ordering mortgage monies and so on.
  11. Completion.
  12. Payment of Stamp Duty Land Tax.
  13. Registering the purchase at HM Land Registry.

What does exchange of contracts mean?

Nowadays, this is achieved by a telephone call between the conveyancers. It becomes more complicated when there is a chain of transactions involved. Both parties, i.e. the buyer and the seller, will have signed identical contracts. The conveyancers agree to exchange them, and the buyer’s conveyancer agrees to pay the deposit. This makes the deal legally binding. All formalities are finalised after this point, and it is time for completion.

Conveyancing Solicitor Blackheath

At Beverley Morris & Co., our conveyancing professionals have extensive experience in assisting, advising and supporting clients through their conveyancing process, whether buying or selling a property.

We understand how overwhelming the process can be, so we always take the time to explain carefully to our clients what to expect and keep them fully updated from start to finish.

If you are looking to buy or sell and want the support of a trusted and experienced solicitor, please call 020 8852 4433 or email today.